Test Review-- Insurance, Banking, and Credit Unions

Question 1

In addition to checking/savings accounts, banks also offer.....

Accepted Answer

all of the above

Question 2

You should choose a savings account with as high an interest rate as possible in order to....

Accepted Answer

allow your savings to keep pace with the rate of inflation

Question 3

People need to have car insurance because it helps reduce risk, and because.....

Accepted Answer

It is required by state law

Question 4

What is the MINIMUM level of car insurance coverage required in Oklahoma?

Accepted Answer

Liability

Question 5

Most Americans currently get their health insurance from...

Accepted Answer

their employers

Question 6

Which of the following is the BEST way to avoid missing your regular bill payments?

Accepted Answer

set up online automatic bill payments

Question 7

The percentage 'extra' money you earn for keeping your money in a financial institution....

Accepted Answer

interest rate

Question 8

Credit unions save money for their customers by....

Accepted Answer

all of the above

Question 9

Overdraft protection allows you to.....

Accepted Answer

continue using your checking account, up to a certain amount

Question 10

Banks and credit unions will penalize you for overdrawing your checking account by....

Accepted Answer

charging you a fee for every single transaction

Question 11

Which of the following levels of health insurance plans provides HIGH COVERAGE at HIGH COST?

Accepted Answer

Gold

Question 12

You pay car insurance deductibles....

Accepted Answer

Only when you have an accident and need insurance to pay

Question 13

The percentage of a medical bill YOU pay compared to what your insurance company pays....

Accepted Answer

co-insurance

Question 14

Which of the following is NOT an advantage of Credit Unions compared to banks?

Accepted Answer

operating on a for-profit basis

Question 15

Which of the following are the HIGHEST-risk drivers for car insurance companies?

Accepted Answer

Men below age 25

Question 16

'Risk' is defined as "the possibility of financial loss or...."

Accepted Answer

physical harm

Question 17

Bank accounts are separated into checking accounts and.......

Accepted Answer

Savings accounts

Question 18

Dollar amount of medical costs YOU must pay in a given year BEFORE insurance starts paying....

Accepted Answer

deductible

Question 19

Credit unions are usually only open to people who.....

Accepted Answer

all of the above

Question 20

If you want to pay lower car insurance premiums every month, you should.....

Accepted Answer

Raise your insurance plan's deductible

Question 21

In order to open a checking account at a BANK, you must first.....

Accepted Answer

there are no real restrictions on bank account ownership

Question 22

In addition to checking/savings accounts, credit unions also provide.....

Accepted Answer

all of the above

Question 23

Insurance companies make a profit by charging customers monthly......

Accepted Answer

premiums

Question 24

Which of the following is NOT something you would pay for using your checking account?

Accepted Answer

Your first house

Question 25

Young, healthy people with no kids might want HIGH deductible health insurance because...

Accepted Answer

all of the above

Question 26

Which of the following is NOT a way to withdraw money from a checking account?

Accepted Answer

credit cards

Question 27

If you want to pay lower monthly health insurance premiums, your plan will end up having.....

Accepted Answer

a higher deductible

Question 28

Insurance companies need a mix of HIGH risk customers as well as.....

Accepted Answer

low risk customers

Question 29

The BEST way to avoid overdrawing your checking account is to...

Accepted Answer

carefully record your checking account transactions

Question 30

Overdrawing your checking account is most likely to result in.....

Accepted Answer

all of the above

Question 31

If Scott has a $500 deductible and total damages worth $4,800-- what does he have to pay?

Accepted Answer

$500

Question 32

When your employer automatically puts your paycheck in your checking account, this is called...

Accepted Answer

Direct Deposit

Question 33

This type of car insurance will pay for repairs to YOUR OWN vehicle

Accepted Answer

Collision

Test Review-- Insurance, Banking, and Credit Unions

Questions 33

Test Review-- Insurance, Banking, and Credit Unions

Questions 33