chapter 5 review personal Finance

43) LaShelle is a teacher who wants to obtain her master's degree. She can do this while working full-time if she attends evening and weekend classes. It will take her three years to complete the degree, with a tuition cost of $10,000 per year. After she has her master's degree, LaShelle will earn an additional $2,500 per year in her teaching job. How long will it take LaShelle to recover her financial investment in her master's degree?

12 years

17) Griffin is thinking over his college choices. The local community college offers a two-year degree and charges $2,500 per year in fees and tuition. A nearby public university offers a four-year degree that interests Griffin, but the annual fee and tuition there is $6,800. If Griffin attended the community college for two years and then transferred to the university to complete the final two years of a four-year degree instead of attending the university for all four years, how much would Griffin save?

13600 - 5000 = 8,600

18) Soleil has just finished her two-year associate's degree and is comparing two job offers she has received. The first job pays $14 per hour and would require her to work 37 hours per week with one week of paid vacation. The second job offers a straight salary of $23,500 per year. Which job would pay Soleil more?

14x37= 518 x 52 = 26,936 > 23, 500

42) Andrew is a college junior who has decided he wants to be an elementary school teacher. To get his teaching degree, Andrew would need to add two semesters of coursework to his college education and delay his graduation date by one year. At Andrew's college, tuition is $3,800 per semester. If Andrew decided not to pursue a teaching degree and graduated earlier, he would likely be able to find a full-time job with a salary of $28,000 per year. What is Andrew's opportunity cost of obtaining a degree in teaching?

20, 400

16) Josh is planning on attending college. He is tying to choose between a public, four-year university with tuition and fees of $6,500 per year and a smaller, private, four-year college with tuition and fees of $15,000 per year. If Josh completes his degree in four years, how much more will it cost for him to attend the private college?

34,000

33) Before you commit to attending a college or training program, you should make sure that the college or program has the ________ that match up with those required by the career field you are interested in pursuing.

A) accreditations

In which of the following career fields are jobs expected to be created at the fastest rate from 2006 to 2016?

B) personal and home care aides

28) Which of the following careers typically requires a master's degree?

A) environmental scientist

29) Which of the following jobs does NOT typically require a bachelor's or master's degree?

A) home care aid

48) In general, the ________ education and training that is required for a job, the ________ information you will be expected to provide during the application process.

A) more; more

36) The cost of what you give up when you choose one action over another is called ________ cost.

A) opportunity

Which of the following is the LEAST important factor to consider as you examine possible career choices?

A) required components of the application process

23) Which of the following would generally be the LEAST helpful source of career information?

A) television series

46) Which of the following would you be most likely to put at the top of your resume?

A) your name and contact information

31) ________ are common for workers wanting to enter skilled trades such as plumbing and electrical contracting.

B) Apprenticeships

32) You should be cautious about using any job training website that offers you ________ .

B) certification for a price

5) The amount of money a job pays is referred to as ________.

B) education and health services

35) Master's degrees, law degrees, and doctoral degrees are all examples of ________.

B) graduate degrees

21) Which of the following would be most likely to be an unpaid position?

B) internship

22) By considering your own ________, you may identify some broad aspects of what you do and do not enjoy in a job, such as whether you prefer to work with the public or in a more private setting.

B) job experiences

Which of the following is the best way to start the process of finding a career path that you will find satisfying?

B) listing your interests and activities you enjoy

34) A program's accreditation would be most important if you were interested in studying which of the following fields?

B) nursing

19) In general, which of the following is the best source of up-to-date career information?

B) the Internet

The amount of money a job pays is referred to as ________.

C) cash inflow

44) A potential employer may ask you to fill out a(n) ________ with information about your work history or to write and submit a ________ that provides a snapshot of your qualifications.

C) resume; reference

20) Field trips, speakers, internships, and contacts are all potential ________.

C) sources for career information

45) Which of the following would you be LEAST likely to include on a resume?

C) your social networks

4) The highest median annual income is earned by people who have completed which of the following levels of education?

D) bachelor's degree

30) A career as a skin-care specialist, court reporter, or preschool teacher typically requires ________.

D) post-secondary vocational training

47) A resume style that emphasizes ________ rather than work experience may be a good choice for a person with a limited work history.

D) skills

10) When you conduct a cost/benefit analysis of your career choices, you should focus solely on the financial costs.

FALSE

12) If you decide to pursue a career with limited availability, it is wisest to focus your education and training solely on preparation for that career in order to increase your odds of getting the job you want.

FALSE

15) Since the early 1980s, goods-producing industries have seen a regular but modest growth in number of jobs.

FALSE

24) The larger an applicant pool is for a type of job, the easier it is to get that job.

FALSE

27) Unpaid internships typically provide less valuable experience and career information than paid internships do.

FALSE

38) Certifications obtained through websites are almost always valid and relevant to careers with job demand.

FALSE

39) It is better to get a college degree in a specific field than a broader liberal arts degree because most companies will only hire employees with particular skills.

FALSE

41) When planning whether or not to pursue a graduate degree, you should consider the potential loss of social and recreation time as part of your opportunity costs.

FALSE

54) Although some companies use employment websites, very few companies favor paper job applications over electronic job applications.

FALSE

50) A job applicant with little work experience should use a functional resume to focus on his or her skills rather than employment history.

TRUE

51) Some job interviews may take place over the course of several days.

TRUE

11)Though education is costly, it is usually an excellent investment that pays off in a higher income for decades.

TRUE

13)Relocating to pursue a career involves substantial costs, but some companies pay for some or all moving costs.

TRUE

14) Choosing a career based on compensation alone is not wise, but neither is ignoring whether or not your income will allow you to achieve your financial goals.

TRUE

25) Because the job market changes quickly, career books that are only a few years old may provide misleading information.

TRUE

26) Interns are often asked to perform various routine office tasks such as making copies or delivering documents.

TRUE

37) A registered nurse typically needs to have a master's degree.

TRUE

40) You may be able to improve your employability options by obtaining a graduate degree in a different field than that of your undergraduate degree.

TRUE

49) Future employers may contact your current employer to learn if you were a dependable worker.

TRUE

52) If you are applying for a job that requires a high level of education or training, you will likely need to submit a cover letter and resume in addition to a job application.

TRUE

53) A cover letter should be prepared carefully because it may be your first opportunity to point out your strengths to a potential employer.

TRUE

55) People first entering the job market now are likely to change careers several times over the course of their working lives.

TRUE

8)A personality test administered by a career counselor may help you find a career that matches your personality.

TRUE

9) Picking a career in a growing field is a good way to help improve your job prospects. Answer:

TRUE

Your choice of career path will affect how much income you earn, how much education you need to get, and how much you'll need to pay for your education

TRUE