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Personal Finance Exam Review 4
Test Description: Final exam review
Instructions: Answer all questions to get your test result.
1) A standard workweek is
A
40 hours
B
32 hours
C
44 hours
D
36 hours
2) Rate x Hours Worked =
A
Overtime Pay.
B
Incentive Pay.
C
Gross Pay.
D
Net Pay.
3) If you are a salaried worker.
A
no deductions will be taken from your paycheck
B
your overtime pay rate is higher than that of an hourly worker.
C
you will probably be paid twice per year.
D
your gross pay is the same as your salary.
4) For employees, the Social Security deduction is withheld at the rate of
A
6.2 percent of all pay earned.
B
1.45 percent of all pay earned.
C
6.2 percent of the first $102,000 earned.
D
1.45 percent of the first $102,000 earned.
5) Self-employed people must make estimated tax payments
A
weekly.
B
quarterly.
C
monthly.
D
yearly.
6) Which of the following benefits are employers required by law to provide?
A
all of the above
B
child care
C
paid vacations
D
workers' compensation
7) A type of incentive pay based on quality of work done or years of service on the job is called a
A
pension plan.
B
profit sharing plan.
C
stock option.
D
bonus.
8) In a flexible scheduling arrangement, the core time period is
A
the schedule requested most often by employees.
B
the starting time for most employees.
C
a crucial time of day when all employees must be working.
D
the time of day when employees get their daily assignments.
9) A work schedule that fits normal 40-hour workweek into less than five days is called
A
a compressed workweek.
B
job sharing.
C
job rotation.
D
flextime.
10) Members of this type of union are skilled, semiskilled, or unskilled employees in a particular place, industry, or group of industries.
A
public-employee union
B
craft union
C
industrial union
D
trade union
11) The largest source of government revenue in the United States is
A
Social Security taxes.
B
income taxes.
C
excise taxes.
D
tariffs.
12) A tax for which the rate stays the same, regardless of income, is called a
A
regressive tax.
B
progressive tax.
C
proportional tax.
D
consumption tax.
13) In the United States, the power to impose federal taxes rest with
A
the Department of the Treasury.
B
the Congress.
C
the President.
D
the Internal Revenue Service.
14) In this kind of audit, the IRS sends a letter to the taxpayer, asking him or her to answer specific questions about the tax return.
A
field audit
B
document audit
C
correspondence audit
D
office audit
15) Which of the following is an example of a flat tax?
A
federal income tax
B
property taxes
C
sales tax
D
consumption tax
16) In the United States, the responsibility for filing a tax return rests with the individual. This defines the concept of
A
voluntary compliance.
B
pay-as-you-go.
C
the graduated income tax system.
D
the ability- to-pay principle.
17) Your filing status on your tax return is based on
A
your age.
B
your income.
C
your marital status.
D
your occupation.
18) Which of the following is an example of non-taxable income?
A
none of the above, all income is taxable
B
interest on a bank account
C
alimony
D
life insurance benefits
19) A tax ____ is an amount subtracted directly from the tax owed.
A
credit
B
bracket
C
exemption
D
deducation
20) You must file your tax return by this date every year.
A
January 1
B
December 31
C
April 15
D
June 1
*select an answer for all questions
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