Personal Finance Module 3 Review

An opportunity to combine on-the-job training with class instruction.

Apprenticeship

After 3 months on the job, Luiz received a 50 cent raise and now has insurance benefits. He worked 35 hours one week and 42 hours the second week of the recent pay period. And his deductions totaled $217.90. What is his net pay? (Hint: He makes $8.00 an hour now)

$406.10

Luiz has worked 35 hours each of the past two weeks. If he earns $7.50 an hour and is paid every two weeks, what is his gross pay for the two-week pay period?

$525.00

Give two examples of employee benefits.

1. Vacation time or Personal days 2. Health Insurance 3. Sick Leave 4. Life or Disability Insurance 5. Retirement Plans 6. Discounts

An amount paid by employers in recognition of exceptional work.

Bonus

Pay is based on a percentage of the cost of items or services sold.

Commission

True or False: Martin does not have to pay income taxes on the cash tips he received while working his shift at the car wash.

False

True or False: The No. 1 reason why students drop out of higher education programs is because they can't keep up with the coursework when they are working or have a family.

False

True or False: You can expect to receive the same employee benefits wherever you work full time.

False

The total amount of income earned during a pay period.

Gross Pay

Delay making payments on borrowed money.

Loan Deferment

A payment made for academic achievement.

Scholarship

True or False: One of the single greatest assets an individual has is earning power.

True

Which of the following strategies has the MOST potential to PREVENT you from boosting your earning potential? a) Frequently changing jobs with different employers to learn new skills and gain experience b) Working at the same company every summer break while going to school c) Enlisting in the military right after graduating from high School d) Enrolling in a local two-year apprenticeship program or community college while living with your family

a) Frequently changing jobs with different employers to learn new skills and gain experience

Ben really enjoys outdoor activities. When he isn't working, he's biking, hiking, sailing, or training to run marathons. Which of the following criteria would Ben think is the LEAST important as he decides on a career to support his lifestyle? a) high-paying b) employee benefits such as paid vacations, health insurance c) flexible work schedule d) location - away from major city

a) high-paying

Which of the following is a major factor in helping you achieve your financial goals? a) your job choice b) the amount of overtime you work c) Your ability to balance work and personal life d) Where you live

a) your job choice

An employer-sponsored retirement savings plan is.... a) only available for employees who work more than 10 years at the company b) a valuable employee benefit c) funded solely by the employer d) only available to retired people

b) a valuable employee benefit

Janelle is considering a future career in graphic design. Which one of these summer jobs has the most potential to help Janelle jumpstart her career? a) a salesclerk at a bookstore b) an advertising assistant c) any job that pays more than minimum wage d) a stock clerk at the local hobby supply store

b) an advertising assistant

Of the following types of jobs, which would be the BEST option to support the hobby of Alison, who performs in a band for area festivals, dances, and receptions? a) on-call emergency room nurse b) hotel night clerk c) dental assistant d) volunteer fire fighter

c) dental assistant

Why would someone want to start his or her own business rather than work for someone else? a) able to work few hours because someone else is managing the day-to-day business tasks b) certain to make a lot of money c) no worries about losing his or her job d) able to make own business decisions regarding what services or products to sell

d) able to make own business decisions regarding what services or products to sell