AnswersWA-Financial EducationUnit Test

Unit Test — Unit test Answers

14 verified answers
1
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Which describes a type of tax that people pay on money they earn?

f
flat tax
i
income tax
p
purchase tax
p
progressive tax
2
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US federal income tax is progressive by law, but which best explains why wealthy individuals can often pay far less in taxes than the top tax rate?

H
High-income earners can fight in court for the right to a reduced rate.
H
High-income earners reduce their tax rates through numerous deductions.
H
High-income earners use tax laws to their advantage to reduce their tax rates.
H
High-income earners always place their assets overseas to lower their tax rates.
3

Which scenario is an example of market saturation?

A
The single coffee shop in town usually has a long line of customers and tends to stay busy during business hours.
B
There are three shoe stores on one block in town, and they have trouble finding customers and making a profit.
C
A second health club will open because the only health club in town is too crowded to accept new customers.
D
It can be difficult to get reservations at the only upscale Ethiopian restaurant in town, and it is best to call in advance.
4

What is the difference between marginal cost and marginal revenue?

A
Marginal cost is the money a producer earns from selling one more unit, while marginal revenue is the money a producer pays for making one more unit.
B
Marginal cost is the money a producer pays for making one more unit, while marginal revenue is the money a producer earns from selling one more unit.
C
Marginal cost is the money a producer actually earns from selling more units, while marginal revenue is the money a producer might earn from one more unit.
D
Marginal cost is the money a producer might earn from one more unit sold, while marginal revenue is the money a producer will earn from one more unit.
5

Mariana wants to research a career in veterinary medicine. Where could she find accurate and objective information? Check all that apply.

S
She could speak with a career counselor.
S
She could visit the library and check out a book from the career section about veterinarians.
S
She could visit the library and check out a book from the fiction section with a veterinarian in it.
S
She could visit the online site for the US Bureau of Labor and Statistics.
S
She could visit a personal blog site written by a veterinarian.
6

Which is a kind of federal payroll tax?

A
medicare tax
B
sales tax
C
property tax
D
progressive tax
7

What are the factors of production in business?

A
land, labor, and capital
B
land, capital, and interest
C
land, labor, and customer base
D
capital, customer base, and interest
8

The chart shows facts related to professional interpreters.

Question illustration
e
earned a degree from a four-year college at least.
r
received on-the-job training for several weeks only.
r
received on-the-job training for several months only.
e
earned technical training from a vocational school.
10

Ariel wants to compare the salaries for positions she was offered at two companies. What should she consider in this process? Check all that apply.

S
She should research the cost of living of different locations to compare against the offered salaries.
S
She should research the benefits included in each offer.
S
She should research the average salary of similar positions to see if the offers are fair.
S
She should take the position that offers the largest salary.
S
She should take the position that has the lowest cost of living.
11

best

I
It requires the use of savings.
I
It requires repayment with interest.
I
It involves completing an application.
I
It is based on need or achievement.
12

The image shows a sales receipt.

Question illustration
A
6.25 percent
B
8.5 percent
C
10 percent
D
10.85 percent
13

Which factors positively affect lifetime income? Check all that apply.

p
post-secondary education
e
employee benefits
s
salary
v
vocational training throughout career
h
high cost of living
e
early retirement
14

combinationpricesvalue

A
combination
B
prices
C
value
15

locationtuitionindependenceproductivity

A
location
B
tuition
C
independence
D
productivity

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