Question

1. entrepreneurship is best defined as...

a. working for wages under a manager
b. starting and managing your own business
c. earning rental income
d. investing in stocks only

1. if an employee pays part of her health insurance through payroll, it appears as...

a. a deduction
b. 401k
c. net income
d. tax refund

1. voluntary paycheck deductions may include...

a. contributions to retirement plans
b. federal income tax
c. state income tax
d. medicare

1. which is a risk of being an entrepreneur?

a. unlimited job security
b. financial uncertainty and responsibility for losses
c. paid vacation time
d. guaranteed income

1. which is a benefit of being self - employed?

a. fixed hours with no flexibility
b. you control decisions and profits
c. guaranteed employer health insurance
d. no risk of financial loss

1. an employee differs from a self - employed person in that an employee...

a. bears all risks of the business
b. works for wages or salary under an employer
c. keeps all business profits
d. cannot receive benefits

1. fica stands for...

a. federal insurance contributions act
b. federal income collection agency
c. financial interest and credit authority
d. federal insurance and credit act

1. a person with a higher level of education usually...

a. earns lower wages
b. has fewer job opportunities
c. has more earning potential
d. faces less income tax

you are taking version a

Explanation:

1. Entrepreneurship involves starting and running one's own business.
2. When an employee pays part of health - insurance through payroll, it is a deduction from their pay.
3. Contributions to retirement plans are often voluntary paycheck deductions. Federal income tax, state income tax, and Medicare are usually mandatory.
4. Entrepreneurs face financial uncertainty and are responsible for business losses.
5. Self - employed individuals have control over business decisions and profits.
6. An employee works for wages or salary under an employer.
7. FICA stands for Federal Insurance Contributions Act.
8. A person with a higher level of education usually has more earning potential.

Answer:

1. B. Starting and managing your own business
2. A. A deduction
3. A. Contributions to retirement plans
4. B. Financial uncertainty and responsibility for losses
5. B. You control decisions and profits
6. B. Works for wages or salary under an employer
7. A. Federal Insurance Contributions Act
8. C. Has more earning potential