EPF Module One Post Assessment Review
Quiz by Gina
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- Q1
In state tuition is always significantly ___________ than out of state tuition.
it's the same
varies
lower
higher
300s - Q2
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
W-4
1040
W-9
300s - Q3
This person paid what towards Medicare in this pay period only?
$19.62
$117.72
$40.82
$244.92
300s - Q4
Look at the image to see an example of tax brackets. Which of these statements is false about tax brackets?
According to this chart, the first 9875 of your income would be taxed at 10%.
In order to determine the tax rate you will pay based on the bracket system, you must first determine your taxable income by calculating your deductions.
To determine the tax rate on your income, select the range your income falls into. Then look at the corresponding tax rate.
The tax bracket system works like "pockets." Different ranges of your income will be taxed at different percentages.
300s - Q5
What was the net (take-home) pay for this employee for this pay period?
$1,102.98
$1,353.33
$250.35
$1,502.10
300s - Q6
Keshawn is calculating the money he received from his investments this year. He is adding up the amount gained from dividends and interest on his accounts. What is Keshawn calculating?
Active Income
Passive Income
Portfolio Income
Rental Income
300s - Q7
FICA is a U.S. federal payroll tax. It stands for the Federal Insurance Contributions Act and is deducted from each paycheck. This tax consists of withholdings for __________________ and _______________ which is provides benefits for retirees, the disabled, and children.
Health Insurance & Life Insurance
Employer-Sponsored Retirement & IRA
Federal & State Taxes
Social Security & Medicare
300s - Q8
Carlos has some extra gravel from a summer project he completed. His neighbor, Dan, is upgrading his lawn mower. Dan is willing to trade his lawn mower to Carlos for Carlos' gravel. What is this called?
Barter
Royalty
Inheritance
Gambling
300s - Q9
By examining Susan's W-2 statement above, determine the amount of social security tax Susan paid over the last year with this employer.
101.50
434.00
7,000.00
48.40
300s - Q10
_ is a type of employment in which a person typically works at least 30 hours per week or 130 per month.
Full-Time
Part-Time
Contract
As needed basic
300s - Q11
Several of Liu's stocks increased in value this year. She sold them and earned a profit. What is this an example of?
Gambling loss
Capital loss
Gambling gains
Capital gains
300s - Q12
The decision of how to enter the workforce is important and has implications on your quality of life. Which of the following is not an example of how your choice of employment could impact your quality of life?
profession and creativity
legal rights
education
standard of living
300s - Q13
Sally wants to engage in a profession that she feels passionate about and can dedicate her life to. She plans on getting a lot of training to pursue this job. This is known as a ________.
workforce
job
career
benefits
300s - Q14
What is one advantage of Federal student loans?
Federal student loans do not need to be repaid
Federal student loans do not require you to complete the FAFSA
Federal loans don't charge any interest for the entire term of the loan
Federal loans may not charge you interest while you are in school and may have more flexible payment plans later.
300s - Q15
How frequently is this employee paid?
Weekly
Every other week
Monthly
Daily
300s
