WorksheetsEPF Unit 4 Test review
Total questions: 20
Worksheet time: 26mins
Which account type is designed for frequent transactions like paying bills and ATM withdrawals?
Checking account with debit access
Money market with high limits
Certificate of deposit long-term
Regular savings with passbook
FDIC insurance primarily provides which protection for consumers?
Deposits insured up to statutory limits
Optional coverage for extra features
Protection for bank buildings only
Requirement for using mobile banking
A text alerts that your balance dropped after unfamiliar ATM withdrawals. What is the best immediate action?
Contact the bank immediately
Wait for the monthly statement
Keep card if still in wallet
Ignore because banks err often
If a study claims broccoli boosts performance, what likely happens to the market for broccoli?
Supply decreases from higher costs
Demand increases due to perceived benefits
Supply increases due to new farms
Demand decreases from bad press
Selecting overdraft coverage and making purchases that exceed your balance will most likely result in what?
Account immediately closed by bank
Card denied for every purchase
Overdraft fees for covered transactions
No fees with five-day grace period
Which federal aid requires submitting the FAFSA to determine eligibility?
Employer tuition reimbursements
Private bank auto loans
Federal student aid programs
State tax rebate programs
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
Withholding
Deduction
Direct deposit
Refund
What tax does the following describe? This state and local tax is paid by individuals when they purchase a good or service in the state of North Carolina.
Sales tax
Income tax
Property tax
Payroll tax
When do you start paying income taxes?
When you turn 18
When you make more than the minimum income requirement
When you get a full-time job (part-time does not count)
When you are notified by the IRS that you are required to pay federal income taxes
Lilly is working on her first resume and has no previous work experience. What can she do to boost her resume?
Leave out volunteer experience since it’s not paid work
Include a lengthy paragraph at the top of her resume explaining why she has no previous work experience
Create fictional positions she held in the past
Emphasize her education and highlight her strong GPA
What is the purpose of a resume?
To show off your social media profiles
To highlight your work experience and qualifications
To provide a list of references
To list all of your interests
Which of the following is a TRUE statement regarding employee benefits?
Jobs offering a higher salary always offer better employee benefits
It is possible for a job with a lower salary to have a better total compensation package when employee benefits are included
Employee benefits always cost you extra money, so it is important to choose only a select few when accepting a job position
All employers offer the same employee benefits, so there is no need to review benefits when you are offered a job
What is the purpose of a 401(k) plan?
To save for retirement
To build skills relevant to your current job
To pay for medical expenses
To improve your chances of getting a job interview
Which of the following statements is generally TRUE about the gig economy?
Gig work is more likely to offer health insurance and 401(k) benefits than a salaried position
App-based gig work makes it easy to start working and set your own hours
App-based gig work guarantees a higher salary than median full-time employment
The majority of U.S. workers are in the gig economy
The interest rate is the
Current spending power of the average american family
rate charged by the Fed to member banks for loans.
cost of borrowing money.
percentage of money that banks must keep in reserve.
What do you need to file your 1040 form?
Your W-2
Your 1099 form
Your bank statement
Your credit report
WHAT ARE THE 4 FACTORS OF PRODUCTION?
Land, Capital, Need & Want
Land, Labor, Capital, Entrepreneurs
Water, Air, Food & Shelter
Land, Capital, Good & Service
When a government it spending more money than it is making, it is operating in a...
deficit
surplus
IOU
interest
The united states operates on which type of tax system?
