Unit 1 Review

The federal minimum wage is

• Not subject to overtime pay

• Lowest pay rate allowed by law for each regular hour of work

• Higher than the minimum wage set by most states

• Applicable only to federal government employees

When filing taxes, you may claim an exemption for each of your dependents but not for yourself.

• True

• False

All of the following are examples of hard skills except

• Developing computer software

• Leading a team

• Preparing a PowerPoint presentation

• Installing a furnace

Earnings tend to increase with higher levels of formal education.

• True

• False

Which of the following is NOT an optional deduction from your pay?

• Health insurance

• Medicare tax

• Life insurance

• Savings plan

Deductions from an employee paycheck could include income tax, health insurance, and retirement.

• True

• False

When consumers act in their own best self-interests when making purchases, they are engaging in

• Loyalty buying

• Impulse buying

• Emotional buying

• Rational buying

Tips received by a person for performing a service are not subject to federal income taxes.

• True

• False

Scholarships are available to students based on

• High grades or test scores

• Strong athletic ability

• Financial need

• Any of these

Communication is one of the most important soft skills in today's workplace.

• True

• False