SEMESTER 1 EXAM Flashcards
What are the three things you can do about change?
- Accept it
- Reject it
- Ignore it
A natural physical or mental ability is an _____________.
Aptitude
A person you know who has inside information about job openings is called a __________.
Contact
A type of employment agency that seeks out highly qualified people to fill positions is a _____________.
Headhunter
Many schools have _____________ ______________ where students attend classes part of the day and then go to a job that provides supervised field experience.
Cooperative education
What are some employee responsibilities?
Fulfill duties
Communicate effectively
Be respectful
If you claim exempt status on your form W-4 you will not have _________ taxes withheld from your paycheck.
Federal
The Employee’s Withholding Allowance Certificate, commonly known as ________ _____, is used to make allowances for tax withholding purposes.
Form W-4
To instruct an employer to not withhold federal income taxes from your wages is to claim _________ status.
Exempt
The ________ and __________ _________ ____ is a law that allows employees to take unpaid leave for family and medical reasons.
Family and Medical Leave Act
Reductions in the amount of tax withheld from paychecks are known as ____________.
Allowances
By January 31 of the year following the year you were employed, an employer must mail to you a _________ ______showing your total wages and withholdings while you were employed.
Form W-2
A program that provides financial security to workers and their families in the event of an on-the-job illness or injury is called ________ _____________.
Workers’ compensation
The _______ and _______ _____ is a law enacted to set minimum wage and overtime hours.
Wage and Hour Act
T or F? A Social Security Card is issued by the Internal Revenue Service, an agency of the federal government.
False
T or F? The minimum wage changes over time.
True
T or F? Today, all 5 states have workers’ compensation laws or statutes
True.
The form used to determine the amount withheld from a paycheck for income taxes is the ________.
W-4
You should periodically request information to see that your earnings have been properly credited to your account. This request is sent to the _________ ______________ ________________.
Social Security Administration
Premiums for unemployment compensation payments to laid-off workers are paid by ____________.
Employers
What are craft unions and what are some job examples?
Skilled workers
Ex: blacksmith, railroad employees, carpenters
What are industrial unions and what are some job examples?
Semi-skilled or unskilled
Ex: UPS workers
What are some examples of public-employee unions?
Teacher
Police
Firefighter
When deductions are subtracted from gross pay, what is left is known as _____ _____ or take home pay.
Net pay
Profit sharing is a way to encourage employees to do more and better work, and is known as an ___________ ______.
Incentive pay
A group of people working in the same or similar occupations is a _______ _________.
Labor union
The main function of unions is _____________ ______________, which is the process of getting together with employers to negotiate an employment contract.
Collective bargaining
The principle of __________ states that the person who has worked the longest should be the last to be laid off.
Seniority
What is another name for a labor union? Ex: American Bar Association
Professional organization
An effort made to influence legislation to the advantage of a profession is known as __________.
Lobbying
the total or agreed-upon rate of pay or salary is called _______ _____.
Gross pay
A person is _________ when he or she is entitled to a retirement account balance when employment is terminated.
Vested
A type of work schedule that allows employees to choose their working hours is known as __________.
Flextime
______ ___________ is a technique used to train employees to be efficient in more than one specialized area.
Job rotation
When two people share what was originally a full-time position, is is called _____ _________.
Job sharing
A ______________ __________ is the crucial time during the day when all employees are needed at work.
Quarantine period
T or F? Some types of deductions may be withheld from your paycheck without your written consent.
True
T or F? The American Bar Association is a professional organization for lawyers and doctors.
False
T or F? Lobbying for is a legal activity engaged in by many unions and professional organizations.
True
T or F? Profit sharing is an employee benefit required of all employers.
False
Employee services do not include _______ _________.
Profit sharing
A decision facilitated by a neutral third party is called ___________.
Mediation
A tax that increases in proportion to increases in income is known as a ___________ tax.
Progressive
Money paid to a former spouse (which is not taxable income) for that person’s support is called __________.
Alimony
The amount remaining when adjustments are subtracted from gross income is called __________ ________ _________.
Adjusted gross income
In order to avoid itemizing deductions, a person May elect to take the ___________ _____________, which is a flat amount.
Standard deduction
An amount that can be subtracted from your income for each person who depends on your income to live is an ____________.
Exemption
A ____________ tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person.
Regressive
A tax system that is based on ______________ _______________ requires all citizens to be responsible for preparing and filing their tax returns on time and paying taxes due.
Voluntary compliance
To intentionally fail to pay taxes owed is to commit a serious crime called _____ ___________.
Tax evasion
a type of tax for which the rate stays the same regardless of income is called ____________.
Proportional
A ______ __________ is an amount subtracted directly from tax owed.
Tax credit
An administrative agency of the federal government that collects taxes and enforces laws is the ______.
IRS
An examination of tax returns by the IRS is called an _______.
Audit
T or F? The income tax is an example of a progressive tax.
True
T or F?Unemployment compensation benefits received are taxable to the person who receives them.
True
T or F? You may not use short form 1040EZ for a joint return if your total taxable income is $20,000 or more.
False
T or F? Alimony is taxable to the person receiving it and F is deductible to the one paying it.
True
What is a form of flat tax?
Property tax
Tax returns must be filed by _______ ___ of the following year.
April 15
As an alternative to itemizing deductions, taxpayers may _______ _____ __________ _________.
Claim the standard deduction
A sales tax on specific products and services is the _______ tax.
Excise
Student loan interest and tuition can be listed as _____________ ___ _______ ________ on Form 1040A.
Adjustments to gross income
An orderly program for spending, saving, and investing the money you receive is known as a ____________ ______.
Financial plan
Money you have to spend as you wish-after all required taxes and deductions-is known as _____________ _________.
Disposable income
A ________ is an organized plan whereby you match your expected income with expenses and savings.
Budget
A ___-________ is a person who promises to pay the debt of another person.
Co-signer
Items of value that a person owns are called ______.
Assets
Amounts of money owed to others, also known as debts, are called __________.
Liabilities
When you subtract your debts from the total amount of things you own, the difference is known as _____ ________.
Net worth
Unwritten agreements, often called ________ contracts are created by the actions or conduct of someone.
Implied
Anything of value exchanged as part of as contract is called _______________.
Consideration
_____________ _________ are persons who are legally able to give sane and intelligent consent and are legally capable of entering into contracts.
Competent parties
A ___________ ___________ is a document that is a written order to release or issue money, the most common of which is a check.
Negotiable instrument
The person who creates and signs a promissory note is called the _______.
Maker
The word __________ means legally collectible.
Negotiable
T or F? When your assets are less than your liabilities, you are said to be solvent, which is a good financial position.
False
T or F? When a person is a minor, the missing element to a valid contract is called consideration.
False
T or F? Net worth is calculated by subtracting your variable expenses from your fixed expenses.
False
T or F? En express contract can only be written (not oral).
False
Families should set aside at least ___ percent of their disposable income each pay period.
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