Personal Fiance Unit 3

What is Bob's net pay on his paycheck? a. $501.66 b. $363.32 c. $576.92 d. $640.00

$501.66

What is Bob's gross pay on his paycheck? a. $501.66 b. $320.00 c. $576.92 d. $640.00

$640.00

When Rob compared the Cost of Living Index for the city he currently lives in with the city where the other job was located, the index for his city was 106 and the index for the other city was 78. Which statement is most likely to be TRUE? Rob chose his current job because the Cost of Living Index indicated that it would be cheaper to live in his current city that it would have been in the other city. Rob chose his current job for reasons other than a lower cost of living. The cost of re‐locating to the other city increased the cost of living there so Rob chose to live in his current city. Even though the job in the other city offered a higher salary, it wasn't enough to make up the difference for that city's higher cost of living.

Rob chose his current job for reasons other than a lower cost of living

As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the LEAST IMPORTANT one to consider at this point? What kind of training and education do I need and how much will it cost? Is there a career pathway available if I continue my education and training? Can I get the education and training I need near where I currently live? Will a job be available and will I earn enough in my career to pay for the education and training it requires?

can i get the education and training i need near where i currently live?

Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2‐year program in to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. Mallory's plan is known as a/an: Career pathway Opportunity cost Debt‐to‐income ratio SMART goal

career pathway

Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she MOST LIKELY to have answered as a result of her job shadow? The future outlook for physical therapy jobs The amount of money physical therapists earn Common tasks and typical daily activities Opportunities for advancement in the career

common tasks and typical daily activities

David plans to apply for college in 2 years. His guidance counselor suggested that he begin adding items to a 'college/training application' folder. Which items WOULD NOT be helpful as additions to this folder? copies of awards and achievements he earns a list of all the extracurricular activities he gets involved in a resume of all community service and volunteer work he is actively involved in copies of his elementary and middle school report cards

copies of his elementary and middle school report cards

The average cost of basic necessities, such as housing and food for a particular city is call the: Standard of Living Lifestyle Cost of Living Economy of Living

cost of living

It is recommended that your educational loan payments require no more than 10‐15% of your estimated starting income. To calculate this amount, students need to calculate the of their education and training. Opportunity cost Career pathway Benefit Debt‐to‐income ratio

debt to income ratio

In order to make an informed career decision, a high school student will want to: commit to a profession that requires a college degree choose a career that offers the amount of money desired develop personal goals, complete a career assessment, and research careers choose a training program that will guarantee employment after the course work is completed

develop personal goals, complete a career assessment, and research careers

The most secure method for an employer to pay employees is to use: direct deposit payroll card printed paycheck in‐store credit

direct deposit

Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice? Completing your college degree is the best way to prepare for a career. Education pays in higher earnings and lower unemployment rates. Human capital and transferable skills result from formal training. Investing in yourself too early can lead to a lower standard of living.

education pays in higher earnings and lower unemployment rates

Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called: employee benefits job perks work incentives competitive hiring practices

employee benefits

Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would be TRUE? Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions. Federal Income Tax, State Income Tax, Workers Compensations, and Life Insurance are all required deductions. Social Security, Medicare, Life Insurance, and Health Insurance are all required deductions. Social Security, Medicare, Federal Income Tax, and Workers Compensation are all required deductions.

federal income tax, state income tax, social security and medicare deductions are all required deductions

Carson's family has always struggled financially due to his parents' leaving high school before graduating and working lower paying jobs to support the family. His parents don't want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which typed of need‐based aid he will qualify for? Perkins Federal Loan Application Direct Subsidized Stafford Loan Application Federal Work Study Application Free Application for Federal Student Aid (FAFSA)

free application for federal student aid (FAFSA)

One's Lifestyle is to their Standard of Living as present is to _? Past Recent Future Gift

future

Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount? Net Income Hours and Earnings Employer Contributions Gross Income

gross income

Jaimen is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student loan? He could be denied credit cards, car or home loans, or apartment leases. The bank could refuse to allow him to open a checking account. He may not be able to obtain a marriage license. His wages may be garnished.

he may not be able to obtain a marriage license

Zoe has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested she do this? Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe's lifestyle and wellbeing. Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations. Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career she wants to prepare for. Her counselor wants Zoe to search for a career that will allow occupational flexibility and provide for possible career advancement as she gains more experience working in her selected career.

her counselor wants zoe to match her skills, abilities, interests, and values with a list of specific occupations

Individuals with more formal educational training usually have: higher estimated lifetime earnings lower personal satisfaction greater amounts of leisure time more comfortable work environments.

higher estimated lifetime earnings

Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her: salary human capital family interest inventory

human capital

Hunter has been offered a job by a local mechanic who has offered to pay him in cash rather than by paper paycheck, direct deposit, or payroll card. Hunter is excited that the amount of money he will take home each week will be larger since his employer won't be deducting any taxes from it. His employer wants to hire him for the 10 weeks of his summer break and expects to pay him $300 per week. Which statement below is most likely to be true? Hunter will not need to pay taxes on the income from his summer job because the total amount he will earn is under the amount required for federal tax deductions. It is illegal for Hunter to receive payment for his work in cash. He could be fined for doing so. Hunter will need to pay his federal and state taxes on his own since his employer is not paying these required taxes for him. Hunter's employer is doing him a favor by offering to pay him in cash. Hunter will potentially earn more by this method of payment.

hunter will need to pay his federal and state taxes on his own since his employer is not paying these required taxes for him

Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which of the following is NOT difference between of a Direct Subsidized Stafford Loan and a typical bank loan? Interest rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time. Stafford Loans have deferment options. Stafford Loans typically have a grace period. Student families must complete a FAFSA (Free Application For Federal Student Aid) in order to apply for a Stafford Loan.

interest rates for stafford loans tend to be higher because the loans are held for a relatively long period of time

Erin has been in college for 2 years and has decided that the major she has been studying isn't for her. Changing her major and/or her college could result in: a well‐rounded college degree. the need for backwards planning. losing credits for classes she has already taken. remediation courses to make up for the change in majors.

losing credit for classes she has already taken

Which of the following statements is NOT true? Most people have several careers throughout their lifetime. Jobs are paid positions. People can develop human capital in a variety of ways. Transferable skills can be applied to many personal and professional roles.

most people have several careers throughout their lifetime

Gross income - deductions = Social Security Medicare net income employee benefits

net income

The of continuing your education is the money you would have earned if you have worked instead. Debt‐to‐income ratio Opportunity cost Benefit total estimated cost

opportunity cost

Rob's parents asked him what employee benefits his employer was providing. Which would be considered monthly salary location within walking distance of his apartment paid sick leave travel opportunities

paid sick leave

The regular schedule that employers pay their employees is called the . worker's compensation pay period employee benefits employer contributions

pay period

Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he want to explore ways he can receive money he WON'T need to repay. Which set of options below should he explore? Federal Perkins Loans, PLUS and local bank loans Federal Student Grants, PLUS Loans, and scholarships Pell Grants, Work‐study, and scholarships Work‐study, scholarships and PLUS Loans

pell grants, work-study, and scholarships

Which statement is TRUE regarding college‐level expectations for studying and completing projects? It is best to study alone in a quiet environment. Plan backwards from major deadlines. Multi‐tasking during study time develops the important skill of working while being distracted, so it is okay to message with friends or watch TV while studying. The busier your schedule gets, the more important it is to write down only the most critical tasks to be done. Wasting time writing down smaller details is not recommended.

plan backwards from major deadlines

Career assessments help to identify: the job an individual should have if he/she wants high well‐being positions available in a particular occupation fastest and slowest growing careers in a particular occupation possible career areas related to one's interests

possible career areas related to one's interests

To be considered for lifelong employment a person must continually maintain their employability. Three actions below will help to maintain employability. Which one WILL NOT? Maintain high standards in honesty, reliability, and punctuality. Adjust your actions to be appropriate for different situations you find yourself in, because you realize that what is appropriate in social situations is not necessarily appropriate in the work environment. Continue to learn by taking classes and striving for continual improvement on the job. Seek ways to blend your personal and professional images online to enable current and future employers to see that you have a varied and interesting life both in and outside of work.

seek ways to blend your personal and professional images online to enable current and future employers to see that you have a varied and interesting life both in and outside of work.

Jamie has elected to be paid by direct deposit at her new job. This means . She will receive her paycheck mailed directly to her each pay period. She will receive her pay directly into her checking account at her depository institution for each pay period. She will receive her pay automatically loaded onto her payroll card at the end of each pay period. She will receive her paycheck delivered directly to her at her place of employment at the end of each pay period.

she will receive her pay directly into her checking account at her depository institution for each pay period

When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation IS NOT TRUE of Charles' situation? Charles will need to take at least one course because he is not college‐ready. Since the remedial courses Charles must take will not count toward his degree , he needs to take the courses but tuition is not charged. Charles should have taken a placement test earlier in high school so he could strengthen his academic skills before heading for college. Remediation courses do not count toward his degree program so he may need to take extra credits and his college degree may take longer to complete.

since the remedial courses charles must take will not count towards his degree, he needs to take the courses but tuition is not charged

Jose has been challenged by his academic advisor to 'develop some human capital' this school year. Which activity below would be the LEAST effective way to reach that goal? Spend additional time playing video games to further develop his eye‐hand coordination. Volunteer to pick up trash along the roadsides. Attend a workshop on a topic he has little knowledge of. Ask his employer if there are any new tasks at work that he might be assigned.

spend additional time playing video games to further develop his eye hand coordination

Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning $32,000 per year. If Kansas City's Cost of Living Index is 100 and Indianapolis' Cost of Living Index is 125, which is true? Susan will have more spending power if she moves to Indianapolis. Susan will have more spending power if she stays in Kansas City. Susan will have the same spending power in Indianapolis as she has in Kansas City. There is not enough information to decide.

susan will have more spending power if she stays in kansas city

Sarah learned in her Financial Education class that she needs to consider the Cost of Living when comparing job offers. Which statement is most accurate? How much she will spend in moving expenses to re‐locate to the city where her new job is. The average cost of basic necessities, such as housing and food in the city where her new job is. The total value of the benefits package she will be offered in her new job. The total amount of her college costs compared to the salary she is being offered in her new job.

the average cost of basic necessities, such as housing and food in the city where he new job is

Which statement WOULD NOT be true about the value of career research? Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that career might require. Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career. Opinions from different people working in the occupation should be considered before ruling out a particular career. There are many careers that would support your well‐being. Career exploration allows you to find the one that pays the most so your well‐being is enhanced to the highest degree.

there are many careers that would support your well being. career exploration allows you to find the one that pays the most so your wellbeing is enhanced to the highest degree.

An example of a transferable skill is a skill: used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences. that can only be used in an individual's job or career. that each employer requires you to learn. that is learned at one job and is required at other jobs as well.

used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences

Miranda is working to develop a broad base of transferable skills. This means that she: Needs to maintain at least a part time job during the school year. Use her available hours outside of school for paid employment rather than volunteering. Will not have as much time to develop her human capital. Will have a set a versatile skill that she can apply to many personal and professional roles.

will have a set a versatile skill that she can apply to many personal and professional roles