#1 H&R Block Quiz with Correct Answers

#1 H&R Block Quiz with Correct Answers Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? - Ans:-401(k) contributions reduce the federal tax owed. What minimum balance must be maintained in the emergency fund in order to earn the trophy? - Ans:-$500 How can a participant earn the Perfect Pay trophy? - Ans:-Pay all of their bills in full and on time. What happens if a participant overpays a vendor and needs the money to pay a different bill? - Ans:- The money will be refunded overnight if the participant requests a refund from the vendor. "Life expenditures" in the simulation, such as groceries, eat out meals, and entertainment is reflected in monthly credit card charges. Approximately how much will these total each month in the simulation? - Ans:-$500 to $750 Debbie has utilized 95% of her available credit on her credit card. What will be her daily penalty at this level? - Ans:-25 points ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER 2024 Page 2/4 Which is true about taking Budget Challenge quizzes? - Ans:-You may review the reading material while taking them. What is the point penalty for late fees being assessed by a vendor? - Ans:-150 How does a student pass the Road Test? - Ans:-earn at least five of the six trophies Which is a difference between credit unions and consumer banks? - Ans:-Credit unions are not open to all members of the public Which is a drawback of virtual (internet only) banks? - Ans:-Some financial transactions can only be done in person, not virtually. Which is an advantage to having an account at a consumer bank instead of a credit union? - Ans:- Consumer banks often offer more financial services than credit unions. When opening a checking or share draft account, which would li