Chapter 2. Financial Aspects of Career Planning

In the text, what is the amount of money a person with a doctorate degree could make over a 40-year span?

3,600,00

What is the best description of a career?

A commitment to a profession that requires continued training.

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

Business associates, Income, Decisions, Leisure time

What is the primary reason for completing an internship?

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

Why are some salary levels higher in big cities?

The cost of living is higher, and thus the salary will need to be higher

A cover letter usually accompanies___ and is designed to express interest in a job and obtain an interview.

a resume

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

employment affects daily decisions.

What are some common types of nonmonetary compensation?

Counseling, Flexible work schedule, Exercise programs

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

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

What is the formula for geographic buying power? This is found in the decision of social influences.

GBP=(Index Number of city 1 x Salary of City 1)/(Index Number of City 2) (index number x salary)/Index number = buying power

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

Information technologies Health care Financial Services Social services

What is the relationship between interest rates and employment opportunities in home construction?

Interest rates and employment opportunities have inverse relationship; one increase when the other decreases.

Which of the following does someone need to do when trying to obtain a mentor?

-volunteer for assignments -display initiative -show a desire to learn -meet the needs of others -use creativity

The career action plan has four steps. Place them in the correct order.

1. Describe your current situation. 2.Set a specific goal. 3.Identify the time frame for this goal. 4.List actions to be taken to achieve this goal

An employee will receive a benefit of a $300 nontaxable , annual premium. The employee is in the 28% tax bracket. What is the tax-equivalent amount if the benefit? You can fund this in the discussion of tax-equivalent employee benefits.

417 [416/(1-0.28)]=417

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

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

Which of the following are useful methods for career planning?

-Researching salary and benefit information -Posting your resume online -Online interviews

What are the three elements that are needed as a presentation f skills and experiences?

-Resume -Cover letter -An interview

Alternative job searching methods are:

-Talking with alumni with similar majors and career -Online company search -A face to face or walk-in job inquiry

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

Some of the general competencies that successful people commonly possess include:

-effective written and oral communication skills -knowledge of research techniques and resource materials k-knowledge of computer application

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

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

Which of the following are the main reasons people start their own businesses? This is found in the financial planning for life's situation regard entrepreneurial career options.

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

Why are aptitudes helpful with career growth?

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

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

False

True or false: On average, a person will have 20 jobs in a lifetime.

False

Why is corporate culture an important aspect of the work environment?

It is important so that employees feel comfortable in the company's environment.

What is defined as the development of an employment position that matches our skills with the need 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.

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

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

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

Technical and general

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 purpose do career fairs serve?

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

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

True

An entrepreneur to be successful should have sales and marketing knowledge, effective communication skills, and creative vision for success.

True

True or false: Employees should compare taxable and nontaxable employee benefits.

True

True or false: The career development office is a good place to plan you career.

True

What would be the primary outcome of campus project opportunities?

Work-related experience.

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

a job

Only about 40% of professional jobs are obtained through personal contacts and networking and 60% of jobs are obtained from ads.

False

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

False [Job creation involves developing an employment position that matches your skills with the needs of an organization.]

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

False [This means you work temporarily with the companies option for hiring, but, not always guaranteed.

What should you do when trying to attract a mentor?

Have excellent performance, show initiative, be creative, and meet the needs of others.

Social intelligence is focused on what main aspect? this is found in discussion of general skills.`

Having traits adaptable to most work situations

Why are so many more jobs placed through personal contacts versus ads?

The personal contact approach exceeds the ad approach because there is familiarity established with the potential employee.

What do market value calculation determine? This is found in the discussion of comparing benefits.

They determine the specific monetary value of employee benefits.

What do employment agencies do?

They matches workers and companies for future employment.

Volunteer work helps you to obtain organizational skills.

True

Specialized career training refers to___skills.

technical

Be sure you understand__you sign with the employment agency.

terms of the contract

Your starting salary with a company will be influenced by:

the company size the comparable salaries at other organizations your education and training

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

formal education

Economic conditions (as discussed in the text under Economic Conditions) that affect career opportunities are:

-Price increases -interest rates

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

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

What three examples are personal trade-offs due to career choice?

-Choosing flexible employment that allows more time with your family -Refusing a promotion that would require moving your family -Choosing employment that is satisfying rather than being the highest paying

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

-Communicate effectively with the recruiter. -Ask specific questions about the organization. -Thanks the recruiters for the time your spent with them.

When evaluating the stages of career planning, what are some of the characteristics of and concerns about the establishment and growth stage? This is found in an exhibit near the end of the chapter.

-Concentrating on specialization -Developing career contacts

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? This is found in an exhibit near the end of the chapter.

-Determining amount if involvement after retirement -Assisting in training a successor

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

-Finding Satisfaction -Seeking new challenges and responsibility

What are competencies that are common in successful people?

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

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 forms of work that require technical skills?

Alternative fuel engineer Accountant

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

Become knowledgeable about your product and services. Identify potential customers, select an appropriate location, and student competitors. Consider your financial resources.(Funds and loans)

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.

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. Compare the time off and sick leave Calculate the difference between the salaries and the hours mandated o work.

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

Career

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 are some important factors affecting starting salary?

Education, training, company size, salaries for comparable positions

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?

Individual should added the career they are preparing for.

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

Interview practice , Resume writing

What are formal training options for additional skills ad training?

Professional organizations Company programs.

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 entrepreneurs

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

Temporary working for a company

What information can a newspaper provide about current jobs?

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

How can market value calculations help decide between accepting or rejecting a job?

When comparing two job offers, calculate the value of the health insurance as well as the salary.

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

Reading and discussion with colleagues as well as reviewing new magazines, periodicals, and professional journals are all examples of___methods of obtaining career information.

informal

Corporate culture refers to:

management styles dress code work intensity