Term
Ordinary life, whole life, universal life, and cash value life all offer what type of plan in addition to a life insurance benefit? 

Definition


Term
In the sample life insurance premium table, Mary wants $100,000 in coverage for herself. She is a 35yearold nonsmoker. What will her insurance premium be? 

Definition


Term
What is the reason under current law for only insuring to 75% of gross income for life insurance coverage? 

Definition
There is an income tax exemption on life insurance benefits 


Term
This type of insurance must be renewed every 1, 5, or 10 years? 

Definition


Term
What is the term that describes the specific part the insured pays to the insurer? 

Definition


Term
What type of insurance option emphasizes high cash buildup and is also very costly? 

Definition


Term
In the sample life insurance premium table, Gerald wants $75,000 in coverage for himself and he is a 45yearold smoker. What will his insurance premium be? 

Definition


Term
In a way, taking out insurance is like gambling. What is the policyholder betting on? 

Definition
That he/she will need to collect insurance 


Term
When a person dies and is insured, who receives the life insurance benefits? 

Definition


Term
What form of probability is based on previous experiments and recorded outcomes to predict how likely something is to happen? 

Definition
Empirical, historical, or experimental probability 


Term
In a family, what item is usually not included in calculating necessary lifeinsurance coverage? 

Definition


Term
What is the field of mathematics that collects and analyzes data in order to answer questions about frequencies of occurrence of specific events? 

Definition
Probability and statistics 


Term
What is the name of the special contract that pays a designated amount of money to a beneficiary on the death of the policyholder? 

Definition


Term
What term describes a person does not work and is totally dependent, but if he/she dies, there are still burial expenses? 

Definition


Term
What form of probability uses formulas and theorems to predict how likely something is to happen? 

Definition
Mathematical or theoretical probability 


Term
Provided all indebtedness and responsibilities are paid for, who of the following does NOT need life insurance? 

Definition
A solesurviving family member 


Term
What is the set of outcomes for rolling a single number cube or sixsided die? 

Definition


Term
In flipping a fair coin, what is the probability of getting “heads”? 

Definition


Term
What is the set of outcomes for flipping a balanced coin ? 

Definition


Term
What is the probability of getting “heads” or “tails”? 

Definition


Term
What is the insurer betting on? 

Definition
That you, the policyholder will not need to collect insurance 


Term
In rolling a fair number cube or sixsided die, what is the probability of rolling a six? 

Definition


Term
In the game of “rock,” “scissors,” “paper,” if the player follows the rules and truly chooses at random, what is the probability of the opponent not selecting “scissors”? Hint: Use the complementary rule. 

Definition


Term
In the game of “rock,” “scissors,” “paper,” if the player follows the rules of the game and truly chooses at random, what is the probability of the opponent selecting one of the three? 

Definition


Term
What is the “probability of living” plus the “probability of dying” for any individual? 

Definition


Term
Using the table, what is the probability of death during one year for a man 35 to 44 years of age? Hint: Use the entry divided by 100,000. 

Definition


Term
Which of the following is not a normally advertised type of life insurance? 

Definition
Pyramiding life insurance 


Term
n the sample life insurance premium table, Mary wants $100,000 in coverage for herself. She is a 35yearold smoker. What will her insurance premium be? 

Definition


Term
In a business, what is the proper term for expense items such as facilities, rental, and insurance? 

Definition


Term
What is a simple word or phrase that describes a consumer math function? 

Definition
Rule for computing numbers 


Term
A mathematical or consumer function must always calculate exactly how many different total costs in a particular month? 

Definition


Term
What do you call the costs in a business such as hours of labor and quantity of raw materials? 

Definition


Term
What is the consumer math function for computing the approximate expense of operating your business for a month? 

Definition


Term
If a is less than b, how do we write that in symbols? 

Definition


Term
What are the possible values of x called in the function y = mx + b? 

Definition


Term
What is the cost, C, of 27 HEPA air filtration systems if each system costs $2,100 to manufacture? The fixed costs are $1,300. Use C = Ux + F. 

Definition


Term
Solve the two business equations for when C = R. Find the value of C and x at which this happens. Use any method you wish. C = 7x and R = 2x. 

Definition


Term
Solve the two business equations for when C = R. Find the value of C and x at which this happens. Use any method you wish. C = 0.35x + 3 and R = 1.5x. 

Definition


Term
Solve the two business equations for when C = R. Find the value of C and x at which this happens. Use any method you wish. C = 0.5x + 2 and R = 2x. 

Definition


Term
In the linear programming graph, the feasible region is highlighted to show what? 

Definition


Term
In a linear programming graph, the best (optimal) solution always occurs at a point called what? 

Definition


Term
In the linear programming graph, where is the feasible region compared with the y = 60 line? 

Definition


Term
In the linear programming graph, where is the feasible region compared with the x + y = 84 line? 

Definition


Term
Vanessa found a less expensive “motivator” for her robot business. The old “motivator” cost $4.00; the new motivator cost $3.65. How much can she save on 220 motivators? 

Definition


Term
In the graph, what is the (x,y) coordinate of the breakeven point? 

Definition


Term
What is the total cost, C, of processing 4,000 sandwiches at $0.23 per sandwich if the overhead or fixed cost is $18? Use C = Ux + F. 

Definition


Term
In the function C = Ux + F, if x is the horizontal variable, what is the slope of the line when the function is graphed 

Definition


Term
What type of equation is C = Ux + F? 

Definition


Term
What are the possible values of x called in the function y = mx + b? 

Definition


Term
What is a simple word that describes a consumer math function? 

Definition
Rule for computing numbers 


Term
What are the possible values of C called in the function C = Ux + F? 

Definition


Term
If the fixed costs remain constant in C = Ux + F, then when the value of U gets larger, what happens to the graph of the line going from left to right? 

Definition


Term
What type of interest is usually charged on an installment loan so that the lender can make some earnings from your use of their money? 

Definition


Term
When you own a business and need to improve, or add on to your operation, what type of loan would you ask for? 

Definition


Term
Immediate payback loans or fast payback loans are usually not be appropriate for what? 

Definition


Term
If Ned Nasaltone borrows $1,500 at 5% interest and pays it back in 24 monthly payments of $65.81, what is the total cost of the loan? 

Definition


Term
Money loaned for the purpose of earning a share of the profits is called what? 

Definition


Term
If the annual interest rate is r, then the monthly interest rate is what? 

Definition


Term
When considering taking out a loan, as an educated adult, you need to do what? 

Definition
Verify all the calculations for your loan 


Term
What is the approximate value of 25(0.05)(1.05^201)? 

Definition


Term
What is the proper order (beginning with first) for the operations of arithmetic? 

Definition
Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction 


Term
If the annual interest rate is 12%, what is the monthly interest rate? 

Definition


Term
If the annual interest rate is 10%, what is the approximate monthly interest rate? 

Definition


Term
A good saying to help remember the order of operations in arithmetic is what? 

Definition
Please excuse my dear Aunt Sally. 


Term
What is the approximate value of 14(0.03)(1.03^2161)? 

Definition


Term
Which statement is incorrect? 

Definition
The younger the borrower, the more costly the loan 


Term
Immediate payback loans or fast payback loans are usually not appropriate for what? 

Definition


Term
Which statement is incorrect? 

Definition
The higher the discount, the higher the monthly payment 


Term
Which of the following is NOT a good reason for using credit? 

Definition
To have money to buy anything you want 


Term
To borrow $2,500 at 10% annual interest for two years, what would be the monthly payment? Use M = Pm(1+m)na/((1+m)na –1). Hint m = 0.10/12, n = 2, and a = 12. 

Definition


Term
To borrow $2,500 at a 0.09 annual interest rate for two years, what is the approximate monthly interest rate? 

Definition


Term
If M = Pm(1+m)na/((1+m)na –1) and m = 0.006, P = $2,000, n = 2 years, and a = 12, find M. 

Definition


Term
What is one of the biggest dangers in using a credit card? 

Definition
Overspending and not paying it off each month 


Term
Which type of card is not really a credit card but is sometimes used for credit purchases? 

Definition


Term
What type of credit card is offered to qualified customers for primary sales of the company’s goods? 

Definition


Term
What type of credit card is Visa or Discovery? 

Definition


Term
What type of credit card is Diner’s Club or American Express? 

Definition


Term
Credit may be extended on a credit card up to the individual’s what? 

Definition


Term
What is one of the potential dangers of using a debit card for purchases? 

Definition
An overdraft of your checking account 


Term
What is the name of the act that protects you, the consumer, so that you do not have to pay if you do not receive the items you purchased? 

Definition


Term
What is the term for the short time after a payment on a credit card balance is due in which you can still pay without getting a late charge? 

Definition


Term
What is another term for the reason a check cannot be cleared when an overdraft attempt occurs? 

Definition

