AnswersOSA-Career Preparation semester CRTopic Test

Preparing for the Future Answers

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1
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When your taxes have increased, you may be able to legally save money by _________.

A
Hiding your income in offshore accounts
B
Failing to file your tax returns on time
C
Giving large money gifts to your spouse
D
Making itemized deductions on your return
2
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What disadvantage would be experienced by a person applying for their Social Security benefits at age 62?

A
They would be ineligible to receive benefits after they turn 85 years old
B
They would receive only a partial benefit for as long as they collect Social Security
C
They have to complete 120 hours of community service each year until they reach 65 years old
D
They are given full benefits, but can only spend them on food and housing costs
3

Inflation makes it harder to buy things because _______.

A
It increases your tax burden to the government
B
It causes your money to have less value
C
It decreases the cost of goods and services
D
It leads to a excess of goods and services
4

In which environment would you would be more likely to have home separated by acres of land and relative peace and quiet?

A
Urban
B
Suburban
C
Rural
D
None of these is more likely
5

If you find out you’re going to have your job downsized, you should ________.

A
Feel relieved that you are not going to be fired
B
Buy new clothes for your new position
C
Review and reduce your future spending
D
Begin researching your company’s promotion procedures
6

Which career choice could negatively impact your future health and wellness?

A
Choosing a manual labor job which strains your body
B
Choosing a white collar job with high pay and tons of stress
C
Choosing a sales job with the possibility of no retirement benefits
D
All of the above
7

Individual Retirement Accounts (IRAs) are very popular because ______.

A
They include a large variety of stock options
B
They are not taxed until retirement
C
They have very high rates of return
D
They have unlimited contribution potential
8

In which environment would you would be more likely to have easy access to museums and fine arts?

A
Urban
B
Suburban
C
Rural
D
None of these is more likely to have museums and fine arts
9

A 401(k) account is very valuable because ______.

A
Money contributed to a 401(k) is not taxed
B
Each plan opens at a value of one million dollars
C
Your employer is required to match your investment
D
The employee can use the 401(k) money without penalties
10

Due to the necessity of living on a fixed income, many retirees find it difficult to _______.

A
Afford to keep their large homes
B
Maintain their old standard of living
C
Pay for unexpected expenses
D
All of the above

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