Personal Financial Literacy
Consider the following recreation and leisure activities. Select all that you participate in on a regular basis.
All answers
Retirement is nothing to be concerned about. Most people have planned for their retirement years, and they will be ready to take it easy once they are retired.
False
Tom interviewed several of his neighbors and asked them to fill out an anonymous survey about their jobs. He found out that while one person's salary was $24,000 a year, another person's salary was $98,000. What are some factors that would make such a difference? Choose all that could apply.
The person who had a lower salary was working part time. One person owns his own business and the other works at a convenience store. One person has more years of experience than the other. The person with a higher salary had a higher level of responsibility. One person is a highly skilled technician and the other performs manual labor. One person was in management, while the other was an entry level position.
Which of the following groups of professions require more years of education and experience than the others?
college professors, doctors, pharmacists, genetic engineers
Choose all of the features or guidelines of a defined benefit plan.
employer funded upon retirement the employee gnerally receives a monthly benefit payment all or some benefits guaranteed through the federal government usually has no employee funding associated with the plan governed by federal government guidelines and rules for administration of plan by employers
What factors affect job opportunities and benefits. Choose all that apply.
manufacturing trends
What factors affect job opportunities and benefits. Choose all that apply.
manufacturing trends geographic area high retail sales for new products or services industry needs occupations that need more people in the workforce
Choose all characteristics of a defined contribution plan.
most of these plans require emloyee participation and contributions when retiring an employee can generally transfer benefits to a personal IRA or other account employee is generally responsible for managing the investment either personally or through the company responsible for managing the plan include such plans as 401(k), SIMPLE IRA's, and similar plans employers will often match employee's contributions up to a certain percentage or dollar amount
People 75 and older watch almost twice as much television as those people aged 15 to 19. Choose the three answers you think are the best?
older people tend to be more sedentary and not as active older people's health do not allow them to be more active and play sports people 15 to 19 would rather be more active participating in sports and games
Choose all practical ways a person can plan and prepare for retirement.
start saving for retirement when you are younger if self employed invest in IRA's or other diversified investments know what Social Security may provide in retirement participate in your employer's pension or savings plan to save on taxes evaluate how much income you will need to support you in retirement
If the average truck driver earns a basic salary of $38,379 a year and an average lawyer earns a basic salary of $73,687 answer the following questions: Who would earn the most in salary the first ten years (knowing that the person getting a law degree loses 6 years of salary while he/she is in college and law school.) Who would earn the most in salary the first twenty years (considering the same loss of earnings for the first six years for the lawyer.) the lawyer would earn more-by about $265,000
the truck driver would earn more-by about $89,000; the lawyer would earn more-by about $265,000