An employment position obtained to earn money.

The term dependent is:

Someone who relies on someone else for income

A career is defined as:

A commitment to a profession that requires ongoing training.

What does Medicare fund?

The nation’s health care program for the elderly & disabled.

The process of career planning does NOT involve:

Accepting an organization’s job offer.

The government uses money earned from taxes to:

Provide public goods and services.

The total amount of money earned before pay deductions.

Interest inventory quizzes identify:

Possible career areas related to one’s interests.

What is a pay period?

A schedule by which employers pay their employees.

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Adult Roles and Financial Literacy State Test Review- Strand 2

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Strand 2- Career, Income, Paychecks

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Questions 23

Answers

1
A job is defined as:
An evaluation of one’s aptitudes and interest.
A degree obtained from an accredited institution.
A commitment to a profession that requires ongoing training.
An employment position obtained to earn money.
2
The term dependent is:
Someone who always needs to be dating someone
Someone who relies on someone else for income
Someone who is looking for a job
A homeless person
3
A career is defined as:
A degree obtained from an accredited institution.
An evaluation of one’s aptitudes and interest.
A commitment to a profession that requires ongoing training.
An employment position obtained to earn money.
4
What two forms of taxes are represented under the Federal Insurance Contributions Act (FICA)?
Social Security and State Taxes
Social Security and retirement
401K and Medicare
Social Security and Medicare
5
What does Medicare fund?
The nation’s retirement program for the elderly.
The medical plan an employee receives from his/her employer.
The nation’s health care program for the elderly & disabled.
Government agencies which provide public assistance.
6
The process of career planning does NOT involve:
Evaluating career goals.
Accepting an organization’s job offer.
Researching a particular career path.
Evaluating personal interests.
7
The amount of money that one must pay before an insurance company will pay a claim is called:
A pay period
A deductible
A premium
An allowance
8
What is the most secure method for an employer to pay his/her employees?
Direct Deposit
Paper Paycheck
Payroll Card
Receiving in-store credit.
9
The government uses money earned from taxes to:
All of the above
Establish food chains.
Construct buildings for large private corporations
Provide public goods and services.
10
What percentage of gross income is deducted for Social Security?
1.45 %
6.2 %
4.7 %
7.8 %
11
Why must one identify personal values when career planning?
Personal values help evaluate various job offers.
Personal values are different for different people.
Personal values guide personal interests.
All of the above
12
Which of the following describe take home pay?
Gross pay
Pay before deductions have been taken out
Net pay
Standard deduction
13
What is a main factor influencing future job opportunities?
Expected family size
Demand for goods and services
Current annual income
Car accidents
14
What is an employee required to complete before they start a new job?
Form W-4
Personal Profile
Form W-2
Social Security form
15
A tornado destroys a home and must be rebuilt. Which type of insurance would help in this case?
Liability insurance
Property insurance
Tornado insurance
Life insurance
16
What is gross pay?
The amount of pay earned from doing additional work.
The length of time an employee’s wages are calculated.
The total amount of money earned before pay deductions.
The amount of money left after deductions have been taken.
17
What are the two components of income tax?
Internal Revenue Service and W-4
Allowance and deduction
Federal and State Income Tax
Dependent and exemption
18
Interest inventory quizzes identify:
The only job one can have if he/she wants true happiness.
Positions available with individual firms.
Possible career areas related to one’s interests.
The number of questions answered incorrectly.
19
Liability insurance provides insurance
To yourself
To your beneficiaries if you pass away
To a charity organization
To others
20
Form a person is given by their employer by Jan. 31 to complete their annual tax paperwork is:
Form I-9 for the previous year
Form W-4 for the current year
Form W-2 for the previous year
Medicare form for the current year
21
What is a pay period?
A schedule by which employers pay their employees.
When an employee works for an employer and receives pay.
A monthly schedule of work responsibilities.
All of the above
22
Which is a necessary step in making an informed career decision?
All of the above
Development of personal goals
Self-evaluation of aptitudes and interests
Research of future career opportunities
23
What percentage of gross income is deducted for Medicare?
7.8 %
1.45 %
4.7 %
6.2 %

Adult Roles and Financial Literacy State Test Review- Strand 2 Flashcards | StudBud