Career Prep Module 3 Study Guide
Someone with a bachelor's degree ends up earning ______________ more than a high school grad each year of full employment.
$21,900
Earning an associate's degree is worth an extra _________ a year.
$8,200
The average salary for a physician's assistant is...
$88,660
______________ or ________________ exams can help you skip entry level courses.
-Advanced Placement (AP) -College-Level Examination Placement (CLEP)
List 2 potential reasons for gaps in employment.
-Going back to college. -Being fired due to lack of work.
List the five income influencers.
-Overtime Pay -Commission -Tips -Bonuses -Performance Reviews
List the five types of expenses that you may incur as a college student.
-Tuition -Dorm Room -Meal Plan -Fees -Books
Experts say it takes about ____ years for young adults to go from clueless to having a fulfilling job and career plan.
10
The average American will have _____ full-time jobs before the age of 44.
11
One study tracked 20,000 new hires and found that __% failed within the first 18 months.
46
The typical age for retirement is ____ years old.
65
About _____________ of full-time undergraduate students receive some type of financial aid.
80 Percent
Ideally, the total amount your employer withholds during the year will equal what you owe on your _________________.
Annual Tax Returns
For many people, earning a ___________ in a general area of study makes sense for their career aspirations.
Bachelor's Degree
Most employers provide some ______ at no cost to you but some may require you to pay all or part of the cost.
Benefits
The _____________________ lists 1,000 job titles.
Bureau of Labor Statistics
When should you begin to explore family financial planning strategies?
By your junior year of high school.
These classes don't count toward their degree by students must pay for these...
Catch-Up Classes
These classes don't count toward their degrees, but students must pay for these extra credits.
Catch-Up Classes
_______________________ across the country grant bachelor's degrees for four years of study in hundreds of subjects.
Colleges and Universities
You're paid based on a percentage of the cost of the products you sell.
Commission
_________________________ award associate degrees and certificates for specific careers.
Community and Junior Colleges
_____________________vary widely in how they treat their employees, their customers, and the environment.
Companies
Employers can train someone who's lacking in skill but they cannot "fix" an employee who's a bad fit for the ______________.
Company Culture
An employee's __________________ includes the sum of the pay and benefits when evaluating a job offer.
Compensation Package
___________________ is your best chance for securing a good job and making a good life for yourself.
Continuing your education
15. Each college has its own specific requirements to earn a degree and might not accept ______ from another institution.
Credits
____________ and ________ you take on today will impact your future __________________ and ________________.
Decisions Goals Career Options Earning Potential
Failing to repay a student loan is known as _________ and it may have very severe personal and credit consequences.
Defaulting
Hurting your chances for using credit in the future.
Defaulting
When should you apply to your preferred colleges to improve your financial aid options?
Early in your senior year.
Education beyond high school will help boost your job opportunities and __________________.
Earning Potential
Complete the training and then use that job to help you pay your way through a two-year or four-year degree.
Education Ladder
While you can take any job to put yourself through college, you'll maximize the benefits of taking a more strategic ___________.
Education Ladder
The more ______________, the more you tend to earn over the course of your life.
Education You Have
______________ as many students drop out of degree and certificate programs due to finances and debt than because of grades.
Eight-times
Once you have a grip on the salary for a specific position, look into the ________________ offered by the employer.
Employee Benefits
Employees with a degree as more likely to _____________ and receive ____________ and _________________.
Enjoy Their Jobs Health Insurance Retirement Plan Benefits
An amount paid to the Social Security Trust Fund for the Social Security & Medicare programs.
FICA (Federal Insurance Contributions Act)
An amount paid to the U.S. Treasury to support the U.S. government programs and services.
Federal Income Tax
An amount of money paid to the Social Security Trust Fund for the Social Security and Medicare Program is called _____________________________
Federal Insurance Contributions (FICA)
The federal government offers several student loan programs to help get you the education you need.
Federal Student Loans
List AND explain the 5 ways your career impacts your life.
Financial Goals: Job that pays a high salary will help you reach your financial goals faster than a job with a smaller salary. • Future Jobs and Pay: The experience you gain from each job can help you with your future jobs and pay. • Health and Happiness: How much you enjoy your job can greatly affect your health and happiness. Workers who are unhappy typically have health problems compared to those who are content with their work. • Lifestyle: Your job can affect your lifestyle as well, meaning how much time you'll devote to your family, friends, and other hobbies. • Money Management Habits: You job can also help you manage your money. A constant paycheck makes it easy to stick to a financial plan. Unhappy workers, however, find themselves overspending in comparison to their happy co-workers.
Even though you are a teenager, you must pay taxes on all income over a certain threshold, even if you are a ____________.
Full-time student
Next to buying a house, ______________ could be one of the biggest purchases you will make.
Going to College
The total amount of income you earn in a pay period is your _________.
Gross Pay
The total amount of income you earn in a pay period.
Gross Pay
You must be enrolled at least _______________ in a degree-granting program to qualify for student loans.
Half Time
What can make you happy/is more important than money?
Having a job that reflects your values and feels meaningful.
As with any investment, you need essential details to make an __________ decision.
Informed
Although _____________ and volunteer positions may not deliver an immediate paycheck, they can help you land a terrific job in the future.
Internships
____________ isn't a one-time event.
Learning
Insurance that pays if you die or become unable to work due to an illness, injury, or other impairment.
Life & Disability Insurance
_____________ insurance pays of you die or become unable to work due to an illness, injury, or other impairment.
Life and Disability
Allows you to put off making payments while in school, but the interest still accumulates and compounds, increasing the overall amount you owe.
Loan Deferment
______________ allows you to put off making payments on student loans while you're in school.
Loan Deferment
Another name for "occupational tax" is ___________.
Local Income Tax
Every time you change your ___________, you risk "losing" credits for classes you've taken but can't apply to the new major.
Major
Someone with more experience than you who can give you advice and guidance is called a ________.
Mentor
Every time you change your major, you risk "losing" credits for classes you;ve taken by can't apply to your new major.
Merry-Go-Round Major
After subtracting the deductions, the amount left is your....
Net Pay
While you are serving in the military, training for specific careers and skills is available at ______.
No Cost
Apprenticeship programs combine ________________ with classroom instruction in a two-to-four-year program.
On-the-job Training
Researching a career _______ is useful, but the best insight will come from talking to people who have that job and testing the waters yourself.
Online
Jobs include ____________ which are the costs of what you give up when you choose an action.
Opportunity Costs
The cost of what you give up when you choose an action.
Opportunity Costs
You're entitled to make 150 percent of your normal hourly rate for each hour worked beyond 40 in a work week.
Overtime Pay
Paid time off for holidays, vacation, and illness. Full time workers typically get 10 vacation days after the first year on the job, and 15 days after five years.
Paid Leave
Time off for holidays, vacations, and illness for full time workers is called _________.
Paid Leave
Your ________ shows all deductions your employer makes from your income.
Pay Stub
___________ are nonfederal loans issued by banks and credit unions but that tend to have higher, variable interest rates and offer fewer repayment options.
Private Student Loans
Since ___________ are supported by the state they charge much lower tuition to residents of that state.
Public Colleges
More than one third of all entering students fall short of the college's requirements in core knowledge areas and must take...
Remedial Classes
A ____________________ allows worker to contribute to a workplace retirement plan and even receive additional money
Retirement Savings Plan
You can contribute to a workplace retirement plan and even receive additional money, if your employes matches a certain percentage of your contributions.
Retirement Savings Plan
__________ and _________ don't have to be repaid by are given based on need, merit, or area of study.
Scholarships & Grants
Everyone has _______ and talents they can make the most of in a career.
Skills
If your heart is et on getting a degree from your dream college, one saving strategy is to...
Start your college career at a community or public four-year college close to home.
An amount paid to your state government for state-funded programs and services.
State Income Tax
The federal government offers several ___________ programs to help you get the education you need.
Student Loan
Earning money makes you responsible for paying _________ on that income.
Taxes
Your employer might offer or pay for classes, workshops, conferences for the purpose of enhancing your skills or attaining a required license.
Training & Professional Development
Your employer pays for all or part of tuition expenses toward a degree or certification.
Tuition Assistance
The government predicts that __________ of all jobs will require at least some college by 2018.
Two-Thirds
______ will play some role in what you choose to do and who you choose to work for.
Values
14. More years spent completing a degree program increases the odds that you _______.
Won't Finish
Investing in __________ is the most important investment you can make.
Yourself
Where's nothing wrong with agreeing to take a drop in _______ for a move that will make you happier.
income
List 2 benefits of creating a career plan.
• You can enjoy a long, happy, and successful career. • You can make smarter decisions about future jobs and education.
List two factors that influence higher levels of personal satisfaction.
•Feel valued by their boss and company. •Can use their strengths every day.
List the six elements that influence the amount of federal and state taxes you'll pay:
•The current income tax rates. •Your gross income. •Your filing status (such as single or married). •The number of dependents (children, for example) you have. •Employee benefit programs you participate in that reduce or defer taxes.
List AND explain the three costs that may be associated with working.
•Transportation—bus fare, parking, and a car to get to and from work. •Clothing—uniforms or business attire. •Supplies—tools or equipment you're required to buy for your job.