Health Insurance Terms and Concepts Quiz

Which employment classification offers full benefits and perks?

Full time

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

3 hours

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

Commission

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

18 hours Signup and view all the answers

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

Contract Signup and view all the answers

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

3 hours Signup and view all the answers

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

Hourly Signup and view all the answers

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

$52,000 Signup and view all the answers

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

Monthly Signup and view all the answers

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

Single Signup and view all the answers

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

One job Signup and view all the answers

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

7% Signup and view all the answers

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

$85 Signup and view all the answers

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

Cannot use notes Signup and view all the answers

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

Monday Signup and view all the answers

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

Unit 3 Concept Quiz Signup and view all the answers

Which type of retirement plan is offered by nonprofit organizations?

403b Signup and view all the answers

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

Profit sharing 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%?

$5,500 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%?

$6,500 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?

$3,333.33 Signup and view all the answers

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

Job 2 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%?

$6,821.25 Signup and view all the answers

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

The amount you'll pay before your insurance benefits kick in Signup and view all the answers

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

It is a small fixed amount you pay each time a covered service is provided Signup and view all the answers

What is the difference between gross pay and net pay?

Gross pay is the amount earned for working during a pay period, while net pay is the amount you actually get Signup and view all the answers

What is the purpose of federal income tax?

To provide funds for services provided by the federal government Signup and view all the answers

What is the purpose of life insurance?

To pay a beneficiary in the event that an employee dies Signup and view all the answers

What is the purpose of the I-9 form?

To verify your identity and employment authorization Signup and view all the answers

What is the purpose of the W-4 form?

To determine how much federal and state income tax gets taken out of your paycheck Signup and view all the answers