Career Planning

Based on the information provided in the graph, for which of the following situations could you expect to have the greatest increase in salary? a.Having a high school diploma and going to college for a year. b.Having an associate's degree and getting a bachelor's degree. c.Having a bachelors degree and getting a master's degree. d.Having a master's degree and getting a doctorate degree.

d) Having a master's degree and getting a doctorate degree.

Which of the following should one consider when choosing a career? a.the potential earnings b.the work environment c.the required education d.all of the above

d) all of the above

There is a negative correlation between the number of years in college and earnings.Please select the best answer from the choices provided T F

False

List 3 things that you should consider when choosing a career.

How much education is needed, what the potential earnings are, how well it matches individual interests, what the work environment is like and what the future employment outlook is.

Jamal works part-time earning $8,000 per year. He reduces his work hours by half so that he can go to school. Jamal completes his degree after 3 semesters (1.5 years) at a cost of $1,400 per semester in tuition and $500 per semester in books. What was Jamal's investment in getting his degree? a.$4,700 b.$5,700 c.$11,700 d.$17,700

It is not A,B

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment? a.1.3 years b.2.5 years c.10 years d.20 years.

It is not B

Jesse works for an engineering firm earning $54,000 per year. Jesse is 53 years old and plans on retiring at age 65. He?s considering working part-time so that he can work on another degree. His new degree would take him 3 years to earn and cost a total of $30,000. After getting the degree, Jesse will make $75,000 per year. Do you think that the new degree is worth the investment? Explain your reasoning.

Jesse will spend $111,000 to earn the degree: 3 years loss of 1/2 his salary + cost of education = 3(27,000) + 30,000 He will make $21,000 per year more after earning his degree, so it will take a little over 5 years to recover his investment. This means that he will work an additional 4 years making $21,000 more per year for a total of $84,000, so it seems like a wise investment.

The table below is comparing level of education achieved to the rate of unemployment and the median weekly earnings in 2008. Based on the information provided, the unemployment rate decreases the most when moving between which two consecutive educational levels? a."Less than high school" and "High School Graduate" b."High school graduate" and "Some college, no degree" c."Associate degree" and "Bachelor's degree" d."Professional degree" and "Doctoral degree"

a) "Less than high school" and "High School Graduate"

Yvonne continues to work full-time at her job while she attends college part-time. It takes 5 years for Yvonne to complete the program, but when she does she is able to increase her salary from $37,000 per year to $45,000 per year. At this rate, Yvonne will have recovered her college costs after 4.5 years. How much did it cost Yvonne to go to college? a.$36,000 b.$45,000 c.$40,000 d.$32,000

a) $36,000

Frank and Lynn are co-workers getting paid the same salary. They both decide to quit their jobs and start going to school on the same day. Frank gets a degree after just 18 months and spends $6,500 dollars on his education. Lynn only spends $3,500, but it takes her 2 years to get her degree. Assuming that they each will make $6,000 more per year after graduating, which of the following is true? a.Frank will recover his investment at an earlier date than Lynn. b.Lynn will recover her investment at an earlier date than Frank. c.Frank and Lynn will recover their investments on the same date. d.There is not enough information given to know who will recover their investment first.

a) Frank will recover his investment at an earlier date than Lynn.

Two people quit work and begin college at the same time. Their salary and education information is given in the table below. Choose the true statement. a.Person A recovers their investment in a shorter amount of time. b.Person B recovers their investment in a shorter amount of time. c.They recover their investments in the same amount of time. d.There is too little information to compare the time to recover their investments.

a) Person A recovers their investment in a shorter amount of time.

Careers differ in many ways other than just income, and these differences can affect your long-term goals or your ability to attain the same. Which of the following is not a factor of a career that might affect your long-term goals? a.The job tends to offer a generous number of sick or personal days per year. b.The job is with a company that tends to rapidly promote its best employees. c.The job is in a field that has recently faced massive cutbacks or losses. d.The job tends to relocate its employees on a regular basis.

a) The job tends to offer a generous number of sick or personal days per year.

Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school? a.about 2.5 years b.about 5.5 years c.about 8.5 years d.about 11.5 years

a) about 2.5 years

If there is a positive correlation between salary and education, then based on the table shown, which of the following careers requires the most education? a.accountant b.paralegal c.photographer d.surveyor

a) accountant

Alistar has an annual income of $25,000. He decides to take classes on line and at night so that he can continue to work. After 3 years he gets his degree and immediately starts earning $32,000 per year. If it takes Alistar 6 years to recover his investment for his education, how much did it cost him? a.$21,000 b.$42,000 c.$63,000 d.$150,000

b).$42,000

Data seems to indicate that there is a negative correlation between years of education and unemployment rates. Which of the following describes what this means? a.As education increases unemployment increases. b.Data seems to indicate that there is a negative correlation between years of education and unemployment rates. Which of the following describes what this means? a.As education increases unemployment increases. b.As education increases unemployment decreases. c.As education decreases unemployment decreases. d.None of the above.

b)As education increases unemployment decreases.

You give up a full-time salary of $45,000 a year to go to school for 2 years. The total cost of going to school is $30,000. If you want to be able to recover your investment in 5 years or less, what is the minimum salary you would need to earn upon earning your degree? a.$51,000 b.$60,000 c.$69,000 d.$75,000

c) $69,000

In order to go to college, Hank goes from working full-time making $28,000 per year to working part-time at half the salary for two years. The cost of his education will be $5,000. If Hank makes $33,000 per year after getting his degree, approximately how many years will it take him to recover his investment? a.1 b.5.6 c.6.6 d.12.2

c) 6.6

Brenda has an associate's degree earning the median salary. She wants to quit working and go to college to get just a basic bachelor's degree. If she completes her degree in 2 years and it costs $15,000, how long will it take her to recover her investment assuming that she earns the median salary? a.almost 6 years b.almost 7 years c.almost 8 years d.almost 9 years

c) almost 8 years

Neil decides to go to a technical college for 18 months to get a degree in computer networking. There are 6 school quarters in the program with a tuition of $530 each. Books for the entire program cost $1,800. How much will it cost Neil to get his degree? a.$3,180 b.$3,920 c.$4,980 d.$11,340

c)$4,980

There is a correlation between higher education and greater degrees of both income and job stability. What is one downside of continuing education that might cause someone to choose not to seek a higher level of education despite the benefits? a.If you have too much income, you will reach your goals too quickly. b.Most employers feel that pursuing a college degree shows a lack of decisiveness or conviction compared to diving straight into the workforce. c.Higher education can be expensive, and most students who seek degrees must accept some burden of debt. d.Getting a degree in one subject can disqualify you from getting a job in another field.

c)Higher education can be expensive, and most students who seek degrees must accept some burden of debt.

If there is a positive correlation between number of years of education and the amount of vacation time, which of the following careers would you expect to have the most vacation time? a.police officer, associates degree b.accountant, bachelor's degree c.lawyer, master's degree d.pharmacist, doctorate degree

d) pharmacist, doctorate degree