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INSURANCE & TAXES SHORT QUIZ

What is insurance?
(a way of managing risk) a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
a specified amount of money that the insured must pay before an insurance company will pay a claim.
A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
A piece of paper that is given to an employee with each paycheck and that shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc.
Which one of these is NOT a type of tax?
Federal Income Taxes
State Income Tax
Property Tax
Health Insurance Tax
Which one of these situations will require you to pay the least out-of-pocket costs?
An insurance policy with a $500 deductible
An insurance policy with a $900 deductible
Having no insurance at all
An insurance policy with a $1,500 deductible
Which of these forms makes doing your taxes easy?
1040BB
1040EZ
1040GG
W-2
How is your Federal Tax income reflected on a pay-stub?
Under the taxes withheld section
Property Tax bill section
Stocks and Home sales section
On the receipt
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