H&R Block Quiz Latest Update with Certified Solutions

H&R Block Quiz Latest Update with Certified Solutions Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? 401(k) contributions reduce the federal tax owed. What minimum balance must be maintained in the emergency fund in order to earn the trophy? $500 How can a participant earn the Perfect Pay trophy? Pay all of their bills in full and on time. What happens if a participant overpays a vendor and needs the money to pay a different bill? The money will be refunded overnight if the participant requests a refund from the vendor. "Life expenditures" in the simulation, such as groceries, eat out meals, and entertainment is reflected in monthly credit card charges. Approximately how much will these total each month in the simulation? $500 to $750 Debbie has utilized 95% of her available credit on her credit card. What will be her daily penalty at this level? 25 points Which is true about taking Budget Challenge quizzes? You may review the reading material while taking them. What is the point penalty for late fees being assessed by a vendor? 150 How does a student pass the Road Test? earn at least five of the six trophies Which is a difference between credit unions and consumer banks? Credit unions are not open to all members of the public Which is a drawback of virtual (internet only) banks? Some financial transactions can only be done in person, not virtually. Which is an advantage to having an account at a consumer bank instead of a credit union? Consumer banks often offer more financial services than credit unions. When opening a checking or share draft account, which would likely be the most important consideration? What types of fees are charged for maintaining and using the account? A person has $4000 to put into savings. Assuming all options were offered by the same institution, which account is likely to offer the highest interest rate? Certificate of deposit Which account offers the most liquidity? Checking account Which is a good reason to use an Automated Clearing House (ACH) to pay a regularly occurring bill such as a monthly utility bill or student loan payment? Having the payment made automatically means the payment is less likely to be missed. Which is true of overdraft protection (ODP)? It requires funds to be available from a linked account. Which would be a debit and reduce your bank account? Overdraft fees Many employers offer employees direct deposit of their paychecks and encourage them to do so. Should you have your check direct deposited if you have the choice? Yes, it is more convenient and you will have access to your money the day deposited. Which is a drawback of being a salaried employee? Work weeks might exceed 40 hours without additional pay. Which benefit typically costs an employer the most to provide? comprehensive health insurance In which situation would an employer be required to pay overtime? An hourly employee works 48 hours in one week Which job would most likely be paid salary plus commission? Vehicle salesperson. Which is true of contracted hourly employees? They can qualify for overtime pay. When completing your W-4 withholding, what is usually the best strategy? Try to have the same amount withheld as you expect to owe. Which is a voluntary deduction from pay? 401(k) Mary earned $43,000 last year. Approximately how much was withheld from her pay for FICA? $3300. Which best describes the concept of gross pay? The amount before either mandatory or voluntary withholding Which is the approximate percentage of total pay that fringe benefits make up? 30%