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Employment Benefits And Deductions
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) An account you fill with pre tax dollars to use on medical needs.
A
FSA
B
CSA
C
HRA
D
HA
2) Which of these are benefits of a job as the term is used in this lesson?
A
Purpose
B
Salary
C
401K
D
Location
3) Which of these might workers’ compensation provide in at least some circumstances?
A
payments to the family of a worker who died.
B
medical treatment for injuries caused by a car crash that occurred while an employee was on vacation
C
training to prepare an employee who was disabled by a workplace accident
D
payments to a worker after they retire
4) What is an advantage of investing pre-tax dollars in a retirement account?
A
You can work less now because you will have money to spend later.
B
You will have that money to live on after you retire.
C
If you withdraw the saved money after retirement, you will most likely pay a lower tax rate on it.
D
As more time passes after you retire, your payments become larger.
5) Last year, $3,155.24 was withheld from your pay for federal taxes. When you calculate the amount of federal tax you owe, it comes to $2,791.80. What does this mean?
A
You will owe more money at tax time.
B
You lost $363.44.
C
You will get a refund when you file your taxes.
D
You don't have to pay taxes next year.
6) What provides medical coverage for people over the age of 65?
A
401K
B
Medicare
C
HSA
D
Social Security
7) Who usually pays the premium on health insurance offered by employers?
A
Taxes cover the amount
B
Employer pays part and the employee pays the rest
C
Employer
D
Employee
8) Money withheld from an employees paycheck.
A
Gross Pay
B
Fraud
C
Net Pay
D
Withholdings
9) The difference between Medicare and Social Security is only one is government run.
A
False
B
True
10) A deduction can be mandatory or voluntary.
A
False
B
True
*select an answer for all questions
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