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GEB 3006 Exam 3 final UCF Questions with Correct Answers.
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GEB 3006 Exam 3 final UCF Questions with Correct Answers.
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GEB 3006 Exam 3 final UCF Questions with CorrectAnswers
What is the best description of recent house price trends in Florida?
Correct Answer-Single family home sales have increased since 2008,
but during the last year the moving average flattened out before
resuming its climb.
Employer benefits can be worth up to ___ of your base salary. Correct
Answer-50%
Generally the two main employer benefits with the highest value are:
Correct Answer-Retirement and health plans
Assume you have a 401-K plan and that your employer requires you to
stay five years to "vest" in the plan. If you leave the company in three
years then, Correct Answer-You will lose the amount your employer
contributed to the plan plus the earnings, but you will retain your
contributions and the earnings thereon
Which of the following health plans offers the most choice in doctors
and has the highest cost? Correct Answer-PPO
Which of the following health plans generally requires that you first see
your primary care physician and remain within a restricted network of
doctors? Correct Answer-HMO
,Which of the following is TRUE?
-Flexible spending and health savings accounts are shown as reductions
to your W-2 income, and thus save federal taxes
-Unused flexible spending account balances may be carried forward to
future years
-Health savings plan accounts can only be used for a PPO plan
-A health savings account must be used each year Correct Answer-
Flexible spending and health savings accounts are shown as reductions
to your W-2 income, and thus save federal taxes
After enrolling in your primary health insurance plan, which of the
following is the next MOST important insurance that all employees
should sign up for during open enrollment? Correct Answer-Disability
insurance
Assume the following:
Gross salary = $120,000
Employee contributions to 401-K = $12,000
Employer match to 401-K = $5,000
Flexible spending account savings = $2,000
, Health insurance premiums paid by employee = $3,000
Health insurance paid directly by employer = $8,000
What is the W-2 taxable income? Correct Answer-$103,000
An employer offers a 401-K plan under the following terms:
Employer will match 80% of all contributions up to 6%.
If an employee saves 10% of his/her salary, then the employer will
match ___ of their salary. Correct Answer-4.8%
Employees without a pension plan should try to save at least _____ of
their salary (including employer 401-K plan matches) throughout their
working careers. Correct Answer-10-15%
Fidelity Investments recommends that individuals without pensions have
about ___ times their salary at age 67 in order to have a sufficient
amount of money to retire. Correct Answer-10
Assume you receive a tax free parking benefit worth $1,000/year. What
is the pretax equivalent of this benefit for individuals in a 15% marginal
tax bracket? Correct Answer-$1,176
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