GEB 3006 - Practice Quiz - Salary & Benefits
Exam Q’s and A’s
Employer benefits can be worth up to ___ of your base salary. - -50%
-Generally the two main employer benefits with the highest value are: - -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, - -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? - -PPO (Preferred Provider Organization)
-Which of the following health plans generally requires that you first see your primary care
physician and remain within a restricted network of doctors? - -HMO (Health Maintenance
Organization)
-Which of the following is TRUE?1 - -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? -
-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? - -$103,000
-An employer offers a 401-K plan under the following terms:
Exam Q’s and A’s
Employer benefits can be worth up to ___ of your base salary. - -50%
-Generally the two main employer benefits with the highest value are: - -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, - -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? - -PPO (Preferred Provider Organization)
-Which of the following health plans generally requires that you first see your primary care
physician and remain within a restricted network of doctors? - -HMO (Health Maintenance
Organization)
-Which of the following is TRUE?1 - -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? -
-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? - -$103,000
-An employer offers a 401-K plan under the following terms:
