Employment, Entrepreneurship, and Compensation Answers

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Which statement accurately compares employees and contractors?

Only contractors have assigned work hours.

Both contractors and employees secure benefits from the company.

Only contractors receive a 1099 from the company.

Both contractors and employees have a say in how the company’s profits are spent.

Which best explains Emma’s employment status?

Emma is a salaried, exempt employee of the company.

Emma is an entrepreneur who owns the company.

Emma is an hourly employee of the company.

Emma is a freelance contractor with the company.

Which statement accurately compares pension and 401(k) plans?

Pension plans are employer-sponsored; 401(k) plans are employee-sponsored.

Both pension and 401(k) plans require employee contributions.

Pension plans are employer-controlled; 401(k) plans are employee-controlled.

Both pension and 401(k) plans are common in the public sector.

Which employer-sponsored benefit allows employees an opportunity to contribute funds that must be used within the calendar year?

HSA

pension

FSA

401K

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