Social Science Economics Finance
GEB 3006 - Last Exam Prep Branded
Financial Literacy Guide Practice
Questions Answers and Solutions
College Business Course Study
Resource
Terms in this set (141)
Employer benefits can be worth up to ___ of 50%
your base salary.
Generally the two main employer benefits Retirement and health plans
with the highest value are:
Assume you have a 401-K plan and that your You will lose the amount your employer contributed to the
employer requires you to stay five years plan plus the earnings, but you will retain your contributions
to "vest" in the plan. If you leave the and the earnings thereon
company in three years then?
Which of the following health plans offers PPO
the most choice in doctors and has the
highest cost?
Which of the following health plans HMO
generally requires that you first see your
primary care physician and remain within a
restricted network of doctors?
Which of the following is TRUE? A.
A. Flexible spending and health
savings accounts are shown as
reductions to your W-2 income, and thus
save federal taxes
B. Unused flexible spending account
balances may be carried forward to future
years
C. Health savings plan accounts can only be
used for a PPO plan
D. A health savings account must be used
each year
,After enrolling in your primary health Disability insurance
insurance plan, which of the following is the
next MOST important insurance that all
employees should sign up for during open
enrollment?
, Gross salary = $120,000 103,000 --> salary minus what employee spends
Employee contributions to 401-K = $12,000
Employer match to 401-K = $5,000
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 offers a 401-K plan under the 4.8%
following terms:
Employer will match 80% of all contributions
up to 6%.
If an employee saves 10% of his/her salary,
then the employer will match ___ of their
salary.
Employees without a pension plan should 10-15%
try to save at least__of their salary
(including employer 401-K plan matches)
throughout their working careers.
Fidelity Investments recommends that 10
individuals without pensions have about ___
times their salary at age 67 in order to have a
sufficient amount of money to retire.
Assume you receive a tax free $1,136
parking benefit worth $1,000/year.
What is the pretax equivalent of this
benefit for
individuals in a 12% marginal tax bracket?
Assume you receive a tax free $1,136
parking benefit worth $1,000/year.
What is the pretax equivalent of this
benefit for
individuals in a 12% marginal tax bracket?
Assume you receive a taxable car allowance $760 --> multiply ratio by amount and subtract
worth $1,000/year. What is the after tax
equivalent of this benefit for individuals in a
24% marginal tax bracket?
Fidelity Investments recommends that 1
individuals without pensions have about ___
GEB 3006 - Last Exam Prep Branded
Financial Literacy Guide Practice
Questions Answers and Solutions
College Business Course Study
Resource
Terms in this set (141)
Employer benefits can be worth up to ___ of 50%
your base salary.
Generally the two main employer benefits Retirement and health plans
with the highest value are:
Assume you have a 401-K plan and that your You will lose the amount your employer contributed to the
employer requires you to stay five years plan plus the earnings, but you will retain your contributions
to "vest" in the plan. If you leave the and the earnings thereon
company in three years then?
Which of the following health plans offers PPO
the most choice in doctors and has the
highest cost?
Which of the following health plans HMO
generally requires that you first see your
primary care physician and remain within a
restricted network of doctors?
Which of the following is TRUE? A.
A. Flexible spending and health
savings accounts are shown as
reductions to your W-2 income, and thus
save federal taxes
B. Unused flexible spending account
balances may be carried forward to future
years
C. Health savings plan accounts can only be
used for a PPO plan
D. A health savings account must be used
each year
,After enrolling in your primary health Disability insurance
insurance plan, which of the following is the
next MOST important insurance that all
employees should sign up for during open
enrollment?
, Gross salary = $120,000 103,000 --> salary minus what employee spends
Employee contributions to 401-K = $12,000
Employer match to 401-K = $5,000
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 offers a 401-K plan under the 4.8%
following terms:
Employer will match 80% of all contributions
up to 6%.
If an employee saves 10% of his/her salary,
then the employer will match ___ of their
salary.
Employees without a pension plan should 10-15%
try to save at least__of their salary
(including employer 401-K plan matches)
throughout their working careers.
Fidelity Investments recommends that 10
individuals without pensions have about ___
times their salary at age 67 in order to have a
sufficient amount of money to retire.
Assume you receive a tax free $1,136
parking benefit worth $1,000/year.
What is the pretax equivalent of this
benefit for
individuals in a 12% marginal tax bracket?
Assume you receive a tax free $1,136
parking benefit worth $1,000/year.
What is the pretax equivalent of this
benefit for
individuals in a 12% marginal tax bracket?
Assume you receive a taxable car allowance $760 --> multiply ratio by amount and subtract
worth $1,000/year. What is the after tax
equivalent of this benefit for individuals in a
24% marginal tax bracket?
Fidelity Investments recommends that 1
individuals without pensions have about ___
