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Unit 3 Personal Finance

Terms in this set (41)

Individuals with more formal educational training usually have
higher estimated lifetime earnings.
Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?
Education pays in higher earnings and lower lower unemployment rates.
Which of the following statements is not true?
Most people have several careers throughout their lifetime
Jose has been challenged by his academic adviser to develop some human capital this school year. Which activity below would be the LEAST effective way to reach that goal?
Spend additional time playing video games to further develop his eye-hand coordination.
Miranda is working to develop a broad base of transferable skills. This means that she:
Will have a set a versatile skill that she can apply to many personal and professional roles.
An example of a transferable skill is a skill:
Used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.
Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
Human capital
One's lifestyle is to their Standard of Living as present is to_?
Future
Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she MOST LIKELY to have answered as a result of her job shadow?
Common tasks and typical daily activities.
Career assessments help to identify:
Possible career areas related to one's interest.
In order to make an informed career decision, a high school student will want to:
Develop personal goals, complete a career assessment, and research careers.
Which statement WOULD NOT be true about the value of career research?
There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhances to the highest degree.
Zoe has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested to do this.
Her counselor wants Zoe to match her skills, abilities, interests, and values with a list of specific occupations.
David plans to apply for in 2 years. His guidance counselor suggested that he begin adding items to a "college/training application" folder. Which items WOULD NOT be helpful as additions to this folder?
Copies of his elementary and middle school report cards.
Erin has been in college for 2 years and decided that the major she has been studying isn't for her. Changing her major and/ or her college could result in:
Losing credits for classes she has already taken.
Which statement is TRUE regarding college-level expectations for studying and completing projects?
Plan backwards from major deadlines
When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation IS NOT TRUE of Charles' situation?
Since the remedial courses Charles must take will not count towards his degree, he needs to take the courses but his tuition is not charged.
The _____ of continuing your education is the money you would have earned if you have worked instead.
Opportunity cost
Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2-year program in to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. Mallory's plan is known as a/an:
Career Pathway
As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the LEAST IMPORTANT one to consider at this point?
Can I get the education and training I need were I currently live?
It is recommended that your educational loan payments require no more than 10-15% of your estimated starting income. To calculate this amount, students need to calculate the ______ of their education and training.
Debt-to-income ratio.
Jaimen is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default the student loan?
He may not be able to obtain a marriage license.
Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it be he wants to explore ways he can receive money he WON'T need to repay. Which set of options below should he explore.
Pell Grants, Work-study, and scholarships.
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which of the following is NOT difference between of a Direct Subsidized Stafford Loan and a typical bank loan?
Interests rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time.
Carson's family has always struggled financially due to his parents' leaving high school before graduating and working lower paying jobs to support the family. His parents don't want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which typed of need-based aid he will qualify for?
Free Application for Federal Student Aid (FAFSA).
Sarah learned her financial education class that she needs to consider the Cost of Living when comparing job offers. Which statement is the most accurate?
The average cost of basic necessities, such as housing and food in the city where her new job is.
The average cost of basic necessities, such as housing and food for a particular city is called the:
Cost of Living
Tobe considered for lifelong employment a person must continually maintain their employ ability.Three actions below will help to maintain employability. Which one WILL NOT
Seeks ways to blend your personal and professional images online to enable current and future employers to see that you have varied and interesting life both in and outside of work.
Susan is currently working in Kansas City, MO earning $30,000 per year. She is offered a position in Indianapolis, IN earning$32,000 per year. If Kansas City's cost of living index is 100 and Indianapolis' Cost of Living index is 125, which is true?
Susan will have more spending power of she stays in Kansas City.
When Rob graduated from college he considered two different job offers before accepting his job as an accountant in the IT department of a local manufacturing plant. He loves that he can walk or ride his bike to work each day. He also loves to travel and his job will require him to travel several times each year to conduct audits in manufacturing plants throughout the US, Europe, and Asia. He receives a monthly salary and his employer pays his health insurance. His employer also matches the funds he saves in his personal retirement account. Rob has always been very healthy but he appreciates knowing that he has several days of paid sick leave each year if he needs them, along with 1 week of paid vacation. His company is encouraging him to complete the classes he needs to earn his CPA by paying for half of the tuition for the classes he needs to take. Rob's parents asked him what employee benefits his employer was providing. Which would be considered
Paid sick leave.
Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
Employee benefits
When Rob graduated from college he considered two different job offers before accepting his job as an accountant in the IT department of a local manufacturing plant. He loves that he can walk or ride his bike to work each day. He also loves to travel and his job will require him to travel several times each year to conduct audits in manufacturing plants throughout the US, Europe, and Asia. He receives a monthly salary and his employer pays his health insurance. His employer also matches the funds he saves in his personal retirement account. Rob has always been very healthy but he appreciates knowing that he has several days of paid sick leave each year if he needs them, along with 1 week of paid vacation. His company is encouraging him to complete the classes he needs to earn his CPA by paying for half of the tuition for the classes he needs to take. When Rob compared the Cost of Living Index for the city he currently lives in with the city where the other job was located, the index for his city was 106 and the index for the other city was 78. Which statement is most likely to be TRUE?
Rob chose his current job for reasons other than a lower cost of living.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal with holdings tax, $33.21 into state with holdings tax, and $42.05 into FICA (Social Security Tax). What is Bob's gross pay on his paycheck?
640
Gross income - deductions=___
net income
Jamie has elected to be paid by direct deposit at her new job. This means?
She will receive her pay directly into her checking account at her depository institution for each pay period.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is Bob's net pay on his paycheck?
501.66
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her pay stub and sees several deductions. Which of the following would be TRUE?
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions.
Hunter has been offered a job by a local mechanic who has offered to pay him in cash rather than by paper paycheck, direct deposit, or payroll card. Hunter is excited that the amount of money he will take home each week will be larger since his employer won't be deducting any taxes from it. His employer wants to hire him for the 10 weeks of his summer break and expects to pay him $300 per week. Which statement below is most likely to be true?
Hunter will need to pay his federal and state taxes on his own since his employer is not paying these required taxes for him.
The regular schedule that employers pay their employers is called the____?
Pay period
The most secure method for an employer to pay employees is to use:
Direct deposit
Shannon is receiving her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
Gross Income
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