Everfi Module 7 Insurance and Taxes Final Quiz Answers - Everfi Module 7 Questions and Answers

Everfi Module 7 Insurance and Taxes Final Quiz Answers

Everfi Module 7 Insurance and Taxes Final Quiz Answers 2020

Question 1: Tax return forms must be submitted to the IRS and state governments usually by

• April 15th - Answer
• April 1st
• May 1st
• It varies for each person

Question 2: Use this tax return form if you don't have children, your filing status is single or married filing jointly, and your taxable income is less than $100,000.

• 1040 - Answer
• W-4
• 1099
• W-2

Question 3: In January, you will receive this form from each of your employers from the past year. It reports your total earnings and withholdings.

• Form W-2 - Answer
• Form W-4
• Form 1099
• 1040

Question 4: Before starting a new job, form you complete to determine how much tax your employer should withhold from your paycheck.

• Form W-2
• Form W-4 - Answer
• Form 1099
• 1040

Question 5: This type of insurance will cover the possessions inside your apartment in case of a fire, flood, or theft.

• Renter's insurance - Answer
• Liability insurance
• Health insurance
• Disability insurance

Question 6: This type of insurance helps cover the lost income if you are unable to work due to an injury or impairment.

• Renter's insurance
• Liability insurance
• Health insurance
• Disability insurance - Answer

Question 7 : This type of insurance covers the cost of medical bills, prescription medicine, doctor visits, and more.

• Renter's insurance
• Liability insurance
• Health insurance - Answer
• Disability insurance

Question 8: This type of insurance is required by law when you drive a car in case you are responsible for causing an accident.

• Renter's insurance
• Liability insurance - Answer
• Health insurance
• Disability insurance

Question 9: What type of person would typically have the LOWEST auto insurance premiums?

• Young, inexperienced drivers
• Higher-risk drivers
• Older, experienced drivers - Answer
• Drivers with children

Question 10: This type of tax is charged on the value of any land, buildings, or houses owned.

• Income tax
• Sales tax
• Property tax - Answer
• Capital gains tax

Question 11: This type of tax is charged as a percentage of the price of what you purchase.

• Income tax
• Sales tax - Answer
• Property tax
• Capital gains tax

Question 12: This type of tax is charged on the money you earn throughout the year.

• Income tax - Answer
• Sales tax
• Property tax
• Capital gains tax

Question 13: Which of the following are NOT deducted on a typical paystub?

• Property tax - Answer
• Federal and State income tax
• Social security tax
• Medicare tax

Question 14: Your auto insurance policy has a $200 monthly premium and $700 deductible. What is the maximum amount you will have to pay out-of-pocket for a car accident before your insurance covers your costs?

• $700 - Answer
• $500
• $200
• $900

Question 15: Jan pays $70 each month for her auto insurance policy. This regular payment is called a:

• claim
• deductible
• premium - Answer
• co-pay

Question 16: Insurance can help you:

• minimize monthly expenses
• financially protect against unexpected accidents - Answer
• reduce the chances of getting into an accident
• cover all out-of-pocket costs

Question 17: In which of the following scenarios will you be entitled to pay the LEAST amount of money out-of-pocket for a medical expense?

• You have health insurance with a $1,500 deductible. - Answer
• You have auto insurance with a $700 deductible.
• You have health insurance with a $500 deductible.
• You have no insurance

Question 18: Which of the following typically have the HIGHEST auto insurance premiums?

• Young, inexperienced drivers - Answer
• Drivers who have safe driving records
• Older, experienced drivers
• Drivers who travel short distances

Question 19: The person who receives financial protection from a life insurance plan is called a:

• Giver
• Insured
• Payer
• Beneficiary - Answer

Everfi Module 7 Insurance and Taxes Final Quiz Answers 2020

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