PF Final (Unit 4-5) Review

Which of the following is NOT an example of DISCRETIONARY government spending?

• Military

• Education

• Social Security

• Infrastructure

Which of the following is TRUE about paying taxes?

• If you work part-time you do not have to pay taxes

• You have to be 18 to pay taxes

• The IRS will call you when it is your time to pay taxes

• You owe taxes if you make more than the minimum income requirement

Which form below determines how much taxes are withheld from your paycheck?

• W-1

• W-2

• W-3

• W-4

True or false: The form you fill out to show you are legally eligible to work in the U.S. is called the 1099

• True

• False

Which of the following is true about this W-2 form?

• Avia Consulting is a terrible place to work for.

• Lily paid $565.01 in Medicare tax.

• You have to add Box 1, 3 and 5 to determine how much income she actually made

• She received $2,415.89 in Social Security payments

True or False:

John paid $84.00 in federal taxes during this pay period

• True

• False

True or False:

Your insurance premium is what what your insurance pays after you have met your deductible for the year

• True

• False

The percentage that you are responsible for paying toward medical bills after you have met your deductible is called...

• Copay

• Co-insurance

• Deductible

• Sharesies

Renter's insurance provides coverage if someone breaks into your apartment and steals something. If a thief broken in and stole/caused $800 in damages, how much would the insurance cover if you have a $500 deductible?

• $300

• $0

• $500

• $1,300

Insurance specifically designed for those with low or no income is called...

• Medicare

• Group Plan

• Cheap

• Medicaid