Match the Following Terms with Their Definitions

question 47

Multiple Choice

Match the following terms with their definitions.
-Straight life

• A)Continual premium payments
• B)Used when insured cancels
• C)Blame doesn't matter in payoff
• D)Periodic payment
• E)Not optional
• F)Combination of term and whole life
• G)Result of a nonforfeiture value
• H)Policyholder
• I)Amount of insurance stated on the policy
• J)Value of policy when terminated
• K)Builds no cash value
• L)Options when an insurance policy is terminated
• M)One to receive face value of life insurance
• N)Payment to insured from a loss
• O)80%
• P)Pay for repairs to one's auto
• Q)Amount insured pays
• R)The insurance company
• S)Fire, theft

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements.

Financial Statement Column(s)

Sections or columns in financial reports like balance sheets, income statements, and cash flow statements that present financial data of a business in an organized manner.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for a fixed asset, reducing its book value on the balance sheet over time.

Income Statement Columns

Sections within an income statement that separate financial data into categories, such as revenues, expenses, and net income, to facilitate analysis and understanding of a company's financial performance.