FBLA Business Calculations Exam
Questions and Answers 100% Pass
exemptions - ✔✔a deduction from taxable income for each dependent
FUTA - ✔✔(Federal Unemployment Tax Act) tax authorizing the IRS to collect a tax on
each employer's payroll to fund state workforce agencies.
IRA - ✔✔(Individual Retirement Account) with some restrictions set by the IRS,
employed individuals can set aside pre-tax funds for their retirement years in a
traditional IRA or a Roth IRA.
itemized deductions - ✔✔amounts subtracted from adjusted gross income become tax is
computed.
property tax - ✔✔a tax imposed on a property owner to help fund public services such
as fire and police protection, schools, and parks.
SUTA - ✔✔(State Unemployment Tax Act) tax collected by state governments to fund
state workforce agencies, is used solely for the payment of benefits to eligible
unemployed workers.
Katelyn Whitman, All Rights Reserved © 2025 1
, taxable income - ✔✔the amount of income subject to tax after adjustments, deductions,
and exemptions..
total income - ✔✔all the income you receive.
automobile liability insurance - ✔✔Insurance that covers damages for bodily injury &
property damage for which an insured person becomes legally responisble because of
an auto accident.
beneficary - ✔✔Person or persons designated to receive the proceeds of a life insurance
policy in the event of the insured's death.
collision coverage - ✔✔Pays for damage to the insured's vehicle as a result of an
accident.
comprehensive coverage - ✔✔Pays to fix an individuals vehicle less any deductible not
caused by an accident, such as vandalism, theft,storm, or fire.
deductible - ✔✔An amount deducted from an insurance settlement,the amount of loss
the insured agrees to accept.
face value - ✔✔The amount of insurance purchased.
hmo - ✔✔A managed health care organization which attempts to lower costs by
negotiating discounted rates for their policyholders.
liability - ✔✔An obligation for which someone is responsible.
Katelyn Whitman, All Rights Reserved © 2025 2
Questions and Answers 100% Pass
exemptions - ✔✔a deduction from taxable income for each dependent
FUTA - ✔✔(Federal Unemployment Tax Act) tax authorizing the IRS to collect a tax on
each employer's payroll to fund state workforce agencies.
IRA - ✔✔(Individual Retirement Account) with some restrictions set by the IRS,
employed individuals can set aside pre-tax funds for their retirement years in a
traditional IRA or a Roth IRA.
itemized deductions - ✔✔amounts subtracted from adjusted gross income become tax is
computed.
property tax - ✔✔a tax imposed on a property owner to help fund public services such
as fire and police protection, schools, and parks.
SUTA - ✔✔(State Unemployment Tax Act) tax collected by state governments to fund
state workforce agencies, is used solely for the payment of benefits to eligible
unemployed workers.
Katelyn Whitman, All Rights Reserved © 2025 1
, taxable income - ✔✔the amount of income subject to tax after adjustments, deductions,
and exemptions..
total income - ✔✔all the income you receive.
automobile liability insurance - ✔✔Insurance that covers damages for bodily injury &
property damage for which an insured person becomes legally responisble because of
an auto accident.
beneficary - ✔✔Person or persons designated to receive the proceeds of a life insurance
policy in the event of the insured's death.
collision coverage - ✔✔Pays for damage to the insured's vehicle as a result of an
accident.
comprehensive coverage - ✔✔Pays to fix an individuals vehicle less any deductible not
caused by an accident, such as vandalism, theft,storm, or fire.
deductible - ✔✔An amount deducted from an insurance settlement,the amount of loss
the insured agrees to accept.
face value - ✔✔The amount of insurance purchased.
hmo - ✔✔A managed health care organization which attempts to lower costs by
negotiating discounted rates for their policyholders.
liability - ✔✔An obligation for which someone is responsible.
Katelyn Whitman, All Rights Reserved © 2025 2
