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Unit 1 Review

Total questions: 18

Worksheet time: 6mins

Name
Class
Date
1.

The federal minimum wage is

a)

Not subject to overtime pay

b)

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

c)

Higher than the minimum wage set by most states

d)

Applicable only to federal government employees

2.

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

a)

True

b)

False

3.

All of the following are examples of hard skills except

a)

Developing computer software

b)

Leading a team

c)

Preparing a PowerPoint presentation

d)

Installing a furnace

4.

Earnings tend to increase with higher levels of formal education.

a)

True

b)

False

5.

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

a)

Health insurance

b)

Medicare tax

c)

Life insurance

d)

Savings plan

6.

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

a)

True

b)

False

7.

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

a)

Loyalty buying

b)

Impulse buying

c)

Emotional buying

d)

Rational buying

8.

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

a)

True

b)

False

9.

Scholarships are available to students based on

a)

High grades or test scores

b)

Strong athletic ability

c)

Financial need

d)

Any of these

10.

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

a)

True

b)

False

11.

You cannot use Form 1040EZ to file your federal income tax return if you

a)

Have more than $50,000 in taxable income

b)

Have less than $1,500 in interest

c)

Are married and have no dependents

d)

Itemize deductions

12.

The form employers are required to send to each employee by January 31 summarizing the previous years' income

a)

Form 1040 A

b)

Form 1040

c)

Form W-2

d)

Form W-4

13.

Employees who work for wages are paid the same amount every pay period.

a)

True

b)

False

14.

Price decreases for a product are most likely to occur when

a)

Supply and demand are equal

b)

None of these are relevant

c)

Supply exceeds demand

d)

Demand exceeds demand

15.

Lifelong learning will help you stay employed by preparing you for changes in the skills or education required for your job.

a)

True

b)

False

16.

A property tax is based on the property's

a)

Assessed value

b)

Market value

c)

Purchase price

d)

None of the above

17.

Employers are required by law to make contributions to employee retirement accounts.

a)

True

b)

False

18.

Which of the following is a type of sales promotion?

a)

Coupons

b)

Free samples

c)

Customer loyalty programs

d)

All of the above