Unit 1: Mastery Form and Test Answers

Maria's family has a health insurance plan. Her mother has $350 deducted from her paychecks each month.When Maria visited the doctor, her mother paid a $25 fee. The insurance company covered the rest of the cost of the visit.When Maria's mother went to the hospital, her family was responsible for paying the first $1,000 of the bill. After this payment, the insurance company covered the rest of the costs.

How do short-term financial goals differ from long-term financial goals?

Omar is having trouble paying his rent and making minimum payments on his student loan and credit cards. What should Omar consider doing to improve his situation?

When an insurance company needs to provide a payout, the money is removed from

Harold and Elaina are being considered for a car loan. The banker looks at their creditworthiness because he wants to be sure the bank will get the loan payments on time and that the loan will be paid back in full. The table below summarizes the information that was on their applications.Application informationQuestionsHaroldElainaHow many years have you had your job?37What is your monthly salary?$2,600$2,250How many credit cards do you have?26How much debt do you have?$3,000$12,000How many times were you late with payments on credit cards in the past year?18Who will get the better loan rate from the banker and why?