Chapter 2 - Financial Aspects of Career Planning

The first step in starting a business should be to:

become familiar with the product or service

Growth is expected for Web consultants, foreign language translators, employee benefit managers, operations consultants, and research data analysts. These type of services are typically called (found in discussion of industry trends):

business services

Programs that allow workers to base their job benefits on a credit system and personal needs are called (found in discussion of evaluating employee benefits):

cafeteria-style employee benefits

Interest inventories can lead to ______ growth by using strengths of the individual.

career

A letter that accompanies a resume and is designed to express interest in a job and obtain an interview is called a:

cover letter

Corporate culture refers to:

dress code work intensity management styles

When individuals lose their jobs, they will cut back expenses. This is an example of how:

employment affects daily decisions

The for-profit groups that find work for workers are known as ______ ______.

employment agencies

After being terminated, it is good to feel sorry for yourself, get upset a lot, and feel depressed. True or False

false

Career assessment tests tell which career to pursue. True or False

false

Temp to hire means you will be hired after your temporary training. True or False

false

The definition of job creation is: The development of an employment position that matches your skills with the needs of your income. True or False

false

The demographic trends will not influence employment opportunities in a country. True or False

false

The more ______ you have, the greater your earning potential.

formal education

A valuable employee will need two main types of skills (found in discussion of career training and skill development):

general and technical

Which of the following characteristics are NOT legally protected from discrimination in hiring practices?

hair color fashion sense

Which of the following are causes that might be addressed by social entrepreneurs?

hunger poverty disease

Economic conditions that affect career opportunities are:

interest rates price increases

Comparing taxable and nontaxable employee benefits of multiple job offers is important because:

it can help you match employee benefits to your personal needs it can help you compare different job offers

Online sources for career planning include which of the following;

online videos phone apps websites e-mail contacts

A job change is beneficial for a worker if in the current job he or she is experiencing

poor performance evaluations low motivation level emotional distress caused by the job

Specialized career training refers to ______ skills.

technical

Be sure you understand the ______ you sign with the employment agency.

terms of the contract

When using an employment agency be careful when:

the agency charges a fee without the promise of work

When deciding whether to change jobs, consider:

the costs and benefits of the change

A mentor is an experienced employee who serves as a teacher and counselor to a less-experienced person in a career field. True or False

true

Employees should compare taxable and nontaxable employee benefits. True or False

true

Social intelligence is the ability of individuals to use important traits adaptable to most work situations to control themselves and act wisely around each other. True or False

true

The career development office is a good place to plan your career. True or False

true

Using a future value calculation can help to determine if other benefits to be received will compensate for less salary paid now. True or False

true

Volunteer work helps you to obtain organizational experience. True or False

true

More than _____ people in the United States operate their own business. (Choose the highest number for which this is true.)

20 million

What is the best description of a career?

A commitment to a profession that requires continued training.

What are some of the general characteristics associated with successful people?

Ability to work with others, adaptability, and a good work ethic.

What are two fields that require technical skills?

Accountant Alternative fuel engineer

What does the Occupational Outlook Handbook cover?

Career planning and job search tools and specific job information

What must you consider when planning your career?

Career selection and professional growth are essential.

What should you remember about your future career?

Career selection and professional growth require planning.

What are the best practices when attending for a career fair?

Communicate effectively with the recruiter. Ask specific questions about the organization. Thank the recruiters for the time you spent with them.

What are formal training options for additional skills and training?

Company programs Professional organizations

When evaluating the stages of career planning, what are some of the characteristics of and concerns about the establishment and growth stage?

Concentrating on specialization Developing career contacts

What is necessary for jobs and careers that require technical skills?

Continuous updating of knowledge and skills to perform job

What term refers to management style, work intensity, dress code, and social interaction within an organization?

Corporate culture

When evaluating the stages of career planning, what are some of the characteristics of and concerns about the pre-entry and exploration stage?

Dealing with shock of unfulfilled expectations Assessing personal interests and set goals

According to the text, when evaluating the stages of career planning, what are some of the characteristics of and concerns about the late career and pre-retirement stage?

Determining amount of involvement after retirement Assisting in training a successor

What information can a newspaper provide about current jobs?

Economic influences on careers What jobs are available Career trends for an industry

How does supply and demand affect career opportunities?

Employment opportunities increase if there is a demand for workers.

Identify four service industries that according to your textbook are expected to have the greatest employment potential?

Financial services Social services health care Information technologies

According to the text, when evaluating the stages of career planning, what are some of the characteristics of and concerns about the advancement and midcareer adjustment stage?

Finding satisfaction Seeking new challenges and responsibility

What are some common types of nonmonetary compensation?

Flexible work schedules Counseling Exercise programs

Career aptitudes can be discovered through what?

Interest inventories

What are two areas that a campus career office can help with regarding career preparation?

Interview practice Resume writing

What does a corporate culture help establish?

It establishes a code of conduct that applies to all employees of that particular company.

What is defined as the development of an employment position that matches your skills with the needs of an organization? This is found in the discussion of identifying job opportunities.

Job creation

Which of the following is recommended by counselors to cope with a job termination?

Maintain normal habits, involve yourself with activities, improve career skills, look for work, and target your skills to organizations.

When you are looking for a competitive edge over other new graduates for employment, what can you do?

Obtain an internship with a reputable company

Why do many people change jobs at some point in their lifetime?

Personal and social factors will cause people to reassess their work situation.

What is the definition of cafeteria-style employee benefits?

Programs that allow workers to base their job benefits on a credit system and personal needs.

Which of the following are the main reasons people start their own businesses?

Reduced career opportunities in their field A desire for greater control over their work environment

What are some measures you should take before accepting a position?

Research the company and the reason the other person left the company, if that is the case.

Which of the following are measures you should take before accepting a position?

Research the type of work you will be doing. Research the company and the reason the other person left the company. Read over the employment contract carefully.

The summary of an individual's education, experiences, and job qualifications would be called what?

Resume

______________ mixes traditional business practices with innovation to address social concerns such as hunger, disease, poverty, and education.

Social entrepreneurship

What is the best explanation of technical skills?

Specific skill sets that are needed to perform your job

What does it mean to work as a "temp"?

Temporarily working for a company

What is one of the career information sources that the library has that can help you plan your career?

The Occupational Outlook Handbook

What is the primary reason for completing an internship?

The career industry may be very competitive & you obtain needed job experience..

Why is a starting salary of $60,000 a year a good salary in Georgia, but below average in New York City?

The cost of living in New York City is very expensive.

What is a simple way of describing market value calculations?

The cost of the benefits if you had to pay for them yourself.

The relationship of education and earnings is best described by which of the following?

The more education you have, the greater knowledge and skills you have that your employer may be willing to reward.

How can a person's personality lead to career growth?

The person may acclimate to a career faster and this will lead to career growth.

What do market value calculations determine?

They determine the specific monetary value of employee benefits.

What do employment agencies do?

They match workers and companies for future employment.

What is it called when there is an increased need for services in a portion of the population that in turn provides employment opportunities for workers in other portions of the population? This is found in the discussion of social influences.

This is known as a Demographic trend.

What purpose do career fairs serve?

To give opportunities to contact several firms in a short time span

Newspapers and the Internet provide the economic and social influences that are useful for job market information. True or False

True

What are competencies that are common in successful people?

Understanding of personal motivation. Knowledge of technology and computer software. Ability to solve problems in a team setting.

______ work may improve organizational skills.

Volunteer

What do equal employment rights provide for individuals?

Ways to avoid discrimination within the employment selection process Ways to ensure that worker's compensation, social security, and unemployment insurance is provided

What is the connection between general skills and technical skills?

When combined, they create a well-trained, adaptable employee.

Why are some salary levels higher in big cities?

Why are some salary levels higher in big cities?

When a person studies a particular subject and has employment due to that specific knowledge, it is called:

a career

An employment situation that is taken on without regard to advancement opportunities is often times called:

a job

If you are not enjoying the work you are doing and you feel distressed about it, then it may be time for:

a new job

The definition of a mentor is:

an experienced employee who serves as a teacher and counselor for a less experienced person in a career field

A person may naturally have a talent of working with numbers, which can be used to establish a career. This is an example of:

application of an aptitude

What is a good description of a job?

An activity regularly performed for monetary payment.

What is a common employee benefit designed to meet varied life situation needs?

An employer compensates an employee with a gym membership.

Why are aptitudes helpful with career growth?

Aptitudes are natural abilities that allow a person to work more effectively.

What are the decision-process guidelines for making a career change?

Ask if the career change will meet needs and goals. Assess benefits such as health insurance. Ask if the trade-off of another career is more beneficial. Assess the financial cost of changing careers.

When comparing the employee benefits and financial aspects of job offers, you should do which of the following?

Calculate the market value of health insurance. Calculate the difference between the salaries and the hours mandated to work. Compare the time off and sick leave.

How can future value help assess the worth of employee benefits?

Future value can help determine what a pension plan or a retirement plan will be worth in the future.

Social intelligence is focused on what main aspect?

Having traits adaptable to most work situations

Which of the following are included in the first three steps to starting your own business?

Identify potential customers and location, and study competitors Consider your financial sources Become knowledgeable about your product or service

Which of the following are a direct result of the work that you do?

Income Decisions Leisure time Business associates

What is good to do to increase your financial compensation and career success?

Increase education and knowledge of new technology.

If individuals' personal situation change, what should they also reassess?

Individuals should assess the career they are preparing for.