Unit Test — Cumulative exam Answers

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If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is

2 percent.

4 percent.

6 percent.

8 percent.

In addition to federal income tax, many people also pay

corporate tax.

state income tax.

local medicare tax.

local social security tax.

How does an employer's presentation of retirement savings options affect employees' decisions to save?

by automatically enrolling employees to tap into their default bias

by assigning employees to different saving courses in the retirement plan

by offering various saving courses in the retirement plan

by making the plan more complex to get employees more involved

Which of these is an advantage of checking accounts?

Checking accounts prevent the customer from having overdraft fees.

Checking accounts allow convenient ways to deposit or withdraw funds.

Checking accounts are processed immediately so customer and bank records always match.

Checking accounts offer limited checks but offer higher rates of interest.

The image shows a W-2 form.

It shows how much a person paid in taxes, and how much more is due.

It shows how much a person earned, and how much was withheld in taxes.

It shows how much a person earned, and how much tax is to be refunded.

It shows how much a person paid in taxes, and whether they have a spouse.

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