Oasdi Study guides, Study notes & Summaries

Version 1 1 McGraw-Hill's Taxation of Individuals and Business Entities 2023 Edition 14th Edition by Brian Spilker Benjamin Ayers John Barrick Troy Lewis John Robinson Version 1 2 TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Taxes influence many types of business decisions but generally do not influence personal decisions. ⊚ true ⊚ false 2) Taxes influence business decisions such as where a business should locate or how a business should...

Version 1 1 McGraw-Hill's Taxation of Individuals and Business Entities 2023 Edition 14th Edition by Brian Spilker Benjamin Ayers John Barrick Troy Lewis John Robinson Version 1 2 TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Taxes influence many types of business decisions but generally do not influence personal decisions. ⊚ true ⊚ false 2) Taxes influence business decisions such as where a business should locate or how a business should...

Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

Which of the following is NOT a form of medical insurance? -Business overhead expense -Surgical expense -Hospital expense -Long term care - Business overhead expense (Explanation:Business Overhead Expense insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. Expenses such as rent, utilities, telephone, equipment, employees' salaries, etc.) All of the following are state or federal government programs that provide health insura...

FPC Payroll Fundamentals 1 Final Study Guide Complete Set Worker that has Fed, OASDI, Medicare, State withheld - CORRECT ANSWEREmployee Worker that requires the employer to pay ER taxes - CORRECT ANSWER-Employee Worker that receives W2 form - CORRECT ANSWER-Employee Worker that does not have taxes withheld - CORRECT ANSWER-Independent Contractor Worker that has TIN - CORRECT ANSWER-Independent Contractor Worker that receives 1099 Form - CORRECT ANSWER-Independent Contractor Asks how ...

Social Security as also know as? - Old Age, Survivors and Disability Insurance system (OASDI) What is Social Security combined with to provide a level of retirement security for the vast majority of Americans? - Medicare How might a planner use other forms of insurance when communicating with clients? - Most would not complain that they don't get their money's worth from a policy because it didn't burn down. They would be content with protection from catastrophic loss and happy that not...

Which of the following is NOT a form of medical insurance? -Business overhead expense -Surgical expense -Hospital expense -Long term care - Answer-Business overhead expense (Explanation:Business Overhead Expense insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. Expenses such as rent, utilities, telephone, equipment, employees' salaries, etc.) All of the following are state or federal government programs that provide health...

Indirect Loss - Answer- A secondary loss that follows from a direct loss to insured property from a covered peril. Ex. Hotel expenses incurred by the insured while a fire-damaged home is repaired is an indirect loss that follows the direct loss of the home. Exclusive Agency System - Answer- An insurance distribution system in which producers (agents) represent a single company. Ex. In the exclusive agency system, insurers use independent contractors (exclusive agents) that represent only on...

Types of Employee Benefits - ANSWER--medical expenses - loss of income due to... a) death b) disability c) unemployment d) retirement medical expenses - ANSWER--health insurance - FSAs/HSAs- pre tax health savings accounts -worker's comp loss of income due to death - ANSWER-(not generating any more income) -life insurance (UGA pays for $25K) -survivor benefits under retirement plans options: a) can inherit 401(k) assets b) continue pension payments to surviving spouse ...

California Insurance Exam Questions And Answers Two methods of determining insurance need: - Human Life Approach - Needs Approach Human Life Value Approach~ - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, planned retirement age, occupation, annual wa...

Types of Employee Benefits - ANSWER--medical expenses - loss of income due to... a) death b) disability c) unemployment d) retirement medical expenses - ANSWER--health insurance - FSAs/HSAs- pre tax health savings accounts -worker's comp loss of income due to death - ANSWER-(not generating any more income) -life insurance (UGA pays for $25K) -survivor benefits under retirement plans options: a) can inherit 401(k) assets b) continue pension payments to surviving spouse ...

California Insurance Exam Questions and Answers 100% Pass, Latest Update Two methods of determining insurance need: -Ans - Human Life Approach - Needs Approach Human Life Value Approach~ -Ans - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on age, gender, planned retirement ag...