Econ.U2.Review.Pt1

Which of the following qualifies as an employer paid deduction on a paystub?

• Meal reimbursement

• Federal income tax

• Medicare tax

• State income tax

Which of the following qualifies as solely an employee paid deduction on a paystub?

• 401k contributions

• Local income tax

• Medicare tax

• Social Security tax

Allowances, gifts, and wages are examples of:

• income

• expenses

• debt

• savings

Your car payment, groceries bill, and your tab at the salon are examples of:

• debt

• expenses

• savings

• income

Death, injury, or illness--or the basis of your insurance claim- is referred to as:

• policy

• loss

• coverage

• premium

If you own the vehicle you drive, your vehicle is considered a/an:

• liability

• expense

• income source

• asset

If you are on a limited budget, it is best to:

• choose an insurance plan with a low deductible and budget in the monthly payments.

• choose an insurance plan with a high deductible because your monthly payments will be low.

• choose to not carry insurance since your money is tight already.

• choose an insurance plan with a high deductible because you probably won't use the benefits anyway.

Which person has a greater chance of earning more in his or her lifetime?

• Sabrina, works as a cashier at Petco

• Donald, works as a high school teacher

• Greg, works as a truck driver

• Cecilia, works as neurosurgeon

How do you know how much life insurance to purchase?

• You should purchase enough coverage to replace your income for your family if you should die.

• You should purchase enough coverage to double your income for your family if you should die.

• You should not purchase life insurance.

• You should purchase $20,000 in life insurance.

Becca is 15 and works at the Dairy Queen. How many hours can she work during the week of April 15th?

• 18

• 40

• 3

• 10