AnswersPizzellaWCA 6180 Personal Finance 1 - Part 1Careers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income — Unit test Answers

0 verified answers3 views
1
Free Preview

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?

A
$6
B
$16
C
$60
D
$600
2
Free Preview

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

A
housing and meals.
B
health and dental care.
C
textbooks and supplies.
D
tuition and class fees.
3

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?

A
cost of living in each location
B
schedule he will be required to work
C
number of libraries, parks, museums, and sporting event locations in each city
D
distance each city is from his family and friends
4

A federal payroll tax that supports retired workers is

A
progressive tax.
B
sales tax.
C
corporate tax.
D
social security tax.
5

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.
6

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.
7

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
8

Which represents an employee benefit?

A
wage paid per hour of work
B
health-insurance plan with company-paid premiums
C
schedule with weekends off
D
gratuity given by customers or clients
9

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

A
private loans carry a higher interest rate than federal loans.
B
federal loans are obtained by banks, while private loans are backed by the government.
C
federal loans must be paid back more quickly than private loans.
D
private loans are only available to parents, while federal loans may be issued to the student.
10

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?

A
$50
B
$500
C
$5,000
D
$50,000
11

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.
12

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

A
federal
B
local
C
progressive
D
state
E
sales
F
flat
13

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?

A
to spend more time outdoors in local parks
B
to gain recognition and status in her community
C
to earn tax credits for her charitable contributions
D
to fulfill a personal sense of environmental responsibility
14

Which describes a type of tax that funds city programs?

A
progressive tax
B
federal income tax
C
local income tax
D
medicare tax
15

The document shows a 1040 form.

Question illustration
A
state tax.
B
local tax.
C
federal tax.
D
sales tax.
16

Student-specific scholarships are awarded to students who

A
have impressive athletic accomplishments.
B
have impressive academic achievements.
C
demonstrates a specific skill
D
are members of a certain group.
17

Which type of training would be considered vocational training?

A
training to prepare for a career
B
training to improve one’s health
C
training to learn a new hobby
D
training to improve relationships
18

What is the most likely reason why many of the New York Factory Investigating Commission’s suggestions were not implemented immediately?

A
The public did not support new safety regulations until several factory disasters occurred.
B
Many of the suggested changes would have negatively affected the quality of products made in factories.
C
Most workers outside New York would not have benefited from widespread factory reform.
D
Factory owners resisted the suggestions because they would be costly to implement.
19

An entrepreneur is someone who

A
starts and runs a business.
B
is an employee of a business.
C
invents products for other businesses.
D
works for multiple developing businesses.
20

The document shows a personal allowances worksheet.

Question illustration
A
affect who pays taxes.
B
increase overall taxes.
C
lower overall taxes.
D
affect when to pay taxes.

Did you find these answers helpful?

More from this Course

Quiz
44 verified answers

Unit Test

Quiz
42 verified answers

Unit 1: Mastery Form and Test

Quiz
25 verified answers

Unit Test