Health Insurance Terms and Concepts Quiz

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Questions and Answers

Which employment classification offers full benefits and perks?

  • Part time
  • Temporary
  • Contract
  • Full time (correct)

What is the maximum number of hours that a 14-15 year old can work on a non-school day?

  • 18 hours
  • 14 hours
  • 8 hours
  • 3 hours (correct)

Which type of income is based on sales and can vary depending on the amount of sales?

  • Salary
  • Commission (correct)
  • Bonus
  • Hourly

What is the maximum number of hours that a 14-15 year old can work during a school week?

<p>18 hours (B)</p> Signup and view all the answers

Which employment classification is hired for a specific period of time?

<p>Contract (A)</p> Signup and view all the answers

What is the maximum number of hours that a 14-15 year old can work during school weeks?

<p>3 hours (A)</p> Signup and view all the answers

Which type of income offers overtime pay at 1.5 times the regular salary?

<p>Hourly (B)</p> Signup and view all the answers

Which of the following correctly describes the individual's annual salary?

<p>$52,000 (B)</p> Signup and view all the answers

Which of the following correctly describes the individual's pay frequency?

<p>Monthly (A)</p> Signup and view all the answers

Which of the following correctly describes the individual's marital status?

<p>Single (A)</p> Signup and view all the answers

Which of the following correctly describes the individual's number of jobs?

<p>One job (A)</p> Signup and view all the answers

Which of the following correctly describes the individual's retirement contribution percentage?

<p>7% (A)</p> Signup and view all the answers

Which of the following correctly describes the individual's health insurance cost?

<p>$85 (D)</p> Signup and view all the answers

Which of the following correctly describes the individual's ability to use notes during tomorrow's test?

<p>Cannot use notes (C)</p> Signup and view all the answers

Which of the following correctly describes the due date for VB 2-3?

<p>Monday (D)</p> Signup and view all the answers

Which of the following correctly describes the test the individual is preparing for?

<p>Unit 3 Concept Quiz (D)</p> Signup and view all the answers

Which type of retirement plan is offered by nonprofit organizations?

<p>403b (A)</p> Signup and view all the answers

Which employer retirement plan perk provides employees with part of the company's profits?

<p>Profit sharing (D)</p> Signup and view all the answers

What is the total contribution in Job 1's matching plan if the employee earns $50,000 per year and contributes 8%?

<p>$5,500 (D)</p> Signup and view all the answers

What is the total contribution in Job 2's matching plan if the employee earns $50,000 per year and contributes 8%?

<p>$6,500 (A)</p> Signup and view all the answers

What is the total contribution in Job 3's profit sharing plan if the employee earns $50,000 per year and the company's profit is $100,000?

<p>$3,333.33 (D)</p> Signup and view all the answers

Which job has a higher total contribution to the retirement plan, Job 1 or Job 2?

<p>Job 2 (B)</p> Signup and view all the answers

What is the total contribution in the salary-based retirement plan if the employee earns $53,500 and contributes 9%?

<p>$6,821.25 (D)</p> Signup and view all the answers

Which of the following is an example of a deductible in health insurance?

<p>The amount you'll pay before your insurance benefits kick in (A)</p> Signup and view all the answers

Which of the following is true about copay in health insurance?

<p>It is a small fixed amount you pay each time a covered service is provided (B)</p> Signup and view all the answers

What is the difference between gross pay and net pay?

<p>Gross pay is the amount earned for working during a pay period, while net pay is the amount you actually get (D)</p> Signup and view all the answers

What is the purpose of federal income tax?

<p>To provide funds for services provided by the federal government (B)</p> Signup and view all the answers

What is the purpose of life insurance?

<p>To pay a beneficiary in the event that an employee dies (A)</p> Signup and view all the answers

What is the purpose of the I-9 form?

<p>To verify your identity and employment authorization (B)</p> Signup and view all the answers

What is the purpose of the W-4 form?

<p>To determine how much federal and state income tax gets taken out of your paycheck (A)</p> Signup and view all the answers

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