AnswersWA-Financial EducationUnit Test

Unit Test — Unit test Answers

24 verified answers
1
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salarytuitionhourly payemployee benefits

A
salary
B
tuition
C
hourly pay
D
employee benefits
2
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Which statement best describes a college education?

A
An employer typically pays for it in order to educate an employee.
B
The student pays for it, and it is required in many professions.
C
It usually takes two years to complete and tends to focus on technical training.
D
It lasts a short period of time—only a few months, or even weeks.
3

one yeartwo yearsthree yearsfour years

A
one year
B
two years
C
three years
D
four years
4

Which statement about tuition is the most accurate?

A
Four-year universities have the lowest tuition.
B
Community colleges tend to be more expensive.
C
Public colleges are cheaper for in-state residents.
D
Tuition is higher for public colleges than private ones.
5

Which statement best explains scholarships that cover the costs of an education?

A
They require the use of savings.
B
They need to be paid back later.
C
They are often based on achievement.
D
They require borrowing money from a bank.
6

How can a student pay for an education as part of a work-study program?

A
by taking a school job as part of a financial aid plan
B
by agreeing to work in the government for a scholarship
C
by agreeing to serve in the military after getting a degree
D
by working at a job that is close to the college or university
7

Which statement best explains student loans that cover the costs of an education?

A
They require the use of savings.
B
They require repayment with interest.
C
They depend on getting good grades.
D
They do not have to be paid back later.
8

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

A
college savings account for his daughters
B
checking account
C
personal savings account
D
home equity line of credit
9

The chart shows facts related to professional interpreters.

Question illustration
A
will likely to continue to grow.
B
will likely to continue to shrink.
C
has changed very little over time.
D
tends to be unclear or hard to predict.
10

The diagram shows revenue from federal income taxes.

Question illustration
A
The most revenue comes from individual and payroll taxes.
B
The least revenue comes from individual and corporate taxes.
C
The most revenue comes from payroll and corporate taxes.
D
The least revenue comes from payroll and other taxes.
11

Which best describes how expansionary policies can facilitate economic growth?

A
They prompt decreased demand.
B
They inspire consumer confidence.
C
They increase disposable income.
D
They help reduce consumer debt.
12

How is an excise tax different from a sales tax?

A
An excise tax is not deductible.
A
An excise tax applies to specific products.
A
An excise tax applies only to imported goods.
A
An excise tax is an indirect tax.
13

Which statement best describes an education at a vocational school?

A
An employer typically pays for it in order to educate an employee.
B
It often lasts only months or weeks and is specific to only one job.
C
It usually takes two years to complete and tends to focus on technical training.
D
It lasts for several years, and it often takes four years to earn a degree.
14

Sales tax is calculated

A
based on the number of items purchased.
B
using a percentage of the price of an item.
C
before a sale discount is applied.
D
as a percentage based on federal law.
15

Which are ways to pay for a college education? Check all that apply.tuitionstudent loansfederal grantsbooks and feesstudent loan interestacademic scholarships

A
tuition
B
student loans
C
federal grants
D
books and fees
E
student loan interest
F
academic scholarships
16

Which would be considered part of an employee’s salary?

A
amount of taxes that will be deducted each pay check
B
amount an employee can expect to earn in gratuities from customers
C
amount of money the employee will earn each month
D
amount of matching funds the employer will pay to a retirement account
17

These lists outline the details of two jobs.

Question illustration
A
Job A has employee benefits and a higher salary.
B
Job A offers a higher salary and more days off.
C
Job B provides a higher salary but fewer days off.
D
Job B offers more days off and employee benefits.
18

Profit equals the total amount of money made minus

A
the production cost.
B
the opportunity cost.
C
the revenue earned.
D
the price established.
19

Joaquin is offered vocational training that will cost $3,000 but will make him eligible for a promotion. Joaquin is trying to decide whether to get the training or put the money in savings for retirement. Which statement is true?

A
Joaquin should put the money in savings because retirement is expensive and he should have every penny he can.
B
Joaquin should put the money in savings because it will grow quickly with interest that he can use in retirement.
C
Joaquin should take the class because a promotion will mean a larger salary over the long term compared to a single cash advantage.
D
Joaquin should take the class because $3,000 is too small of an amount to bother putting away for retirement.
20

Under a contractionary taxation policy, the government can reduce the deficit by

i
increasing taxes.
r
reducing taxes.
i
increasing spending.
i
increasing inflation.

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