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Consumer Ed Quarter 1 Study Guide
ALL of the tests combined NO filling out forms on the test!
Terms in this set (113)
T/F: Examples of employee expenses include parking lot costs and buying uniforms
T/F: Someone who organizes, manages, & assumes the ownership of a new business is called ¨supervisor¨
T/F: If you ignore technological change, you will likely find it difficult to advance your career.
T/F: The things you like to do are called your ¨aptitudes¨
T/F: Most jobs require the same personality traits.
T/F: You do not really need to write down your goals, b/c they are constantly changing.
T/F: FAFSA refers to the application form for college student financial aid.
T/F: An unsubsidized student loan requires that you pay the interest accumulated during college.
T/F: A federal student loan will typically offer the lowest interest rate.
T/F: A resume is sometimes referred to as a ¨personal data sheet or a vita.¨
Your main identity in life once you are out of school is likely to be your...
Business should focus on what in order to stay competitive?
Quality, Productivity, & Lowering costs
What is an expense sometimes paid for by employees but not reimbursed by employers?
What are nations that are poor with few manufacturing facilities are called?
What is an employee cost associated with employment?
What is a good idea to help you cope with changes in the world?
read newspapers & journals
It is important to build informal communication structures called what?
One who assumes ownership & risks associated with starting a business
Knowledge & skills acquired from working in a career field
Your appearance, attitude, & sense of humor are all part of your total...
Goals that will be accomplished in the next few days or weeks are called what?
When attending a job interview, be sure to what?
research the company in advance
A summary of information about you, including your education, skills, & experience is called a...
The primary purpose of a thank-you letter following an interview is...
let the prospective employee know that you are interested in the job
What should NOT be included on a resume?
age, gender, or religion
Things in life that are important to you are called?
The way people choose to live their lives, based on the things they have decided are meaningful to them, is known as...
What would be considered a professional career?
The Bureau of Labor Statistics will NOT tell you...
the names of companies currently seeking employees
What is NOT a factor you can control?
demand of workers in your chosen field
The among of monthly or annual pay that you earn for working is called what?
The FAFSA form is an application for what?
financial aid for college
Which type of loan requires that you pay the interest accumulated during college?
unsubsidized federal loan
Which type of loan does NOT require that you pay the interest accumulated during college?
subsidized federal loan
Government loans typically charge interest rates that are________than private loans.
Sick pay, vacation time, & other company-provided supplements to income
A cost paid by employees & not reimbursed by employers
employee expenses such as transportation & uniforms
Specialized, intensive programs that prepare students for high-level work responsibilities
Monthly or annual pay earned by an employee
One who assumes ownership risks associated with starting a business
Students should seek these work opportunities during college
Prior to this face to face meeting, a candidate should research the company
Personal data sheet
End toward which efforts are directed
Written tool used to remind a prospective employer of your interest in a position
thank you letter
T/F: Good communication skills are important only for employees such as salespeople who work directly with customers
T/F: To be a good listener, close your eyes and look down to concentrate while someone is talking
T/F: With sympathetic listening, you must give your opinion to the speaker to show that you understand and care for what was said
T/F: Most oral communication is informal
T/F: The effectiveness of both downward & upward communication depends on building open, trusting relationships between managers & employees
T/F: One way to leave a favorable impression at work is to remember customers names & preferences
T/F: Most absences from work are due to pretend illnesses so that the employees can enjoy a day off
T/F: According to Abraham Maslow, every person needs fulfillment beyond physical requirements for desirable results.
T/F: Employers often seek to motivate employees by using praise & rewards as reinforcements for desirable results
T/F: The info you provide on a Form W-4 determines the amount your employer will withhold from your paycheck for income taxes
T/F: Only workers over the age of 18 must have a Social Security number
T/F:A Form W-2 shows only the amount of federal income tax withheld by an employer
T/F: The Americans with Disabilities Act allows employees to take up to 12 weeks of unpaid leave in a 12 month period for certain medical & family situations
T/F: Under flextime, employees do NOT need to work a set number of hours per day
T/F: Employees who telecommute often do computer-related work, such as data entry or Web design
T/F: The process of negotiating a work contract for union members is called collective bargaining
T/F: If a union & employer can NOT agree on the terms of a new contract, the union may decide to ¨mediate,¨ or refuse to work until an agreement is reached
T/F: Because most doctors & lawyers are self-employed, their professional behavior is NOT regulated except through membership in professional organizations
T/F: You should be willing to follow orders & accept feedback from your employer
T/F: You need to be loyal to your employer, but you do NOT owe any loyalty to coworkers
T/F: You can NOT improve on your weak points until you admit that they exist & need to be fixed
T/F: Employers have no real responsibilities toward their emplyees
T/F: Overtime pay is NOT considered when you calculate your gross pay
T/F: The overtime rate according to the Fair Labor Standards Act is 3x the regular rate of pay
T/F: Required payroll deductions include federal taxes but state taxes are NOT required
T/F: Salaried employees typically receive ¨sick days¨ w/o deductions from pay
T/F: Medicare provides healthcare insurance to retired workers
T/F: The slogan of the sanitation workers in the labor dispute in Memphis was ¨I Am a Man¨
To listen with empathy,
avoid giving approval or disapproval to what is being said
The ability to differentiate facts from opinion are called what?
John & Terri are both Level 1 supervisors at a manufacturing company. When they communicate with each other work, they engage in...
According to Maslow, what need would most people want to satisfy first?
food, clothing, & shelter
What is NOT a hygiene factor?
The more allowances you claim,
the less tax you will have withheld from your paycheck
What is your permanent work identification number called?
social security number
An employer must provide employees copies of W-2 for the previous tax year, no later than...
What federal law requires hourly workers to be paid overtime wages for hours worked beyond 40 hours per week?
the Fair Labor Standards Act
An insurance program that pays benefits to workers and/or their families for injuries, illness, or death that results on the job is called?
What is NOT a valid circumstance for unpaid leave under the Family & Medical Leave act?
having a weeklong case of the flu
All employees should be provided with?
safe equipment, safe working environment, adequate training for working under dangerous conditions
A standard workweek is?
Rate times hours worked equals?
If you are a salaried worker,
your gross pay is the same as your salary
(T/F) An interest-bearing account pays interest to the depositor when an average minimum monthly balance is maintained
T/F: The FDIC is a federal insurance corporation that insures deposits of account holders
T/F Commercial banks offer only a few banking services & are not competitive
T/F Original documents, such as insurance policies, stock certificates, & wills should be kept in a safe deposit box.
T/F Fixed expense do NOT change, while variable expenses change to meet short term needs/goals
T/F: Net worth is calculated by subtracting your variable expenses from your fixed expenses.
T/F Minors are NOT considered competent parties to enter into an agreement
T/F: Interest is charged on unpaid balances with a credit card account
T/F: An account on which a depositor has access to money at any time is known as a demand deposit account
T/F: The number on a check that is used for electronic sorting is called a routing number
A checking account offered by a credit union is a...
A disadvantage of an interest-bearing account is that...
the minimum monthly balance requirement may be high
A________ is a check guaranteed by the bank
A check written by a bank on its own funds is a...
This organization is responsible for insuring bank deposits up to $250
FDIC (Federal Deposit Insurance Corporation)
Financial advisors suggest that_________ of expenses should be set aside in case of unexpected job loss or lay-off
3 to 6 months
When payment on a check is denied, the payee is known as
stop payment order
Most financial experts agree that families should set aside at least ________ disposable income each pay period
Movie tickets & clothing are examples of
A home payment & utilities are examples of
What is an example of liability?
The element of a contract relating to price, which may be in the form of promise, or a performed act is known as...
What is NOT required for a legally binding agreement?
The process of matching your checkbook balance with the bank statement is known as...
The element of a contract involving terms of a bike sale between two parties
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