FM Unit 6 Test Review

Total Compensation =

• Wages + Benefits

• Hours Worked x Rate Per Hour

• 6.2%(Gross Pay)

• None Of The Above

Which of the following is NOT a statutory benefit?

• Worker’s Compensation

• Federal Insurance Contribution Act (FICA)

• Health Insurance

• Family & Medical Leave

Which of the following has a cap of $147,000?

• Medicare

• Worker’s Compensation

• Unemployment Insurance

• Social Security

Which elective benefit pays you for a combined sick leave and vacation leave?

• Disability Coverage

• Family and Medical Leave Act

• Retirement Savings

• Paid Time Off

Providing income to employees who are separated from service due to layoffs, cut back in hours, or termination of employment is an example of

• Worker’s Compensation

• Disability Insurance

• Unemployment Insurance

• Retirement Benefits

Which of the following has the potential for employer contributions to their retirement funds?

• Traditional IRA

• Roth IRA

• 401K

• Bank Account

Belle is an accountant. She earns $55,000 and invests 8% of her income in a retirement savings plan. Her employer matches 60% of her contribution. What is the dollar value of the employer’s match?

• $2400

• $2640

• $270

• $29,000

Employees of a company and self-employed persons pay the same amount of FICA taxes.

• True

• False

Worker’s Compensation is a statutory benefit.

• True

• False

A deductible is the amount you have to pay before the insurance company will pay your claim.

• True

• False