Chapter 2: Financial Aspects of Career Planning
The first step in starting a business should be to:
become familiar with the product or service
Growth is expected for Web consultants, foreign language translators, employee benefit managers, operations consultants, and research data analysts. These type of services are typically called (found in discussion of industry trends):
business services
Interest inventories can lead to ______ growth by using strengths of the individual
career
Interest inventories can lead to ______ growth by using strengths of the individual.
career
True or false: Social intelligence is the ability of individuals to use important traits adaptable to most work situations to control themselves and act wisely around each other.
$3,600,000
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 of the benefit? You can find this in the discussion of tax-equivalent employee benefits.
$417
Why should you consider the geographic buying power formula?
$45,000 may be a good salary in one city but may make for a substandard level of living in another city.
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 Current Situation. 2. Set a specific goal. 3. Identify the time frame for the goal. 4. List actions to take to achieve the goal.
More than _____ people in the United States operate their own business. (Choose the highest number for which this is true.)
20 million
What is the best description of a career?
A commitment to a profession that requires continued training.
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.
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
Identify four service industries that according to your textbook are expected to have the greatest employment potential?
-health care - Social services - Financial services - Information technologies
Why are aptitudes helpful with career growth?
Aptitudes are natural abilities that allow a person to work more effectively.
What is an example of a trade-off due to career choice?
Choosing part-time employment to increase family time
What is necessary for jobs and careers that require technical skills?
Continuous updating of knowledge and skills to perform job
The demographic trends will not influence employment opportunities in a country.
False
True or false: After being terminated, it is good to feel sorry for yourself, get upset a lot, and feel depressed.
False
What does a corporate culture help establish?
It establishes a code of conduct that applies to all employees of that particular company.
When you are looking for a competitive edge over other new graduates for employment, what can you do?
Obtain an internship with a reputable company
Why do many people change jobs at some point in their lifetime?
Personal and social factors will cause people to reassess their work situation.
What are some measures you should take before accepting a position?
Research the company and the reason the other person left the company, if that is the case.
What is the best explanation of technical skills?
Specific skill sets that are needed to perform your job
What does it mean to work as a "temp"?
Temporarily working for a company
A mentor is an experienced employee who serves as a teacher and counselor to a less-experienced person in a career field.
True
To be successful, an entrepreneur 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: Newspapers and the Internet provide the economic and social influences that are useful for job market information.
True
True or false: The career development office is a good place to plan your career.
True
______ work may improve organizational skills.
Volunteer
What is the connection between general skills and technical skills?
When combined they create a well trained, adaptable employee
What would be the primary outcome of campus project opportunities?
Work-related experience.
Is a $100 nontaxable benefit better than a $100 taxable benefit? Why? This is found in the discussion of comparing benefits.
Yes, the taxes will not be deducted as it is nontaxable benefit.
When a person studies a particular subject and has employment due to that specific knowledge, it is called:
a career
An employment situation that is taken on without regard to advancement opportunities is often times called:
a job
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
The definition of a mentor is:
an experienced employee who serves as a teacher and counselor for a less experienced person in a career field
How does supply and demand affect career opportunities?
Employment opportunities increase if there is a demand for workers.
Career assessment tests tell which career to pursue.
False
Most people keep the same job for their entire lives.
False
Only about 40% of professional jobs are obtained through personal contacts and networking and about 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
True or false: On average, a person will have 20 jobs in a lifetime.
False ( seven )
How can future value help assess 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?
GBP=(Index Number of city 1 x&002A; Salary of City 1)/(Index Number of City 2) (index number x salary)/Index number = buying power
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?
Having traits adaptable to most work situations
True or false: Temp to hire means you will be hired after your temporary training.
High
What is defined as the development of an employment position that matches your skills with the needs 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.
The relationship of education and earnings is best described by which of the following?
The more education you have, the greater knowledge and skills you have that your employer may be willing to reward.
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.
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 calculations determine?
They determine the specific monetary value of employee benefits.
What do employment agencies do?
They matches workers and companies for future employment.
What is it called when there is an increased need for services in a portion of the population that in turn provides employment opportunities for workers in other portions of the population? This is found in the discussion of social influences.
This is known as a Demographic trend.
True or false: Using a future value calculation can help to determine if other benefits to be received will compensate for less salary paid now.
True
Volunteer work helps you to obtain organizational experience.
True
A first step in developing a career action plan would be a SWOT analysis, in which you consider _____, _____, _____, and _____.
strengths, weaknesses, opportunities and threats.
Specialized career training refers to ______ skills.
technical
Be sure you understand the ______ you sign with the employment agency.
terms of the contract
When deciding whether to change jobs, consider:
the costs and benefits of the change
The more ______ you have, the greater your earning potential.
formal education
A valuable employee will need two main types of skills (found in discussion of career training and skill development):
general and technical
What are two fields that require technical skills?
- Accountant - Alternative fuel engineer
Which of the following are included in the first three steps to starting your own business?
- Become knowledgeable about your product or service - Consider your financial sources - Identify potential customers and location, and study competitors
When comparing the employee benefits and financial aspects of job offers, you should do which of the following?
- Calculate the difference between the salaries and the hours mandated to work. - Calculate the market value of health insurance. - Compare the time off and sick leave.
What information can a newspaper provide about current jobs?
- Career trends for an industry - What jobs are available - Economic influences on careers
What three examples are personal trade-offs due to career choice?
- Choosing employment that is satisfying rather than being the highest paying - Choosing flexible employment that allows more time with your family - Refusing a promotion that would require moving your family
What are some common types of nonmonetary compensation?
- Counseling - Flexible work schedules - Exercise programs
Which of the following are a direct result of the work that you do?
- Decisions - Business associates - Leisure time - Income
What are examples of campus project opportunities?
- Manager of people for a campus fund-raiser - Active officer of a campus organization
Which of the following are the main reasons people start their own businesses?
- Reduced career opportunities in their field - A desire for greater control over their work environment
What are two areas that a campus career office can help with regarding career preparation?
- Resume writing - Interview practice
According to the text, when evaluating the stages of career planning, what are some of the characteristics of and concerns about the advancement and midcareer adjustment stage?
- Seeking new challenges and responsibility - Finding satisfaction
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
Which of the following characteristics are legally protected from discrimination in hiring practices?
- age - race - marital status
Economic conditions that affect career opportunities are:
-Price increases -interest rates
Which of the following are causes that might be addressed by social entrepreneurs?
- disease - poverty - hunger
Some of the general competencies that successful people commonly possess include:
- effective written and oral communication skills - knowledge of research techniques and resource materials - knowledge of computer application
Comparing taxable and nontaxable employee benefits of multiple job offers is important because:
- it can help you compare different job offers- it can help you match employee benefits to your personal needs
Your starting salary with a company will NOT be influenced by:
- personality - attitude and work ethic - promptness to the interview
Online sources for career planning include which of the following;
- phone apps - websites - online videos - e-mail contacts
A job change is beneficial for a worker if in the current job he or she is experiencing
- poor performance evaluations - Low motivation level - emotional distress caused by the job
Skills commonly viewed as vital for entrepreneurial success include:
- sales and marketing knowledge - effective written and oral communication - efficient time management
Your starting salary with a company will be influenced by:
- the company size -the comparable salaries at other organizations -your education and training
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 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?
-Concentrating on specialization -Developing career contacts
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 is a good description of a job?
An activity regularly performed for monetary payment.
What is a common employee benefit designed to meet varied life situation needs?
An employer compensates an employee with a gym membership.
Programs that allow workers to base their job benefits on a credit system and personal needs are called
Cafeteria-style employee benefits.
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 should you remember about your future career?
Career selection and professional growth require planning.
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?
Individuals should assess the career they are preparing for.
Career aptitudes can be discovered through what?
Interest inventories
What is the relationship between interest rates and employment opportunities in home construction?
Interest rates and employment opportunities have a inverse relationship; one increases when the other decreases.
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 should you prepare to do at the career fair?
Prepare a 30-second summary of your abilities, experience, and potential contributions to an organization.
What is the definition of cafeteria-style employee benefits?
Programs that allow workers to base their job benefits on a credit system and personal needs.
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 entrepreneurship
What is one of the career information sources that the library has that can help you plan your career?
The Occupational Outlook Handbook
When using an employment agency be careful when:
The agency charges a fee without the promise of work
What is the primary reason for completing an internship?
The career industry may be very competitive & you obtain needed job experience.
Why is a starting salary of $60,000 a year a good salary in Georgia, but below average in New York City?
The cost of living in New York City is very expensive.
Why are some salary levels higher in big cities?
The cost of living is higher, and thus the salary will need to be higher
What is a simple way of describing market value calculations?
The cost of the benefits if you had to pay for them yourself.
When individuals lose their jobs, they will cut back expenses. This is an example of how:
employment affects daily decisions
A cover letter usually accompanies ______ and is designed to express interest in a job and obtain an interview.
a resume
A person may naturally have a talent of working with numbers, which can be used to establish a career. This is an example of:
application of an aptitude
The for-profit groups that find work for workers are known as ______ ______.
employment agencies
Your ability to locate existing and potential employment positions is limited only by your
imagination and initiative.
Reading and discussion with colleagues as well as reviewing news magazines, periodicals, and professional journals are all examples of ______ methods of obtaining career information.
informal
Employment opportunities in construction can most be affected by high ___________.
interest rates
On average, a person with a professional or doctoral degree will earn _____ a person with a two-year degree over a lifetime.
more than twice as much as
