Life in trivia_timed jeopardy

2.0.1.G5

© Take Charge Today - Revised May 2010 - Life in...United States Simulation - Page 1Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America

Institute at the University of Arizona

Trivia

2.0.1.G5



Housing Insurance Transportation Paychecks Spending

Plan

$100$200

$300

$500

$400

$100$200

$300

$500

$400

$100$200

$300

$500

$400

$100$200

$300

$500

$400

$100$200

$300

$500

$400

Life In…~Trivia~

Final Trivia

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Answer:A loan given to an individual to

purchase property where the property is pledged as

security.

Housing~$100~

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Housing~$100~

Question:

What is a mortgage?

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Answer:Two advantages of renting.

Housing~$200~

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Question:What are no maintenance or repairs,

or less commitment, or no down payment, or opportunity to become

familiar with the area, or an affordable alternative?

Housing~$200~

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Answer:The average length of time

an individual finances a home

for a mortgage.

Housing~$300~

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Question:

What is 30 years?

Housing~$300~

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Answer:The down payment amount

required onthe property purchasing price

to receive a mortgage.

Housing~$400~

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Question:

What is 10 – 20% of theproperty purchasing price?

Housing~$400~

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Answer:The recommended minimum

coverage for property insurance.

Housing~$500~

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Question:

What is 80% of the replacement cost?

Housing~$500~

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Answer:

Uncertainty about a situation’s outcome.

Insurance~$100~

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Question:

What is a risk?

Insurance~$100~

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Answer:Provides income if a personis unable to work because of

an injury or illness.

Insurance~$200~

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Question:

What is disability insurance?

Insurance~$200~

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Answer:The type of insurance which

allows many individualsto afford medical care.

Insurance~$300~

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Question:

What is health insurance?

Insurance~$300~

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Answer:The person designated to

receive money after thepolicy holder’s death.

Insurance~$400~

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Question:

Who is the beneficiary?

Insurance~$400~

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Answer:The amount disability

insurance typically pays.

Insurance~$500~

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Question:

What is 60-70% of one’s full time wage?

Insurance~$500~

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Answer:Characteristics of this type of

vehicleinclude costs less to buy, costs

less toinsure, and depreciates more

slowly.

Transportation~$100~

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Question:

What is a used vehicle?


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Answer:

Three flexible expenses associated

with having a vehicle.


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Question:

What are gas, oil, and maintenanceand repairs?


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Answer:

Loss in a vehicle’s value because of time

and use.


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Question:

What is depreciation?


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Answer:

The mandatory insurance required by

law to operate a vehicle.


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Question:

What is liability insurance?


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Answer:The insurance which covers the

cost to repair or replace a car resulting from damage not

caused by a collision.


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Question:

What is comprehensive insurance?


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Answer:The place where paycheck

deductions and other important information is found.

Paychecks~$100~

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Question:

What is a paycheck stub?

Paychecks~$100~

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Answer:The total amount of moneyearned during the pay period

before deductions.

Paychecks~$200~

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Question:

What is gross pay?

Paychecks~$200~

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Answer:The money subtracted from

gross pay for mandatory systematic taxes and

employee sponsored medical and retirement benefits.

Paychecks~$300~

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Question:

What are deductions?

Paychecks~$300~

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Answer:

FICA is comprised of these two taxes.

Paychecks~$400~

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Question:

What is Social Security and Medicare?

Paychecks~$400~

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Answer:Represents the largest tax

deduction taken from an employee’s gross pay.

Paychecks~$500~

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Question:

What is federal withholding tax?

Paychecks~$500~

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Answer:The five elements of financial

goal setting.

Spending Plan~$100~

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Question:What are specific, measurable,

attainable, realistic, and time bound?

Spending Plan~$100~

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Answer:The recommended amount to save from

each paycheck.

Spending Plan~$200~

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Question:

What is a minimum of 10% of net income?

Spending Plan~$200~

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Answer:The average percentage of net

income allocated to housing expenses.

Spending Plan~$300~

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Question:

What is 30%?

Spending Plan~$300~

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Answer:3

Federal Withholding, State Withholding, Social Security,

Medicare, retirement plan contributions, and medical.

Spending Plan~$400~

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Question:

What are paycheck deductions?

Spending Plan~$400~

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Answer:

The ideal result of an income and expense statement in

terms of dollars.

Spending Plan~$500~

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Question:

What is a zero balance?($0.00)

Spending Plan~$500~

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FinalTrivia

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Answer:

The percentage of social security tax deducted from a

paycheck.

Final Trivia

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Question:

What is 6.2%?

Final Trivia

Education

Life in trivia_timed jeopardy