Personal Finance Review

What are three items that may be needed in the application process?

cover letter, resume and application

A person's resume should not include

current salary

What do you think is the purpose behind this kind of training program? (apprenticeship)

to learn and gain new skills through hands on experience

What is the purpose of a resume?

to provide potential employers with a snapshot of an applicants qualifications

What would be a good reason to avoid a career that requires a lot of education?

too expensive, costs outweigh benefits, or you need to work full time now and can't put that off

Asa wants to get his degree in engineering. He estimates it will take him five years to complete the degree and that he will spend about $8,000 a year for tuition, fees, books, and room and board. How much will it cost Asa to get his degree?

$40,000 8,000 x 5 = 40,000

If Josh spends $4,000 a year on tuition and fees, $1,200 a year on books, and foregoes earning $10,000 a year, how much will his four year degree cost?

$60,800

Is it worthwhile to seek a college degree if the degree is not in a specific field or part of a specific training?

sometimes

Anton is seeking an advanced degree that requires an investment of $70,000 and a three-year commitment during which he will lose $20,000 a year in income. Even without considering the interest lost on the investment and lost earnings, how long will it take him to recover his investment if he makes $10,000 more per year after completing the degree?

13 years

Miss McClure is thinking about getting her master's degree in education. She estimates that she will spend about $6,000 a year for three years to get her degree. Her plans are to take evening classes so she can keep her current teaching job. However, when she finishes her degree she will get a $4,000 a year raise. How long will it take her to recover her investment?

4.5 years

If you study an extra 10 hours a week for a year (52 weeks) and you earn a four-year scholarship valued at $50,000, what is your hourly return on your investment in study time?

52 x 10 = 520 extra hours

Which of the following is a true statement?

A certification is recognition that a person has acquired a certain level of knowledge : or training in a particular area of study.

A person finds out that with a bachelor's degree, he can expect to earn $55,000 a year as a financial researcher. If he spends two years (full-time) getting an MBA it will cost him $25,000 a year for his education; however, he can expect to then earn a minimum of $90,000 a year as a financial analyst. If he decides to take the additional education route, to make up for the financial cost of postponing his career, it will take him

Almost 5 years

A career that requires a college degree, is expected to grow in employment in the coming years, and provides its employees with a high income is?

Applications and computer software engineers

In deciding whether to pursue additional education and training for a job, a person decides to do a cost/benefit analysis. This is a good idea because it will help her to?

Decide whether the benefits she believes she will have in a certain job and career are worth the financial and quality of life costs associated with gaining the necessary skills and education.

As a first step in selecting a career path, a person should?

Determine which career areas are interesting.

Assume you spend $3,500 a year for the first two years attending a junior college and then you spend $6,000 a year for the remaining two years at the local college. Your friend spends $5,000 a year for four years at another local school. Compare the costs of both options.

Option 1 costs $19,000 Option 2 costs $20,000

The Occupational Outlook Handbook is a good source for finding information about?

The areas that will need more employees in the coming years.

Why do many employers say that a cover letter is as important as the resume it accompanies?

The cover letter gives the writer a chance to explain why she believes that her skills and knowledge make her the ideal person for the position.

Which of the following is a true statement about the United States job market?

The manufacturing industries have seen little or no job growth for more than 20 years

If a college or university offers a nationally accredited nursing program, it most likely means that?

The program has been cited by a nationally recognized nursing professional organization as meeting certain standards.

Tiffany makes $8 an hour and works 15 hours a week. Tosha makes $9.50 an hour and works 50 hours per month. Who will make more money this year?

Tiffany

Why is it important to know the educational or training requirements when deciding upon a career?

additional training or education may be required and can be expensive

What is a certification?

an official document or record stating that a person has met some standard for training or knowledge

What kinds of credentials do colleges provide?

bachelor's degrees or post graduate degrees

What type of jobs typically require apprenticeships?

blue collar jobs like electricians, plumbers or carpenters

How does your choice of career affect your financial future?

career choice affects earnings and more education costs money.

What does it mean to say that education is a good investment?

education costs money but usually results in a higher income/better benefits in the long run.

Why is it important that possible employers recognize the value of any certification you might seek?

if you have additional certifications or degrees, employers might pay you more.

Doug has been offered two different jobs. One company has offered him $31,000 a year and will furnish a vehicle with a company gas card. The other job will pay him $20 an hour and he will work 40 hours a week. Doug believes the vehicle allowance will save him about $7,000 a year that he would otherwise have to spend on transportation. Which job pays the most?

job # 2

What factors might influence the type of resume you select?

job history and education level

What sources can you use to find information about compensation for different careers?

online bls.gov is a good resource

Where can one find information about education or training requirements for a job?

online or state website

Why is it especially important for younger people to get familiar with the job-seeking process?

people don't stay in the same job anymore so its important to know how to find a job

What else, besides the financial impact of your choice, should you consider when choosing a career?

personality and lifestyle

Why is it critical to know the compensation for a job?

you need to know if the compensation is sufficient for your lifestyle and needs.