Final Review

1. Final Review

2. The combination of salary and fringe benefits an employer provides to an employee.5 points • Transferrable skills • Income • Compensation package • Tax refund

3. Contacting employers after you've submitted your resume5 points • Networking • Non-verbal communication • Personal Mission statement • Follow-up

4. Working in your expected career field, either during a semester or over the summer is called5 points • Internships • Networking • Follow-up • Compensation package

5. Involves developing a broad list of contacts and encouraging them to assist you in looking for a job.5 points • Networking • Internships • Non-verbal communication • Transferrable skills

6. What you say to the interviewer through activities such as a handshake, eye contact, facial expressions (including smiling), body posture, and hand gestures. 5 points • Non-verbal communications • Transferrable skills • Personal Mission statement • Follow-up

7. Helps job-seekers identify their core values and beliefs5 points • Personal mission statement • Non-verbal communication • Networking • Follow-up

8. Professionals who are paid by employers to find candidates for specific positions5 points • Networking • Non-verbal communication • Headhunters • Thank-you letters

9. A common courtesy after every interview, so you'll stand out from the crowd.5 points • Internships • Personal mission statement • Thank-you letters • Transferrable skills

10. Skills you have acquired during any activity in your life that are transferable and applicable to what you want to do in your next job.5 points • Networking • Non-verbal skills • Internships • Transferrable skills

11. A benefit providing on-site facilities or coverage of child-care expenses for employees.5 points • Sick pay • Employee services • Child care • insurance

12. Benefit that allows employees to receive a portion of the company's profits at the end of the corporate year. Also called incentive pay.5 points • Pension and savings plan • Leave of absence • Profit sharing • Insurance

13. Benefit that gives employees the right to buy a set number of shares of the company's stock at a fixed price by a certain time.5 points • Bonuses and stock options • Travel expenses • Pension and savings plan • Profit sharing

14. An allowance of days each year for illness, with pay as usual.5 points • Paid vacations and holidays • Cafeteria style benefits • Child care • Sick pay

15. Full-time employees receive a set amount of paid vacation time. This means you get paid as usual.5 points • Sick pay • Paid vacation and holidays • Travel expenses • Profit sharing

16. Employer sponsored savings plans, such as 401(k) for private emplyers or a 403(b) for government employees, which are retirement plans5 points • Leave of absence • Travel expenses • Child care • Pension and savings plans

17. Benefit that allows employees to temporarily leave their jobs (without pay) for certain reasons and return to their jobs at a later time.5 points • Child care • Employee services • Leave of absence • Cafeteria style benefits

18. Benefit that often provides a company car or mileage allowance for trips related to work.5 points • Paid vacation • Pension and savings plan • Travel expenses • Profit sharing

19. Programs that allow workers to base their job benefits on personal needs.5 points • Child care • Sick pay • Travel expenses • Cafeteria style benefits

20. Health insurance that is provided by employers. May include dental, vision and life insurance.5 points • Insurance • Sick pay • Child care • Pension and savings plan

21. To determine you gross pay when you receive an hourly wage, you multiply your hourly rate by the number of regular hours worked.5 points • True • False

22. Annual salary refers to the amount of pay to be received each month.5 points • True • False

23. Overtime wages are usually calculated at two times the regularly hourly rate.5 points • True • False

24. A standard workweek is 40 hours in a five-day period of 8 hours each day.5 points • True • False

25. Social security tax is an example of a required deduction from your paycheck.5 points • True • False

26. The amount left after all deductions have been subtracted from gross pay is known as net pay.5 points • True • False

27. Self-employed people do not have to pay social security and Medicare taxes.5 points • True • False

28. An explanation of pay computations and deductions must be provided with each paycheck.5 points • True • False

29. John worked 40 hours at a regular rate of $8.00. How much was his gross pay?10 points • $320 • $360 • $48 • $560

30. Morgan worked 28 hours at the regular rate of $9.00 per hour. What was her gross pay?10 points • $180 • $200 • $252 • $320

31. If the regular hourly rate is $7.25, what is the overtime rate?10 points • $8.25 • $7.25 • $10.88 • $14.50

32. If the regular hourly rate is $9.00, what is the overtime rate?10 points • $18.00 • $13.50 • $10.50 • $9.00

33. Total income less statutory adjustments is called5 points • Regressive tax • Salary • Adjusted gross income • wages

34. Form that employers must provide to employees by January 31 of each year that gives annual income and withholding information 5 points • Form W-2 • Form W-4 • Pay stub • Invoice

35. Money received from wages and salaries, rent, interest, and profit5 points • Tax refund • Compound interest • Income • Proportional tax

36. The federal agency that collects income taxes in the United States5 points • Federal Bureau of Investigation • Department of Human Services • Department of Homeland Security • Internal Revenue Service

37. Tax that takes the same percentage of income from people in all income groups.5 points • Progressive tax • Proportional tax • Regressive tax • Tax refund

38. Tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income groups5 points • Regressive tax • Progressive tax • Sales tax • Proportional tax

39. Compensation received by employees for services performed paid as a fixed sum paid for a specific period of time.5 points • Salary • Wage • Tax refund • Credit card

40. Money owed by the government to taxpayers when their total tax payments are greater than the total tax.5 points • Tax liability • Tax refund • Adjusted gross income • Proportional tax

41. Compensation received by employees for services performed usually based on an hourly rate of pay.5 points • Wages • Salary • Tax return • 1040 EZ

42. When the interest you earn also earns interest5 points • Complex interest • Double or nothing • Simple interest • Compound interest

43. Describes how quickly and conveniently you can retrieve your money as cash5 points • Savings accounts • Stocks • Liquidity • Certificates of deposit

44. When the amount of the checks you write is greater than the amount of money in your account5 points • Deposit • Endorsement • Withdrawal • Overdrawn

45. Your signed approval (on the back of the check) for a check to be cashed, deposited, or assigned to someone else5 points • Deposit ticket • Direct deposit • Endorsement • Automatic electronic transfer

46. Tells the bank to add money to your account5 points • Check • Money order • Withdrawal slip • Deposit slip

47. The ability of a consumer to obtain goods or services before payment, based on an agreement to pay later.5 points • Credit • Debit card • Interest • Incentive

48. The price of using someone else's money5 points • Credit • Automatic electronic transfer • Incentives • Interest

49. A loan that is not backed up by collateral.5 points • Unsecured loan • Secured loan • Interest • Debit card