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Flashcards in FINAL GOVERNMENT TEST Deck (94)
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0
Q

Matthew 25:14-30

Proverbs 12:27

A

A good worker finishes the job set before him

1
Q

Ecclesiastes 5:18-19

A

God enables people to require wealth and money

2
Q

Proverbs 15:27

Philippians 4:11

A

Be content with what God has given you

3
Q

I Timothy 5:8

I Timothy 5:4

A

The parents care for their children

The children care for their parents

4
Q

Genesis 1:28

A

Man is to control the earth and use it wisely in order to benefit mankind

5
Q

Malachi 3:10

Proverbs 3:9

A

Give tithe and offering

6
Q

Proverbs 10:4-5

A

Work produces good things

7
Q

Proverbs 6:6-11

A

Saved for the future

The 10-80-10 plan

8
Q

Romans 12:17

Romans 13:13

A

Have integrity

9
Q

Proverbs 12:11

A

Do not be enticed by get rich quick schemes

This person lacks judgement

10
Q

Your injuries if hit by an uninsured motorist

A

Uninsured motorists

11
Q

Who needs auto insurance

A

Person who drives a car

12
Q

Americas life insurance capital

A

Hartford, Connecticut

13
Q

Payment made to the insurance company to keep the policy in force

A

Premium

14
Q

When you have a loss covered by insurance, you file a ____

A

Claim

15
Q

A contract between an insurance company and you

A

Insurance policy

16
Q

How long should you plan to keep your whole life policy and why?

A

15-20; cash benefits

17
Q

Repair costs for your car (some say drop it after five years)

A

Collision

18
Q

Covered for entire life
Premiums start high and level off
Cash value builds and can be assessed later
Includes universal life and variable

A

Permanent/whole life insurance

19
Q

What does your health insurance depend on

A

Medical needs

Money

20
Q

Factors to consider before getting disability insurance

A
Income needed (65%-80% of gross income)
How long can you wait to receive benefits 
Policy duration
21
Q

Should policy holders be concerned about the financial strength of their insurance company?

A

Yes

22
Q

Doctors are limited to those on the insurance company list

A

HMO

23
Q

Damage to your car from a non-accident source

A

Comprehensive

24
Q

Are travel and mortgage insurance necessary?

A

No

25
Q

Average annual price of a long term care policy

A

1,000$

26
Q

Damage you cause to another’s car or property

A

Property damage

27
Q

Read before purchasing insurance

A

Buyers guide

28
Q

Objective:

A

Not to come out ahead, but preserve what you already have

29
Q

Single company (State Farm)

A

Direct agent writers

30
Q

Pay a minimum loss

A

Deductible

31
Q

Variety of companies

A

Independent agents

32
Q

Don’t give up this to get low prices

A

Service

33
Q

Options if you are about to lose a group health policy

A

Conversion policy

Shop around for individual coverage

34
Q
Coverage for limited time
Inexpensive for young
Premiums increase yearly
Payment upon death
If dropped, there is no cash value and no payment
A

Term insurance

35
Q

The amount of homeowners insurance should be _________ value, not cash value

A

Replacement

36
Q

The biggest investment a person will make

A

Home

37
Q

Patients may go to any doctor if they are prepared to pay a higher price

A

PPO

38
Q

Need life insurance

A

Anyone with financial obligation, and does not have resources to honor that obligation in the event of death

39
Q

The two health insurance plans

A

HMO

PPO

40
Q

The best way to insure that your company is fine

A

Rating companies (newspaper, magazines, Wall Street journal)

41
Q

Business on a small scale

A

Microeconomics

42
Q

Examples of representative money

A

Checks, credit cards, debit cards

43
Q

Money that is lent to people

A

Loans

44
Q

A tabulation of income and planned spending

A

Budgets

45
Q

Business on a large scale

A

Macroeconomics

46
Q

Money left with a bank until needed

A

Checking accounts

47
Q

Anything commonly used and accepted as payment for goods and services

A

Money

48
Q

Something represents money

A

Representative money

49
Q

Money left in an account that draws interest/bank pays to use your money

A

Savings account

50
Q

The original amount of money borrowed

A

Principle

51
Q

Money is declared this by congress in order to assure that money would be the common accepted way for payments

A

Legal tender

52
Q

Money the customer pays to the bank in order to borrow the money

A

Interest

53
Q

Three financial services the bank provides

A

Checking
Savings
Loans

54
Q

10-80-10 plan:

A

10% tithe
80% living expenses
10% savings

55
Q

Determines the amount of interest

A

Federal Reserve Board

56
Q

Keeps it face value

A

Store of value

57
Q

One common good selected to serve as money

A

World wide

58
Q

Businesses that try to make money by providing three financial services

A

Banking

59
Q

Used to measure the worth of something

A

Standard of value

60
Q

Exchanging services for services and goods for goods

A

Bartering: medium of exchange

61
Q

Money that is backed by the word of the government

A

Fiat money

62
Q

Something a person writes, telling the bank how much money to pay

A

Order

63
Q

Characteristics of money:

A

Durable
Portable
Divisible
Stable

64
Q

Terms

Intrinsic value

A

Something is valuable because of the nature of the item. It has sentimental value

65
Q

Terms

Commodity

A

One common good selected to serve as money

66
Q

Terms

Money

A

Anything commonly used and accepted in payment for goods and services

67
Q

Terms

Collision insurance

A

Repair costs for your car

68
Q

Terms

Barter

A

Exchanging services for services and goods for goods

69
Q

Terms

Replacement value

A

.

70
Q

Terms

Microeconomics

A

Businesses on a small scale

71
Q

Terms

Cobra law

A

The employer must give departing employees the chance to buy coverage for 18 months

72
Q

Terms
Economics
Greek

A

“Oikos Nomos”

To manage a house

73
Q

Terms
Economics
English

A

The study of how people make choices among alternatives to improve our lifestyle

74
Q

Terms

Interest

A

Money customers pay to the bank in order to borrow money (loans)
Or when the bank pays to use your money (savings)

75
Q

Terms

HMO

A

Health maintenance orginizations

Doctors are limited to those on the insurance company list

76
Q

Terms

PPO

A

Preferred provider orginizations

Patients may go to any doctor if they are prepared to pay a higher price

77
Q

Terms

Macroeconomics

A

Businesses on a large scale

78
Q

Terms

Legal tender

A

Money is the common accepted way for payments

79
Q

Terms

Budget

A

A tabulation of income and planned spending

80
Q

Terms

Principle

A

The original amount of money borrowed

81
Q

The market

A

The means by which a product is bought/sold freely
Another name for Capitalism…the people make decisions
The #1 aspect of capitalism

82
Q

Representative money

Examples

A

Something represents money

Ex: MasterCard, credit card debit card,checks

83
Q

List the three types of businesses in capitalism

A

Sole proprietorship
Business partnerships
Corporation

84
Q

Sole proprietorship

A

Owned by one person
May employ others
74% of all businesses are owned by one person (in the USA)

85
Q

Business partnerships

A

More than one person owning a business

8% of all business are partnered

86
Q

Corporation

A
Owned by several people
People buy stock in a company
18% of businesses are corporates
Success...gain money failure...lose money
Ex...coke
87
Q

List the three types of world economics

A

Traditional
Command
Market

88
Q

Traditional economic system

A

Decisions are based on the past
Third world countries
Everyone has done what has always been done
Ex…costa rica

89
Q

Command economic system

A

Communism
Socialism
Government makes decisions
Ex…Cuba

90
Q

Market economic system

A

Capitolism

People make decisions

91
Q

Adam smith

A

Wrote “the wealth of nations”
Describe capitalism as
invisible hand (government guides the things you do)
Self interest (shop at what’s best for you)

92
Q

What are the three economic questions

A

What goods and services will be provided
How should the goods and services be produced
Who will receive the goods and services

93
Q

List the things that make capitalism work

A

Consumers…buyers
Producers…makers
Competition…companies try to outdo each other
Profit
Private property…you can own your own things
Freedom of exchange…you can return items