What is true about jobs that are paid in cash? (1 point)
Responses
All jobs paid out in cash are illegal.
All jobs paid out in cash are illegal.
If you are paid in cash, you still have to pay taxes.
If you are paid in cash, you still have to pay taxes.
Cash is one of the most common ways companies pay their employees.
Cash is one of the most common ways companies pay their employees.
You can only get paid in cash if the amount is under $100.
You can only get paid in cash if the amount is under $100.
Which is true of a flexible spending account but not a health savings account?(1 point)
Responses
If you change jobs, you keep the account and all the money in it.
If you change jobs, you keep the account and all the money in it.
You can use it to pay for doctor visits.
You can use it to pay for doctor visits.
You can get one only if you have a health insurance plan with a high deductible.
You can get one only if you have a health insurance plan with a high deductible.
If you don’t spend it within a certain period of time, part or all of it reverts to your employer.
If you don’t spend it within a certain period of time, part or all of it reverts to your employer.
If you don’t spend it within a certain period of time, part or all of it reverts to your employer.
Which is true of a health savings account but not a flexible spending account?(1 point)
Responses
You can use it to pay for prescription medicines.
You can use it to pay for prescription medicines.
You can use it to pay for over-the-counter medicines.
You can use it to pay for over-the-counter medicines.
You must spend the money in it within a certain period of time.
You must spend the money in it within a certain period of time.
You can get the account only if you have a health insurance plan with a high deductible.
You can get the account only if you have a health insurance plan with a high deductible.
Which of the following is a benefit that an employer might offer?(1 point)
Responses
life insurance
life insurance
“Take Your Child to Work” Day
“Take Your Child to Work” Day
a flexible spending account
a flexible spending account
supportive workplace
supportive workplace
free lunch from local deli on Fridays
All of the options listed are potential benefits that an employer might offer.
Consumption and Benefits Unit Test
9 of 199 of 19 Items
Question
Which of the following is true of Social Security but not Medicare?(1 point)
Responses
Money withheld from your paycheck is used to pay benefits to people who are collecting them now.
Money withheld from your paycheck is used to pay benefits to people who are collecting them now.
Participation in the program is mandatory.
Participation in the program is mandatory.
It provides benefits to people with disabilities.
It provides benefits to people with disabilities.
It pays benefits to retirees.
It pays benefits to retirees.
Money withheld from your paycheck is used to pay benefits to people who are collecting them now.
Consumption and Benefits Unit Test
10 of 1910 of 19 Items
Question
Why would someone choose to have extra money withheld from his paycheck for federal taxes?(1 point)
Responses
A person lives in a state with high income taxes and wants to make sure enough taxes are withheld.
A person lives in a state with high income taxes and wants to make sure enough taxes are withheld.
This person considers himself a patriot and wants to pay more taxes.
This person considers himself a patriot and wants to pay more taxes.
This person chose an insurance plan with a high deductible.
This person chose an insurance plan with a high deductible.
This person did not want to risk having too little money withheld and facing a penalty when filing their tax return.
This person did not want to risk having too little money withheld and facing a penalty when filing their tax return.