Question

(100 Points!) 1. Which of these are benefits of a job as the term is used?

A. a high hourly wage

B. an office in a great neighborhood

C. working for a good cause

D. a 401(k) plan

2. Which of these might workers’ compensation provide in at least some circumstances?

A. payments to the family of a worker who died.

B. medical treatment for injuries caused by a car crash that occurred while an employee was on vacation

C. payments to a worker after they retire

D. training to prepare an employee who was disabled by a workplace accident

3. What is an advantage of investing pre-tax dollars in a retirement account?

A. You will have that money to live on after you retire.

B. You can work less now because you will have money to spend later.

C. As more time passes after you retire, your payments become larger.

D. If you withdraw the saved money after retirement, you will most likely pay a lower tax rate on it.

4. Last year, $3,155.24 was withheld from your pay for federal taxes. When you calculate the amount of federal tax you owe, it comes to $2,791.80. What does this mean?

A. You must pay an additional $363.44.

B. The remaining $363.44 will be applied to your state taxes.

C. You have lost $363.44.

D. You will get $363.44 refund from the government.

5. What is the role of Medicare today?

A. to pay benefits to people who have retired

B. to provide income for people over 65 to live on

C. to pay for medical training

D. to provide medical coverage for people over the age of 65

Answer 1

1. a 401(k) plan

2. training to prepare an employee who was disabled by a workplace accident

3. If you withdraw the saved money after retirement, you will most likely pay a lower tax rate on it.

4. You will get $363.44 refund from the government.

5. to provide medical coverage for people over the age of 65

Answer 2

A. a high hourly wage, C. working for a good cause, D. a 401(k) plan are all benefits of a job.

A. payments to the family of a worker who died, B. medical treatment for injuries caused by a car crash that occurred while an employee was on vacation, D. training to prepare an employee who was disabled by a workplace accident are all things that workers’ compensation might provide in at least some circumstances.

D. If you withdraw the saved money after retirement, you will most likely pay a lower tax rate on it is an advantage of investing pre-tax dollars in a retirement account.

D. You will get $363.44 refund from the government.

D. to provide medical coverage for people over the age of 65 is the role of Medicare today.