Multiple Choice
Which of the following is a primary benefit of writing and following a zero-based budget?
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1. Introduction to Accounting
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Which term refers to the amount of money you must pay toward expenses before your insurance begins to cover the remaining costs?
A
Deductible
B
Copayment
C
Coverage Limit
D
Premium
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Understand the concept of 'Deductible': In insurance, a deductible is the amount of money you must pay out-of-pocket for expenses before your insurance policy starts to cover the remaining costs.
Differentiate between the terms: Deductible, Copayment, Coverage Limit, and Premium. Each term has a distinct meaning in the context of insurance policies.
Deductible: This is the initial amount paid by the policyholder before insurance coverage begins.
Copayment: This refers to a fixed amount paid by the policyholder for specific services, typically after the deductible has been met.
Coverage Limit: This is the maximum amount an insurance company will pay for covered expenses, while Premium is the regular payment made to maintain the insurance policy.
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