business and finance chapter 1 and 2
Higher interest rates can be caused by:
a lower money supply
a resume gives a potential employer ___________
a summary of your education, training, experience, and qualifications
who is most likely to benefit from inflation?
borrowers
The problem of bankruptcy is associated with poor decisions in the ______________ component of financial planning
borrowing
The first step of developing a personal financial plan is __________
determining your current financial situation
In career planning process, after identifying specific job opportunities, a person should:
develop a resume and cover letter
________ is the study of the decisions that go into making, distributing and using goods and services
economics
the study of how wealth is created and distributed is:
economics
Brock Trotter has gone to monster.com as well as his local newspaper and has found five job possibilities that he feels fit his abilities and interests. Which step in the career planning process has Brock completed?
evaluate the employment market to identify specific employment opportunities
(T/F) A long-term goal is one you expect to reach within six months or so.
false
(T/F) Developing and using a budget is part of the "obtaining" component of financial planning
false
(T/F) Financial planning has specific techniques that will be effective for every individual household
false
(T/F) Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders, excluding items produced with foreign resources
false
(T/F) Higher inflation usually results in lower interest rates
false
(T/F) Lenders benefit more than borrowers in times of high inflation
false
(T/F) Most jobs require the same personality traits
false
(T/F) Present value is also referred to as compounding
false
(T/F) The things you like to do are called your aptitudes
false
(T/F) Working in a temporary job is a bad idea if you have high career goals
false
(T/F) developing financial goals is the first step in the financial planning process
false
(T/F) increased demand for a product or service will usually result in lower prices for the item
false
The amount that your original deposit will be worth in the future, based on earning a specific interest rate over a specific period of time is its _____________.
future value
A functional resume is best for a person who:
has diverse skills
Which of the following personality traits would probably be helpful for someone who worked as a salesperson?
outgoing and friendy
one of the external factors you should consider before you begin your job search is
social influences
a ______________ resume is designed to obtain a specific job
targeted
(T/F) A decrease in the demand for a product or service may result in a decrease in wages for people producing that item
true
(T/F) A decrease in the demand for a product or service may result in a decrease in wages for people producing the item
true
(T/F) A person's birth, sex, height, weight should only be included on a resume if that info relates specifically to qualifications for an employment position
true
(T/F) Analyzing your current financial position is part of the first stage of the financial planning process
true
(T/F) If you change careers, you may need to accept a lower wage as you work to gain experience in your new career field.
true
(T/F) Inflation reduces the buying power of money
true
(T/F) Opportunity costs refer to what a person gives up when making a decision
true
(T/F) People who are happy with their work are more likely to be happy in other areas of their lives as well.
true
(T/F) Risks associated with most financial decisions are fairly easy to measure
true
(T/F) The average person will spend about 86,000 hours on the job in his/her lifetime
true
(T/F) Trade balance is defined as the difference between a country's exports and imports
true
(T/F) increased technology can result in a reduction of employment in one industry while creating new jobs in other industries
true
Your financial goals should be all of the following EXCEPT_________ a. unclear b. specific c. set within a determined time frame d. realistic
unclear
In the United States, the central activity of a person's life is typically
work
most successful people _________
work well with others
about how often should you reevaluate your career goals?
about every five years
The first step of the career planning process is to:
access your interests, abilities, and goals
The stages that an individual goes through based on age, financial needs, and family situation is called the :
adult life cycle
mathematical abilities, problem-solving skills, and physical dexterity are examples of
aptitudes
____________ are purchases that you make often and use up quickly.
consumable goods
A ________ is a person who purchases and uses goods or services
consumer
compared to a job, a career
demands regular updating of knowledge
Ned Turner has done some research and has found that the population of the U.S. is aging which means there will be an increased need for health care professionals in the future. This is an example of _____________________ influencing jobs in the future
demographic trends
(T/F) Economics is the study of using money to achieve financial goals
false
(T/F) Most decisions have only a few alternatives from which to choose
false
(T/F) interest on savings is calculated by multiplying the money amount times the opportunity cost times the annual interest rate
false
(T/F) once you have had a formal interview with an employer, you should not contact the employer again unless you are offered the job
false
(T/F)Time value of money refers to changes in consumer spending when inflation occurs
false
___________ are tendencies of people moving from one area of the country to another as financial centers shift location.
geographic trends
Getting a college education, buying a car, and starting a business are examples of ___________
goals
a type of employment agency that seeks out high qualified people to fill important positions for an employer is a
headhunter
increased consumer spending will usually cause
higher employment levels
higher consumer prices are likely to be accompanied by...
higher interest rates
a ______________ is an employment position that is obtained mainly to make money
job
Spending a morning or afternoon with a worker in the type of job that interests you is called
job shadowing
The way people choose to live their lives, based on the values they have chosen is called
lifestyle
some savings and investment choices have the potential for higher earnings. However, these may also be difficult to cash when you need the funds. This problem refers to:
liquidity risk
Saving money to buy a house in ten years and putting a way money for retirement are examples of _______.
long-term goals
The final step of the career planning process is to
plan for career development
to assess the current value of a lump-sum retirement benefit that will be received in 10 years use the ______________ calculation
present value of a single amount
in order to calculate the time value of your savings, you need to know the annual interest rate, the length of time your money will be in an account, and the _______.
principal
the purpose of a screening interview is to :
reduce the number of applicants for the job
What would increase the risk of a loan?
rising consumer prices
the education section of the resume should include:
schools attended
the first step in career planning is
self-analysis
A chronological resume sequences personal data based on
time
(T/F) Opportunity costs refer to time, money, and other resources that are given up when a decision is made
true
A record of the jobs you have held and how long you stayed with each employer is called your
work history
with an inflation rate of 9 percent, prices would double in about _______ years
8
Barb Hotchkins is in the 28 percent tax bracket. A tax-exempt employee benefit with a value of $500 would have a tax equivalent of
$694
Which of the following would be competency commonly associated with successful people?
- an ability to work well with others - a desire to do tasks better than they have been done - an ability to solve problems creatively - well developed written and oral communication skills
Your values are shaped by
- the news media - religion - your family
