Personal Finance Mod 3 Test

¡Supera tus tareas y exámenes ahora con Quizwiz!

Janelle is considering a future career in graphic design. Which one of these summer jobs has the most potential to help Janelle jumpstart her career? a. A salesclerk at a bookstore: minimum wage plus discounts on books and magazines b. An advertising assistant for the local newspaper: minimum wage job that requires proofreading and setting up ads in the weekly newspaper c. Any job that pays more than minimum wage to pay for her graphic design classes d. A stock clerk at the local hobby supply store: flexible work hours, minimum wage, and responsibilities to stock shelves with art and hobby supplies

An advertising assistant for the local newspaper: minimum wage job that requires proofreading and setting up ads in the weekly newspaper

An opportunity to combine on-the-job training with class instruction.

Apprenticeship

During her first year on the job, Monique earned a $22,880 annual salary ($11 and hour). She started the job with paid leave for five vacation days and five sick days. Plus, her employer pays the $300 monthly premium for health insurance. What is Monique's total annual compensation? a. $22,880 b. $26,480 c. $27,580 d. $30,880

$26,480

(Continued from #5) After 3 months on the job, Luiz received a 50 cent raise and now has insurance benefits. He worked 35 hours one week and 42 hours the second week of the recent pay period. And his deductions totaled $217.90. What is his net pay? (Hint: He makes $8.00 an hour now) a. $359.60 b. $398.10 c. $406.10 d. $577.50 e. $616.00

$406.10

Luiz has worked 35 hours each of the past two weeks. If he earns $7.50 an hour and is paid every two weeks, what is his gross pay for the two-week pay period? a. $262.50 b. $393.75 c. $525.00 d. $637.50

$525.00

Along with the cost of living, what are two other things to consider as you decide where you will live and work?

-Employment trends -Average pay -Transportation -Schools -Crime rates -Proximity to family -Affordable housing -Access to services

Not everyone has enough money on hand to pay the entire costs for specialized training training or college. Other than borrowing money, what are two other strategies you might use to cover college or training costs?

-Get a job -Join the military -Save in a college savings fund -Apply for scholarships -Apply for grants

As Jeri compares the costs of college programs, she discovers that the in-state schools are less expensive than the out-of-state colleges. Give Jeri two other suggestions of how she might lower the cost of going to college.

-Graduate on time or early. -Take CCP classes -Maximize the credit load

Many employers offer their employees paid time off for vacation, illness, and personal leave. List two other employee benefits that are commonly offered by employers

-Health Insurance -Retirement Plans -Life or Disability Insurance -Tuition assistance -Training and professional development

Rent is one factor that impacts a person's costs of living. List two other cost factors to think about when comparing the cost of living in 2 different cities.

-Sales tax -City income taxes -Transportation -Insurance -Utilities -Food/groceries -Home value

An employer-sponsored retirement savings plan is.... a. Usually only available for employees who work more than 10 years at the company. b. A valuable employee benefit. c. Funded solely by the employer. d. Only available to retired people.

A valuable employee benefit

Why would someone want to start his or her own business rather than work for someone else? a. Able to work few hours because someone else is managing the day-to-day business tasks b. Certain to make a lot of money c. No worries about losing his or her job d. Able to make own business decisions regarding what services or products to sell

Able to make own business decisions regarding what services or products to sell

Janelle is applying to work a full-time job next summer. So far, her only paid work experience has involved babysitting. She's worried that she lacks the skills and experience needed to get a summer job at a local business. What should Janelle tell an employer who asks about her work experience? a. Point out the skills and responsibilities required when she was paid to provide child care. b. State the skills used when she participated in school plays and classroom activities. c. Summarize the skills she developed while living in Spain as an exchange student. d. All of the above.

All of the above.

An amount paid by employers in recognition of exceptional work.

Bonus

Pay is based on a percentage of the cost of items or services sold.

Commission

Of the following types of jobs, which would be the BEST option to support the hobby of Alison, who performs in a band for area festivals, dances, and receptions? a. On-call emergency room nurse b. Hotel night clerk c. Dental assistant d. Volunteer firefighter

Dental assistant

T/F: Martin does not have to pay income taxes on the cash tips he received while working his shift at the car wash.

False; Martin DOES have to pay income taxes on the cash tips he received while working his shift at the car wash.

T/F: The No. 1 reason why students drop out of higher education programs is because they can't keep up with the coursework when they are working or have a family.

False; The No. 1 reason why students drop out of higher education programs is DUE TO MONEY MANAGEMENT PROBLEMS.

T/F: You can expect to receive the same employee benefits wherever you work full time.

False; You CANNOT ASSUME THAT YOU WILL receive the same employee benefits wherever you work full-time.

Which of the following strategies has the most potential to prevent you from boosting your earning potential? a) Frequently changing jobs with different employers to learn new skills and gain experience b) Working at the same company every summer break while going to school c) Enlisting in the military right after graduating from high School d) Enrolling in a local two-year apprenticeship program or community college while living with your family

Frequently changing jobs with different employers to learn new skills and gain experience

The total amount of income earned during a pay period.

Gross Pay

Ben really enjoys outdoor activities. When he isn't working, he's biking, hiking, sailing, or training to run marathons. Which of the following criteria would Ben think is the LEAST important as he decides on a career to support his lifestyle? a. High-paying b. Employee benefits such as paid vacations, health insurance c. Flexible work schedule d. Location - away from major city

High-paying

Delay making payments on borrowed money.

Loan Deferment

Which is an example of opportunity cost related to earning potential? a. Reduce income by cutting back on work hours to have time to attend classes at the local community college. b. Apply for a scholarship to pay for college tuition and a new computer. c. Improve time management skills. d. Decide on a career that fits into your desired lifestyle.

Reduce income by cutting back on work hours to have time to attend classes at the local community college.

A payment made for academic achievement.

Scholarship

Give two short-term/medium-term/long-term goals that you can do to prepare for your potential career.

Smart goal

T/F: One of the single greatest assets an individual has is earning power.

True

Which of the following is a major factor in helping you achieve your financial goals? a. Your job choice b. The amount of overtime you work c. Your ability to balance work and personal life d. Where you live

Your job choice


Conjuntos de estudio relacionados

Ch. 6 Microbial Nutrition and Growth

View Set

MCAT Biochemistry Chapter 12: Bioenergetics and Regulation of Metabolism

View Set

Yritysjärjestelyiden verotus viikko 12

View Set