Understanding Insurance and Financial Concepts

Front

What is the purpose of taxes?

Back

To fund public services like roads, education and law enforcement

Front

Which type of insurance pays part of your income if you can’t work due to illness or injury?

Back

Disability Insurance

Front

What is vesting in a 401(k) plan?

Back

Earning the right to keep employer contributions

Front

What does vision insurance help pay for?

Back

Eye exams and glasses

Front

What is gross pay?

Back

The total money earned before anything is taken out.

Front

The average age to retire, according to EverFi is 45

Back

False

Front

W4- Does not determine how many taxes will be taken out

Back

False

Front

Is it required for all states to have a state income tax (taken from your paycheck)?

Back

False

Front

Florida is 1 of 7 states with no state tax

Back

True

Front

Which of the following is an example of Paid Time Off (PTO)? A bonus check at the end of the year, A week of vacation where you are still paid, A raise in your yearly salary, Employer paying for your college classes

Back

A week of vacation where you are still paid