financial literacy: Unit 2 & CAREERS AND INCOME
costs
the price paid to acquire, produce, or accomplish something
When making a career decision, you should reflect on your _____.
values, interests, skills, & personality traits
Exempt means _____.
Answer: Exempt means your are free from deducting federal income tax from paychecks. Explanation: Exempt means that someone has a special permission not to do something.
When the revenue for a business is less than its costs, it is making a profit.
False
Michael bought a new car. The sticker price was $6,100. He decided not to buy a warranty or any upgrades to the car. However, he ended up paying much more. Why?
In the long run, Michael either payed more due to sales tax and/or because he could've found a better deal for the sticker.
salary
a fixed amount of money periodically paid to a person for work
Adrianna will be a college freshman soon and she is struggling to make a career choice. Which activities will help her?
exploring careers, reflecting on past mistakes, using the PACED decision-making process, reflecting on skills, interests, values, and personality traits, taking a career test
employee benefit
perks provided by your employer
When an individual starts a new business there are _____.
risks and costs
How do cities and towns get money to pay for places and services for the community?
Cities and towns collect property taxes. Social Security is used to pay for places and services for the community.
Terry would like to find more information about careers. What resources can you recommend?
If I was to recommend resources so others could research career types, I'd advise one to visit a psychologist/career advisor, to search online, and/or even ask people what their experiences has been like for certain careers.
When would an individual receive a refund from a 1040EZ form?
Only if the number for line 10 is larger than line 11's; if so, you must subtract.
Molly is getting ready to file her tax return. She works and has a savings account. What tax forms does she need?
W-2 form from her employer, tax forms from the bank, and a tax return form My personal opinion: Your W-2 form should objectify how much money you make in a year; this helps you prepare a tax return form
occupation
a person's usual work or business; a way of earning a living
rewards
a person's usual work or business; a way of earning a living
A withholding allowance is _____.
an amount that is subtracted from your paycheck
deduction
an amount that is subtracted from your paycheck
Mr. Stanley started a new business and created a product that raises the standard of living for people who use wheel chairs. Mr. Stanley would be considered _____.
an entrepreneur
Lisa owns stock in Company ABC. Company ABC sent out an earnings report and gave each of the stockholders an amount of money based on how much stock they owned. This is a _____.
commission
Matt expects to get his first paycheck today. What type of deductions may be listed on his paycheck stub?
dividends, federal tax, Medicare, state tax, & Social Security
An example of an ongoing cost is _____.
employee salaries
earn more money:
exemplifies to be a reward, not a risk
excitement
exemplifies to be a reward, not a risk
independence
exemplifies to be a reward, not a risk
motivation
exemplifies to be a reward, not a risk
costs exceed revenue:
exemplifies to be a risk, not a reward
decrease for demand:
exemplifies to be a risk, not a reward
employee injury:
exemplifies to be a risk, not a reward
losing important data from the computer network:
exemplifies to be a risk, not a reward
Your career choice, education, and skills will affect your _____.
salary
Jeff works as a computer repair technician. He has money in a savings account and he owns some stock. What types of income does he have?
salary, interest, and dividends
Simon just completed and double-checked his 1040EZ tax return form. Now he should _____.
send it to the IRS before April 15th
net pay
the portion of the wages that the employee actually gets to take home
Question 7
answer: supply and demand instead of experience because the less number of People in a certain occupation indicates that there is less equipment to buy for people to do their job.. which means majority of the workers salary comes from their being less people working; and thus less supply & demands out of those workers!
The local government uses property taxes to pay for goods and services in the community.
true
Q12 - An employer takes a deduction from your paycheck for federal taxes. Where does this money go?
The federal government also deducts money as your contribution to its Social Security and Medicare programs. ... Your employer must also chip in 6.2% for Social Security and 1.45% for Medicare. The Social Security and Medicare programs are in place to help with your income and insurance needs once you reach retirement age. The money is sent to the federal government to pay for goods and services for the community. OR The money is sent to the Social Security fund.