2025/ 2026 GEB 3006 FINAL EXAM PREP BRANDED FINANCIAL LITERACY
GUIDE PRACTICE QUESTIONS ANSWERS AND SOLUTIONS COLLEGE BUSINESS
COURSE STUDY RESOURCE
Employer benefits can be worth up to ___ of your base salary - CORRECT
ANSWER-50%
Generally the two main employer benefits with the highest value are: -
CORRECT ANSWER-Retirement Health Plans
The health plans that offers the most choice in doctors and has the highest cost
- CORRECT ANSWER-PPO
Which of the following health plans generally requires that you first see your
primary care physician and remain within a restricted network of doctors? -
CORRECT ANSWER-HMO
Employees without a pension plan should try to save at least _____ of their
salary - CORRECT ANSWER-10-15%
Fidelity Investments recommends that individuals without pensions have about
___ times their salary at age 67 in order to have a sufficient amount of money
to retire.` - CORRECT ANSWER-10
Fidelity Investments recommends that individuals without pensions have about
___ times their salary at age 30 in order to have a sufficient amount of money
to retire. - CORRECT ANSWER-1
At what age will you become eligible for Medicare? - CORRECT ANSWER-65
, At what age are you eligible for early Social Security? - CORRECT ANSWER-62
and the amount received is a discounted benefit compared to the full
retirement benefit
Which health plan has a low cost but high deductible? - CORRECT ANSWER-
HDHP
The rules for flexible spending accounts generally require that employees use
the money within - CORRECT ANSWER-the current year or lose unused savings.
When you leave your job, you should always rollover your - CORRECT ANSWER-
401-K assets to a self directed rollover IRA.
Between 1990 and 2010, the average US savings rate was around - CORRECT
ANSWER-5%
What two factors count for 65% of your FICO score? - CORRECT ANSWER-
Payment history and outstanding debts
Which company has developed the MOST commonly used credit score to
evaluate an individual's credit? - CORRECT ANSWER-Fair Isaac Corporation
You should try to achieve a FICO score of at least - CORRECT ANSWER-760
debt to credit limit ratio - CORRECT ANSWER-total balance due / credit limit
canceling an old credit card with no balance due - CORRECT ANSWER-could
hurt your credit score
GUIDE PRACTICE QUESTIONS ANSWERS AND SOLUTIONS COLLEGE BUSINESS
COURSE STUDY RESOURCE
Employer benefits can be worth up to ___ of your base salary - CORRECT
ANSWER-50%
Generally the two main employer benefits with the highest value are: -
CORRECT ANSWER-Retirement Health Plans
The health plans that offers the most choice in doctors and has the highest cost
- CORRECT ANSWER-PPO
Which of the following health plans generally requires that you first see your
primary care physician and remain within a restricted network of doctors? -
CORRECT ANSWER-HMO
Employees without a pension plan should try to save at least _____ of their
salary - CORRECT ANSWER-10-15%
Fidelity Investments recommends that individuals without pensions have about
___ times their salary at age 67 in order to have a sufficient amount of money
to retire.` - CORRECT ANSWER-10
Fidelity Investments recommends that individuals without pensions have about
___ times their salary at age 30 in order to have a sufficient amount of money
to retire. - CORRECT ANSWER-1
At what age will you become eligible for Medicare? - CORRECT ANSWER-65
, At what age are you eligible for early Social Security? - CORRECT ANSWER-62
and the amount received is a discounted benefit compared to the full
retirement benefit
Which health plan has a low cost but high deductible? - CORRECT ANSWER-
HDHP
The rules for flexible spending accounts generally require that employees use
the money within - CORRECT ANSWER-the current year or lose unused savings.
When you leave your job, you should always rollover your - CORRECT ANSWER-
401-K assets to a self directed rollover IRA.
Between 1990 and 2010, the average US savings rate was around - CORRECT
ANSWER-5%
What two factors count for 65% of your FICO score? - CORRECT ANSWER-
Payment history and outstanding debts
Which company has developed the MOST commonly used credit score to
evaluate an individual's credit? - CORRECT ANSWER-Fair Isaac Corporation
You should try to achieve a FICO score of at least - CORRECT ANSWER-760
debt to credit limit ratio - CORRECT ANSWER-total balance due / credit limit
canceling an old credit card with no balance due - CORRECT ANSWER-could
hurt your credit score
