Personal Finance review
Social Security
6.2% gross retirement program and disability
What is the difference between a job and a career?
A job- employment mainly to earn money Ex: my job Career-commitment to a profession that requires continued training. Ex: teacher
How can you make a positive first impression when you enter an interview?
A smile, be on time, appropriate dressing
What are the advantages and disadvantages of a payroll card for an employee?
Advantages- Lower internal costs, safer than cash, can receive a 2nd card. Disadvantages- over draft fee, fee for having too much money on it, fee for not using it in a certain amount of time.
What is the first step in the career planning process?
Career action plan
What can a high school student do to make an informed career decision?
Career research
What is the most secure method for employers to pay employees?
Direct deposite
Base salary
dollar amount a person will receive in his/her paycheck before taxes.
What is the relationship between education and earning?
education is learning, earning is what you receive.
What kind of accessories are appropriate for men and women to where to an interview?
no more than 8 pieces of jewelry, a belt
fringe benefits
payment to a worker in addition to salary or wages. Ex: paid sick time, holiday vacation time etc
What 3 main factors can influence your future job opportunities?
population, Labor force, Demand for goods and services.
What is human capital?
skills squired through a process of self assessment.
What are the three traits that employers look for in prospective employees?
Firm hand shake, smile, eye contact
What government agency is responsible for collecting federal taxes?
IRS
What are three avenues a person can use to look for a job?
Job and career fairs, volunteering, job advertising and sites
What factors should you consider when you are evaluating a job?
Location & environment, opportunity for advancement, Base salary.
What is appropriate attire for a men and women to wear during an interview?
Men- Dark colored suits, solid color shirt Women- dark colored suit. skirt no more than an inch above the knee.
What is the purpose of an interest inventory test?
Self assessment that aids in career planning to asses particular objects, activities, and personalities.
What 2 forms are each employee required to complete when they start a new job? What is the purpose of each form?
W-4 : Determines percentage of gross pay withheld for taxed I-9 : employment eligibility verification
Gross pay
total amount of money earned before taxes
dependents
who you claim. (you can only be claimed once)
Medicare
1.45% gross nations health care program for elderly and disabled.
What 2 taxes are included within the Federal Insurance Contribution Act (FICA)?
Social security, medicare
pay period
The amount of time in which you are paid
Net pay
amount you get after deductions are taken out
What are 3 examples of cost of living expenses?
housing, food, transportation
What is the formula used to compare the cost of living in one city to another?
index city 2 / Index city 1
