CCR-B 70 Question Quest: Test Your Knowledge and Skills| Answers
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Course
CCR-B
Institution
CCR-B
1-9 - ️️Verifies the identity of new employees
A student loan does not require a______ or a ________ - ️️credit check, co-signer
All employers offer this type of account (choose all correct answers) - ️️Some employers don't offer a retirement account at all.
Any contributions you mak...
CCR-B 70 Question Quest: Test Your
Knowledge and Skills
1-9 - ✔ ✔ Verifies the identity of new employees
A student loan does not require a______ or a ________ - ✔ ✔ credit check, co-signer
All employers offer this type of account (choose all correct answers) - ✔ ✔ Some employers don't
offer a retirement account at all.
Any contributions you make come directly from your paycheck (choose all correct answers) - ✔ ✔
Traditional 401(k)
Pension
Audit - ✔ ✔ IRS wants additional data or evidence about your return
Can you get Mississippi aid if you go to college out of state? - ✔ ✔ No
Dependents - ✔ ✔ children under 19, full time students under 24, & anyone permanently disabled
Does compound interest have more of an impact for short-term investments or long-term investments?
- ✔ ✔ Long-term
Does grant money have to be repaid? - ✔ ✔ no
Eligibility may be affected by how long you work with a given company (choose all correct answers) - ✔
✔ Traditional 401(k)
Pension
Filing Taxes - ✔ ✔ You must file before April 15th (Form 1040)
Form 1099 - ✔ ✔ - Record that an entity (not employer) paid you certain types of income
- Due January 31
How do wealth and income differ? - ✔ ✔ Wealth is a measure of a person's net worth, and income is
the amount of money a person earns from work.
How long is each branch's boot camp, and what are the physical fitness requirements for each? - ✔ ✔
Army: 10 weeks (timed 2-mile, 2 minutes of sit-ups, 2 minutes of push ups), Marine Corps: 12 weeks
(timed 3-mile run, a pull up, 2 minutes of crunches) , Navy: 7-9 weeks (timed 1.5 mile run,, 2 minutes of
curlups, 2 minutes of pushups.), Air Force: 8.5 weeks, Coast Guard: 8 weeks.
, List each branch of the military and give a short explanation of what each branch does. - ✔ ✔ Air
Force: Execute military operations in the air. Army: Conduct combat missions on the ground. Coast
Guard: Enforce laws at sea, secure waterways, lead search and rescue missions. Marine Corps: Support
other branches in land, sea, and air combat and operations. Navy: Protect waterways, provide runaways
for aircraft when at sea. Space Force: Organize, train, and equip members to conduct global space
operations.
Nothing about the account changes, even if you switch jobs (choose all correct answers) - ✔ ✔ Roth
IRA, Traditional IRA
Private loan interest rates are often higher than student loan interest rates. - ✔ ✔ True
Student loans must be __________. - ✔ ✔ repaid
Tax Evasion - ✔ ✔ not reporting income or paying your taxes
The MAAPP only has to be completed once, which is before you enter college for the first time. - ✔ ✔
False
The money you put into this retirement account has already had taxes taken out of it (choose all correct
answers) - ✔ ✔ Roth IRA
To receive MESG, you must have a _____ or higher on your ACT and a _____ or higher cumulative GPA. -
✔ ✔ 29, 3.5
To receive MTAG, you must have a or ____ higher on your ACT and a _____ or higher cumulative GPA. -
✔ ✔ 15, 2.5
Voluntary Compliance - ✔ ✔ Every citizen voluntarily files a tax return by April 15
W2 - ✔ ✔ - Filled out and sent by your employer
- Sent by January 31
- Must have a W2 from each job you held during the year
- Reflects your income earned & taxes withheld from the prior year to be reported on income tax
returns
W4 - ✔ ✔ - Tells your employer how much money to withhold from your paycheck to pay
government taxes
- Completed by employee
- Used by employer to determine how much to deduct from your paycheck for tax purposes
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