GEB 3006 Exam 3 Final UCF Test with Verified Answers Graded A+
Single family home sales have increased since 2008, but
What is the best description of recent house price trends
during the last year the moving average flattened out
in Florida?
before resuming its climb.
Employer benefits can be worth up to of your base
50%
salary.
Generally the two main employer benefits with the highest
Retirement and health plans
value are:
Assume you have a 401-K plan and that your employer You will lose the amount your employer contributed to the
requires you to stay five years to "vest" in the plan. If you plan plus the earnings, but you will retain your contribu-
leave the company in three years then, tions and the earnings thereon
Which of the following health plans otters the most choice
PPO
in doctors and has the highest cost?
Which of the following health plans generally requires
that you first see your primary care physician and remain HMO
within a restricted network of doctors?
Which of the following is TRUE?
-Flexible spending and health savings accounts are shown
as reductions to your W-2 income, and thus save federal
Flexible spending and health savings accounts are shown
taxes
as reductions to your W-2 income, and thus save federal
-Unused flexible spending account balances may be car-
taxes
ried forward to future years
-Health savings plan accounts can only be used for a PPO
plan
-A health savings account must be used each year
After enrolling in your primary health insurance plan,
which of the following is the next MOST important insur-
Disability insurance
ance that all employees should sign up for during open
enrollment?
, GEB 3006 Exam 3 Final UCF Test with Verified Answers Graded A+
Assume the following:
Gross salary = $120,000
Employee contributions to 401-K = $12,000
Employer match to 401-K = $5,000
$103,000
Flexible spending account savings = $2,000
Health insurance premiums paid by employee = $3,000
Health insurance paid directly by employer = $8,000
What is the W-2 taxable income?
An employer otters a 401-K plan under the following
terms:
Employer will match 80% of all contributions up to 6%. 4.8%
If an employee saves 10% of his/her salary, then the
employer will match of their salary.
Employees without a pension plan should try to save at
least of their salary (including employer 401-K plan 10-15%
matches) throughout their working careers.
Fidelity Investments recommends that individuals without
pensions have about times their salary at age 67 in 10
order to have a suflcient amount of money to retire.
Assume you receive a tax free parking benefit worth
$1,000/year. What is the pretax equivalent of this benefit $1,176
for individuals in a 15% marginal tax bracket?
, GEB 3006 Exam 3 Final UCF Test with Verified Answers Graded A+
Assume you receive a taxable car allowance worth
$1,000/year. What is the after tax equivalent of this benefit $750
for individuals in a 25% marginal tax bracket?
Fidelity Investments recommends that individuals without
pensions have about times their salary at age 30 in 1
order to have a suflcient amount of money to retire.
Assume you are in a 35% marginal tax bracket.
700
If you saved $2,000 in your flexible savings account, you
will save in taxes.
Which of the following statements is TRUE?
-If you are self employed, you will need to pay both the
employee and employer share of your social security and
medicare tax
-Employee contributions to social security are matched by
All of the above
their employer
-The Social Security or FICA tax is 6.2% and the maxi-
mum amount of earnings subject to Social Security tax is
$128,400 in 2018
-All W-2 earnings are subject to the 1.45% Medicare tax.
-All of above
At what age will you become eligible for Medicare? 65
62, and the amount received is a discounted benefit com-
At what age are you eligible for early Social Security?
pared to the full retirement benefit
Which of the following statements is FALSE?
-If you lose your job due to a layott, you will be eligible for
state unemployment benefits
-Typically companies will otter severance benefits when
there is a downsizing
Single family home sales have increased since 2008, but
What is the best description of recent house price trends
during the last year the moving average flattened out
in Florida?
before resuming its climb.
Employer benefits can be worth up to of your base
50%
salary.
Generally the two main employer benefits with the highest
Retirement and health plans
value are:
Assume you have a 401-K plan and that your employer You will lose the amount your employer contributed to the
requires you to stay five years to "vest" in the plan. If you plan plus the earnings, but you will retain your contribu-
leave the company in three years then, tions and the earnings thereon
Which of the following health plans otters the most choice
PPO
in doctors and has the highest cost?
Which of the following health plans generally requires
that you first see your primary care physician and remain HMO
within a restricted network of doctors?
Which of the following is TRUE?
-Flexible spending and health savings accounts are shown
as reductions to your W-2 income, and thus save federal
Flexible spending and health savings accounts are shown
taxes
as reductions to your W-2 income, and thus save federal
-Unused flexible spending account balances may be car-
taxes
ried forward to future years
-Health savings plan accounts can only be used for a PPO
plan
-A health savings account must be used each year
After enrolling in your primary health insurance plan,
which of the following is the next MOST important insur-
Disability insurance
ance that all employees should sign up for during open
enrollment?
, GEB 3006 Exam 3 Final UCF Test with Verified Answers Graded A+
Assume the following:
Gross salary = $120,000
Employee contributions to 401-K = $12,000
Employer match to 401-K = $5,000
$103,000
Flexible spending account savings = $2,000
Health insurance premiums paid by employee = $3,000
Health insurance paid directly by employer = $8,000
What is the W-2 taxable income?
An employer otters a 401-K plan under the following
terms:
Employer will match 80% of all contributions up to 6%. 4.8%
If an employee saves 10% of his/her salary, then the
employer will match of their salary.
Employees without a pension plan should try to save at
least of their salary (including employer 401-K plan 10-15%
matches) throughout their working careers.
Fidelity Investments recommends that individuals without
pensions have about times their salary at age 67 in 10
order to have a suflcient amount of money to retire.
Assume you receive a tax free parking benefit worth
$1,000/year. What is the pretax equivalent of this benefit $1,176
for individuals in a 15% marginal tax bracket?
, GEB 3006 Exam 3 Final UCF Test with Verified Answers Graded A+
Assume you receive a taxable car allowance worth
$1,000/year. What is the after tax equivalent of this benefit $750
for individuals in a 25% marginal tax bracket?
Fidelity Investments recommends that individuals without
pensions have about times their salary at age 30 in 1
order to have a suflcient amount of money to retire.
Assume you are in a 35% marginal tax bracket.
700
If you saved $2,000 in your flexible savings account, you
will save in taxes.
Which of the following statements is TRUE?
-If you are self employed, you will need to pay both the
employee and employer share of your social security and
medicare tax
-Employee contributions to social security are matched by
All of the above
their employer
-The Social Security or FICA tax is 6.2% and the maxi-
mum amount of earnings subject to Social Security tax is
$128,400 in 2018
-All W-2 earnings are subject to the 1.45% Medicare tax.
-All of above
At what age will you become eligible for Medicare? 65
62, and the amount received is a discounted benefit com-
At what age are you eligible for early Social Security?
pared to the full retirement benefit
Which of the following statements is FALSE?
-If you lose your job due to a layott, you will be eligible for
state unemployment benefits
-Typically companies will otter severance benefits when
there is a downsizing
