Answers CPS Online Personal Finance fall – 3-2027Careers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income — Unit test Answers

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If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire?

$16

$60

$600

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At an educational institution, the cost of room and board includes

housing and meals.

health and dental care.

textbooks and supplies.

tuition and class fees.

Logan has several job offers in different cities. What should he research to determine how much money he will have to spend as he wishes?

cost of living in each location

schedule he will be required to work

number of libraries, parks, museums, and sporting event locations in each city

distance each city is from his family and friends

A federal payroll tax that supports retired workers is

progressive tax.

sales tax.

corporate tax.

social security tax.

The diagram shows revenue from federal income taxes.

The most revenue comes from individual and payroll taxes.

The least revenue comes from individual and corporate taxes.

The most revenue comes from payroll and corporate taxes.

The least revenue comes from payroll and other taxes.

Sales tax is calculated

based on the number of items purchased.

using a percentage of the price of an item.

before a sale discount is applied.

as a percentage based on federal law.

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

amount of taxes that will be deducted each pay check

amount an employee can expect to earn in gratuities from customers

amount of money the employee will earn each month

amount of matching funds the employer will pay to a retirement account

Which represents an employee benefit?

wage paid per hour of work

health-insurance plan with company-paid premiums

schedule with weekends off

gratuity given by customers or clients

One reason a student may seek a federal student loan instead of a private student loan is that

private loans carry a higher interest rate than federal loans.

federal loans are obtained by banks, while private loans are backed by the government.

federal loans must be paid back more quickly than private loans.

private loans are only available to parents, while federal loans may be issued to the student.

If a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in property taxes?

$50

$500

$5,000

$50,000

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?

Joaquin should put the money in savings because retirement is expensive and he should have every penny he can.

Joaquin should put the money in savings because it will grow quickly with interest that he can use in retirement.

Joaquin should take the class because a promotion will mean a larger salary over the long term compared to a single cash advantage.

Joaquin should take the class because $3,000 is too small of an amount to bother putting away for retirement.

Which are types of income tax that people pay? Check all that apply.

federal

local

progressive

state

sales

flat

Read the scenario.Sarah has always been passionate about environmental protection. She decides to volunteer her time and donate to a local organization dedicated to cleaning up parks and promoting recycling in her community. She feels a sense of fulfillment knowing that her efforts are contributing to a cleaner and healthier environment for future generations.What is the primary motivation behind Sarah's volunteer work and donations?

to spend more time outdoors in local parks

to gain recognition and status in her community

to earn tax credits for her charitable contributions

to fulfill a personal sense of environmental responsibility

Which describes a type of tax that funds city programs?

progressive tax

federal income tax

local income tax

medicare tax

The document shows a 1040 form.

state tax.

local tax.

federal tax.

sales tax.

Student-specific scholarships are awarded to students who

have impressive athletic accomplishments.

have impressive academic achievements.

demonstrates a specific skill

are members of a certain group.

Which type of training would be considered vocational training?

training to prepare for a career

training to improve one’s health

training to learn a new hobby

training to improve relationships

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Careers, Salaries, and Lifetime Income — Unit test Answers

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