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Employment, Entrepreneurship, and Compensation Answers

13 verified answers
1
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Which are the two major elements of a total compensation package?

A
salary and health care
B
flexible schedules and bonuses
C
monetary and nonmonetary benefits
D
medical benefits and lifestyle benefits
2
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Which scenario represents a monetary benefit of employment?

A
Tena receives a bonus every year.
B
Tena’s working schedule is flexible.
C
Tena is reimbursed for her gym membership fees.
D
Tena’s eyeglasses are covered by her vision insurance.
3

Which statement identifies a benefit of entrepreneurship to the economy?

A
Entrepreneurs provide new job opportunities.
B
Entrepreneurs file bankruptcy if their idea fails.
C
Entrepreneurs receive funds from grant programs.
D
Entrepreneurs utilize investors to fund their projects.
4

Which is a recommended approach for entrepreneurs?

A
receiving funds from grant programs
B
accepting money from unknown investors
C
choosing a partner with differing core values
D
maintaining independence by using only personal contributions
5

Which of these is a productive strategy to grow a new business?

A
funding the new business with loans
B
reading and researching without external help
C
creating a business plan that does not allow for flexibility
D
networking to develop business relationships by joining professional organizations
6

Health Savings Accounts (HSAs) may be an option for an employee in which situation?

A
The employee is enrolled in Medicare.
B
The employee has a high-deductible health plan.
C
The employee is a dependent on their parent’s tax return.
D
The employee has health care coverage from their spouse.
7

Which of the following is true regarding entrepreneurs and taxation?

A
Taxes are automatically deducted from their paycheck.
B
They are exempt from paying Social Security taxes.
C
They must calculate and pay their own income taxes.
D
They receive a pension instead of paying taxes.
8

What is the difference between an employee and a contractor?

A
Employees receive a 1099 statement.
B
Contractors may choose when and where they work.
C
Employees are paid based on the project completed.
D
Contractors are paid a predetermined annual salary.
9

Which statement accurately compares full-time hourly and full-time salaried employees?

A
Both are eligible for overtime.
B
Both receive a consistent paycheck.
C
Both receive paid time off.
D
Both work 20 hours per week.
10

Which statement best provides examples of nonmonetary benefits?

A
Nonmonetary benefits include dental insurance, retirement plans, and bonuses.
B
Nonmonetary benefits include paid time off, health savings plans, and commission.
C
Nonmonetary benefits include flexible working hours, paid leave, and health insurance.
D
Nonmonetary benefits include flexible spending accounts, flexible working hours, and bonuses.
11

Which statement accurately compares hourly and salaried employees?

A
Only salaried employees receive a W-2 statement.
B
Only hourly employees have an assigned work schedule.
C
Both hourly and salaried employees work 40 hours per week.
D
Both hourly and salaried employees are paid by the employer.
12

Which is a significant financial risk associated with being an entrepreneur?

A
calculating and paying income taxes
B
arranging benefits for themselves
C
securing income for their business
D
facing bankruptcy in their business
13

Which statement accurately indicates a benefit of being an entrepreneur?

A
An entrepreneur has a Flexible Savings Account (FSA).
B
An entrepreneur has a flexible work schedule.
C
An entrepreneur has the opportunity for a pension.
D
An entrepreneur has the opportunity for overtime pay.
14

Which is a benefit of being an entrepreneur?

A
An entrepreneur carries their own financial risks.
B
An entrepreneur reaps profits from their business.
C
An entrepreneur has autonomy that may be solitary.
D
An entrepreneur has the security of a steady paycheck.

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