AnswersCMS 2026-2027 Economics and Personal Finance CREDIT RECOVERYIncome and Education

Practice Test Answers

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1
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Which statements about the offer are true? Choose four correct answers.

A
She will need to repay $16,000 for each year of college.
B
Financial aid will cover $11,000 for each year of college with no need to repay.
C
The total cost per year is $22,300.
D
She could use money from savings or parental contributions to pay the remaining $6,300 each year.
E
She could use a student loan to pay the remaining $6,300 each year.
F
Financial aid will cover $16,000 for each year of college with no need to repay.
2
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A student who is interested in becoming an air traffic controller will make

A
less money than an athletic trainer but will have an easier time finding a job.
B
more money than an athletic trainer and will have an easier time finding a job.
C
less money than an athletic trainer and will have a harder time finding a job.
D
more money than an athletic trainer but will have a harder time finding a job.
3

Mariana wants to research a career in veterinary medicine. Where could she find accurate and objective information? Choose three correct answers.

A
She could visit the library and check out a book from the career section about veterinarians.
B
She could visit the library and check out a book from the fiction section with a veterinarian in it.
C
She could speak with a career counselor.
D
She could visit a personal blog site written by a veterinarian.
E
She could visit the online site for the US Bureau of Labor and Statistics.
4

Which is a guaranteed benefit offered to salaried employees?

A
Pension
B
Paid time off
C
Health Savings Account
D
Overtime pay
5

What is the difference between a tax credit and a tax deduction?

A
A tax credit occurs if you underpaid during the year, and a tax deduction occurs if you overpaid.
B
A tax credit reduces the amount of money you must pay, while a tax deduction reduces your taxable income.
C
A tax credit represents money owed to you, while a tax deduction represents money you owe.
D
A tax credit is owed money that collects interest, while a tax deduction is money that you do not have to pay.
6

Which statement best describes lifetime income?

A
the total cost of college classes and vocational training divided by the total years worked
B
the total salary and value of insurance benefits for all the years worked
C
the total salary and retirement benefits for all the years worked
D
the total salary for all the years worked
7

Which describes a type of tax that people pay on money they earn?

A
progressive tax
B
flat tax
C
income tax
D
purchase tax
8

Which is a monetary benefit in a compensation package?

A
Salary increase
B
Flexible Spending Account
C
Medical insurance
D
Retirement plan
9

What is the job outlook for a US postal worker?

A
The career is growing and will provide fewer opportunities over time.
B
The career is shrinking and will provide more opportunities over time.
C
The career is shrinking and will provide fewer opportunities over time.
D
The career is growing and will provide more opportunities over time.
10

Bianca and Dave are a married couple filing a joint tax return. They have a combined gross income of $81,031 and claim four exemptions. They can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. If exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?

A
$48,403
B
$41,843
C
$50,193
D
$52,793
11

Based on the receipt, what is the sales tax rate in Sacramento, California?

A
6 point 2 5 percent
B
10 percent
C
10 point 8 5 percent
D
8 point 5 percent
12

Which statements identify errors in Jaiden’s plan? Choose four correct answers.

A
While in high school, he should quit all extracurricular activities so he can work more hours and save money.
B
He should start saving right away. It is never too early to start a savings account.
C
He should work hard throughout middle school and high school or it might be too difficult for him to excel later, since bad habits are hard to break.
D
He should try different sports and clubs in middle school and early high school. Then he should pick his favorites and invest more time in them.
E
He should wait until his last year in high school to fill out the FAFSA.
F
He should ask all his friends and neighbors to contribute to his college fund so it will grow faster.

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