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AQR 1SE Review Part 2

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

This required benefit is set at 6.2% that both the employee and employer must pay to prepare for retirement.

a)

Workers Compensation

b)

Social Security

c)

Unemployment Compensation

d)

Medicare

2.

This required benefit is set at 1.45% that both the employee and employer must pay to prepare for health care.

a)

Workers Compensation

b)

Social Security

c)

Unemployment Compensation

d)

Medicare

3.

Employers must pay this for every employee in case they cannot find a job in the future.

a)

Family & Medical Leave Act

b)

Jury Duty

c)

Workers Compensation

d)

Unemployment Compensation

4.

If you get injured at work & cannot work for a while, this mandatory employee benefit will help supplement the income you would be losing.

a)

Workers Compensation

b)

Disability

c)

Family & Medical Leave Act

d)

Unemployment Compensation

5.

When you get called for Jury Duty, your employer must give you paid time off.

a)

True

b)

False

6.

Which of the following options are included in medical insurance?

a)

health insurance

b)

wellness insurance

c)

vision insurance

d)

dental insurance

7.

When a worker is injured on their own time, this benefit helps replace the lost wages during the time they cannot work.

a)

Unemployment

b)

Retirement

c)

Disability

d)

Workers compensation

8.

These funds are set aside to provide people with an income when their career ends.

a)

Retirement

b)

Medicare

c)

Disability

d)

Unemployment

9.

Having this benefit option allows you to use non taxable money on certain out-of-pocket care costs.

a)

Commission

b)

Flexible Spending Account

c)

Retirement

d)

Life Insurance

10.

Sue’s mother has become seriously ill. Sue needs to take off time from work to care for her mother. Which benefit entitles Sue to have up to 12 weeks of job-protected, unpaid leave during any 12-month period to care for her mother?

a)

FICA

b)

FMLA

c)

Vacation Time

d)

Personal Time

11.

In addition to this benefit being tax deductible for the business, the employee gets this benefit completely tax-exempt.

a)

403(b)

b)

401(k)

c)

Auto Insurance

d)

Health Insurance

12.

Your annual salary is $50,000. Your employer matches up to 5%. If you contribute $3,000 to the account this year, how much is in the account?

a)

$3,000

b)

$3,150

c)

$5,500

d)

$2,500

13.

A nurse’s aide has earned $21,670 so far this year. She earned $1,970 this month. How much is deducted this month for Social Security?

a)

$122.14

b)

$1,343.54

c)

$12,214

d)

$134,354

14.

Which of the below is an employer based retirement plan that both employees and employers contribute to?

a)

Traditional IRA

b)

Roth IRA

c)

401K

d)

Pension

15.

A salary-reduction retirement plan offered by a tax-exempt institution, such as a hospital or a non-profit organization.

a)

401(k)

b)

403(b)

c)

Roth IRA

d)

Defined Benefit Plan