5. Maricela calculated that she owes $2,493 in federal taxes after all deductions and credits. Her W-2 states that $2,670 was withheld in federal tax. This means that Maricela…

Will pay $177 less in taxes next year since she overpaid this year

Should speak to her employer to get the $177 in extra taxes that they withheld

6. Which statement best describes the difference between being paid a wage versus being paid a salary?

A wage is paid based on how many hours you work, while a salary is a fixed amount paid regardless of the number of hours

A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour

A wage is paid every two weeks, while a salary is paid monthly

A wage is paid to part-time employees, while a salary is paid to full-time employees

7. Who should consider completing a W-4 form?

Bruno, who just adopted a baby and wants to adjust his tax withholdings

Aaliyah, who wants to enroll in her company’s 401(k) program for the first time

Carter, who is considering a career change and wants to update his resume

Denise, who doesn’t like her company’s health insurance plan options

8. Which of the following is true about state taxes?

The largest state programs funded by state taxes are education and healthcare

The federal government determines state tax rates

States can levy property taxes and sales taxes, but not income taxes

Sales tax rates are the same in all states, but income tax rates are different

9. Payroll taxes are different from income taxes in all of the following ways, EXCEPT…

Payroll tax rates scale upward with income, while income taxes are a flat rate across all earning levels

Payroll taxes are regressive, while income taxes are progressive

Payroll taxes are based on your wages and salary, while income taxes are based on all your forms of income

Payroll taxes fund the Social Security and Medicare programs, while income taxes fund government programs more broadly

10. The graph shows a hypothetical tax rate as a function of income. Which of the following statements about the graph is true?

The tax collects the same dollar amount from all earners

11. All of the following are reasons that you might receive a 1099 statement EXCEPT…

Working as a full-time employee for a business

Working as an independent contractor

Receiving unemployment benefits

Earning interest or dividends on investments

12. What statement is true about standard and itemized personal deductions?

You can take either the standard or itemized personal deductions, but not both

The standard deduction is always more than itemized personal deductions

Itemized personal deductions are always more than the standard deduction

The standard deduction is refundable but itemized personal deductions are not

14. Jorge made $85,000 last year as a junior consultant for a prestigious law firm placing him in the 22% tax bracket. What is true about Jorge’s marginal and effective tax brackets?

His marginal tax bracket is 22%, and his effective tax bracket is less than 22%

His marginal tax bracket is less than 22%, and his effective tax bracket is 22%

His marginal tax bracket and his effective tax bracket are both less than 22%

His marginal tax bracket and his effective tax bracket are both 22%

17. Which answer below represents the largest rational number?

389 high school sophomores, in a class of 910, paid payroll taxes in the last year

One third of community members support raising the property tax

24 cents of every state tax dollar go toward funding K-12 education

10% of taxpayers file for an extension each year

19. Gertrude sells cabbages at the farmers market. It costs $50 for her to enter the market and set up her booth, and she makes $5 per cabbage that she sells. She can model her profits with the function p(c) = 5c -50 where c is the number of cabbages sold. If she brings 100 cabbages to the farmers market, which correctly expresses the domain and range for this function?

Domain: 0 ≤ c ≤ 100 and Range: -50 ≤ p(c) ≤ 450

Domain: 0 ≤ c ≤ 50 and Range: 0 ≤ p(c) ≤ 500

Domain: 0 ≤ c ≤ 100 and Range: 0 ≤ p(c) ≤ 500

Domain: 0 ≤ c ≤ 50 and Range: -50 ≤ p(c) ≤ 450

2. Which of the following is a disadvantage of using a check casher, compared to a bank?

You pay a higher fee to cash checks at a check casher than at a bank

You wait longer to get your money at a check casher than at a bank

You can only cash checks worth more than $500 at a check casher

You can cash fewer checks at a check casher than at a bank

3. Isabella notices her bank statement includes a $25.72 charge from Shell Gas that she does not remember making. She should do all of the following, EXCEPT...

Wait for the bank to contact her, so she has the complete fraud report before responding

Set up text alerts, so she will be notified of potentially fraudulent charges in the future

Contact the bank immediately, so they can investigate the charge

Review her receipts and the details of the transaction, so she can confirm if the charge is real

5. Your friend Samir very excitedly tells you about opening his new checking account. “I’m so glad they only had a minimum opening amount of $50! I will leave my money in there so it can grow!” What is some advice you might give to Samir?

A checking account won't grow your money much because of low interest rates and fees

A checking account isn’t very safe, so you should hide your money in your mattress instead

A checking account is the best place to leave your money because of the high interest rates

A checking account won’t be good because it will be difficult to get your money into and out of

7. Which of the following is a way you can get money out of your checking account?

Using your credit card to get cashback at a supermarket

Depositing a check at a bank branch

Having your paycheck deposited electronically

8. Joakim is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay you could share with him EXCEPT...

Banks require that you have a large account balance in order to use bill pay

Online bill pay can help you meet your payment deadline

You can pay electronically or still have a paper check sent instead

It takes a bit of time to set up initially, but it could save you time in the long run

9. All of these are tips to be safe with online banking EXCEPT...

Make sure you carry a written password as a backup

Use strong passwords and different ones for each account

Don’t use any part of your Social Security number as a password

Keep your browser and computer or mobile device up to date

10. Person-to-person payments are becoming more popular, so it’s a good idea to understand how they work. Which of the following is TRUE?

Person-to-person payments are usually conducted using a smartphone app rather than a computer

To use a person-to-person payment, both people must have a checking account at the same bank branch

Paying a cashier using your debit card is an example of a person-to-person payment because you’re both physically in the same location

Each transaction with a person-to-person payment app typically has large fees attached, so you should use them sparingly

11. Your bank statement includes all of the following information, EXCEPT...

Debits and credits on your account

12. Consumers utilize mobile banking mostly for which activity?

Inquiring about their account balance

Updating their account settings

13. All of the following are benefits of having a checking account, EXCEPT…

You can earn a high interest rate on the money in your account

You can pay bills, check your balance, and transfer money using mobile banking

You can track your finances using alerts, statements, and online banking

You can have your paycheck deposited automatically into your account

15. A linear regression model is...

an equation that represents the linear relationship between two sets of data

a table of data that represents two sets of data

a graph that contains all of the points from a two-column table of data

a number that represents how closely two sets of data are related

17. A scatterplot is...

A graph that shows the relationship between two data sets

A graph that shows data changing using dots connected together by lines

A graph that uses rectangular bars to show how large values are

A graph that shows what percentage of data is related

18. When the sign of the slope is negative, the line travels…

down as you move from left to right

up as you move from left to right

1. Which of the following statements accurately describes the relationship between interest rates for savings accounts and inflation?

Savings accounts earn a negative real return because interest rates are lower than inflation

Savings accounts earn a negative real return because interest rates are higher than inflation

Savings accounts earn a positive real return because interest rates are higher than inflation

Savings accounts earn a positive real return because interest rates are lower than inflation

2. What happens to the money that you deposit in a savings account at a bank?

The bank lends out the money at a higher interest rate than what they are paying you

The bank lends out the money at a lower interest rate than what they are paying you

The money sits at the bank until you are ready to withdraw or use it

The money is sent to the Federal Reserve, where it sits until you’re ready to withdraw or use it

3. What is a disadvantage of saving for your retirement in a traditional savings account?

Savings accounts earn very little interest, and your growth may not keep pace with inflation

Savings accounts are not very safe, and you could lose all your money

Savings accounts are very costly to maintain, and the fees will reduce your savings in the long-term

Savings accounts are traditionally used for bill pay, and you will likely change accounts before your retirement bills are due

4. Which of the following is true about the comparison between credit unions and banks?

Credit unions compete mostly on services relationships and banks try to offer a one-stop-shop for products

Credit unions are owned by shareholders and banks are owned by customers

Credit unions are structured to maximize profits and banks are non-profit entities serving their members

Credit unions tend to be large organizations and banks are often smaller/more local organizations

5. What does it mean if a person lives paycheck-to-paycheck?

They use their entire paycheck to cover monthly expenses and have very little money saved

Their income varies month-to-month and they save a large portion of their biggest paychecks

They use direct deposit, so their paycheck is automatically split between their checking and savings accounts

They have high-paying jobs, so don’t have to worry about how much is in each paycheck

6. Using the 50/30/20 budgeting plan can help you save money because…

It recommends that 20% of your budget goes to debt repayment or savings

It limits your spending to $50 per month

It recommends that 50% of your budget goes to debt repayment or savings

For every $50 you save, a bank will give you $30 or a credit union will give you $20

7. Tre just got a part-time job, and his sister recommends he “pay himself first.” What is she talking about?

Tre should set aside part of every paycheck for savings before he does any spending

Tre should deposit his check as quickly as possible before taxes can be taken out

Tre should spend the money he needs before he lends any to friends or gives to charity

Tre should start his own business rather than being someone else’s employee

10. Over the last twenty years, how have wages changed compared to the costs of housing, healthcare, and education?

Wages have increased at a slower rate than those costs

Wages have increased at the same rate as those costs

Wages have increased at a faster rate than those costs

Wages have decreased as those costs have increased

11. Which statement is MOST accurate regarding 529 plans and health savings accounts (HSAs)?

529 plans can be used for education expenses while HSAs can be used for health expenses

529 plans and HSAs are both used to provide income during retirement

529 plans allow you to invest for retirement while HSAs allow you to invest for future health expenses

529 plans have tax advantages while HSAs do not

RAPS Spring 2023 Exam Review #2

Authored by M. Barrett

Mathematics

9th - 12th Grade

CCSS covered

Used 3+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Each of these is a common payroll deduction EXCEPT…

Office supplies and equipment

Federal income taxes

FICA

Health insurance plan

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Kiki receives a paycheck for 15 hours of work at a rate of $20 per hour. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is Kiki’s net pay?

$206

$254

$300

$394

3. Which expenditures make up the greatest share of state spending?

Education and health care

Transportation and corrections

Low-income assistance and pensions

Environmental programs and parks

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Lamar made $92,000 as a data analyst his first year out of college. He calculated his above-the-line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. What deductions is Lamar allowed to take that will minimize his taxes owed?

He can take all three for $25,450 in deductions

He can take the $7,000 and the $12,950 for $19,950 in deductions

He can take the $5,500 and the $12,950 for $18,450 in deductions

He can take the $5,500 and the $7,000 for $12,500 in deductions

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