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Health Insurance Terms and Concepts Quiz
30 Questions
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Health Insurance Terms and Concepts Quiz

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@SeasonedConnemara

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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</p> Signup and view all the answers

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

    <p>Contract</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</p> Signup and view all the answers

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

    <p>Hourly</p> Signup and view all the answers

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

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

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

    <p>Monthly</p> Signup and view all the answers

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

    <p>Single</p> Signup and view all the answers

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

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

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

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

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

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

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

    <p>Monday</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</p> Signup and view all the answers

    Which type of retirement plan is offered by nonprofit organizations?

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

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

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

    What is the purpose of the I-9 form?

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

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