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WorksheetsUnit 1 Review
Total questions: 18
Worksheet time: 6mins
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
You cannot use Form 1040EZ to file your federal income tax return if you
Have more than $50,000 in taxable income
Have less than $1,500 in interest
Are married and have no dependents
Itemize deductions
The form employers are required to send to each employee by January 31 summarizing the previous years' income
Form 1040 A
Form 1040
Form W-2
Form W-4
Employees who work for wages are paid the same amount every pay period.
True
False
Price decreases for a product are most likely to occur when
Supply and demand are equal
None of these are relevant
Supply exceeds demand
Demand exceeds demand
Lifelong learning will help you stay employed by preparing you for changes in the skills or education required for your job.
True
False
A property tax is based on the property's
Assessed value
Market value
Purchase price
None of the above
Employers are required by law to make contributions to employee retirement accounts.
True
False
Which of the following is a type of sales promotion?
Coupons
Free samples
Customer loyalty programs
All of the above
