Personal Financial Planning (4 questions WRONG!)

Yvonne continues to work full-time at her job while she attends college part-time. It takes 5 years for Yvonne to complete the program, but when she does she is able to increase her salary from $37,000 per year to $45,000 per year. At this rate, Yvonne will have recovered her college costs after 4.5 years. How much did it cost Yvonne to go to college? a. $36,000 b. $45,000 c. $40,000 d. $32,000

A.) $36,000

Two people quit work and begin college at the same time. Their salary and education information is given in the table below. Salary prior to school Years attending college Total cost of college Salary upon graduating Person A $18,000 3 $45000 $33,000 Person B $27,000 4 $30,000 $37,000 Choose the true statement. a. Person A recovers their investment in a shorter amount of time. b. Person B recovers their investment in a shorter amount of time. c. They recover their investments in the same amount of time. d. There is too little information to compare the time to recover their investments.

A.) Person A recovers their investment in a shorter amount of time.

Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school? a. about 2.5 years b. about 5.5 years c. about 8.5 years d. about 11.5 years

A.) about 2.5 years

Jamal works part-time earning $8,000 per year. He reduces his work hours by half so that he can go to school. Jamal completes his degree after 3 semesters (1.5 years) at a cost of $1,400 per semester in tuition and $500 per semester in books. What was Jamal's investment in getting his degree? a. $4,700 b. $5,700 c. $11,700 d. $17,700

B.) $5,700

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment? a. 1.3 years b. 2.5 years c. 10 years d. 20 years.

B.) 2.5 years

Data seems to indicate that there is a negative correlation between years of education and unemployment rates. Which of the following describes what this means? a. As education increases unemployment increases. b. As education increases unemployment decreases. c. As education decreases unemployment decreases. d. None of the above.

C.) As education decreases unemployment decreases.

The table below is comparing level of education achieved to the rate of unemployment and the median weekly earnings in 2008. Based on the information provided, the unemployment rate decreases the most when moving between which two consecutive educational levels? a. "Less than high school" and "High School Graduate" b. "High school graduate" and "Some college, no degree" c. "Associate degree" and "Bachelor's degree" d. "Professional degree" and "Doctoral degree"

D.) "Professional degree" and "Doctoral degree"

Based on the information provided in the graph, for which of the following situations could you expect to have the greatest increase in salary? a. Having a high school diploma and going to college for a year. b. Having an associate's degree and getting a bachelor's degree. c. Having a bachelors degree and getting a master's degree. d. Having a master's degree and getting a doctorate degree.

D.) Having a master's degree and getting a doctorate degree.

If there is a positive correlation between number of years of education and the amount of company pension contributions, which of the following professions would you expect to have the best company pension contributions? a. police officer, associates degree b. accountant, bachelor's degree c. lawyer, master's degree d. pharmacist, doctorate degree

D.) pharmacist, doctorate degree

If there is a positive correlation between salary and education, then based on the table shown, which of the following careers requires the least education? a. accountant b. architect c. pharmacist d. surveyor

D.) surveyor