Personal Finance Literacy (Madura/Casey/Roberts)



Personal Finance

Ch5-Review Careers and Education

Determining a Career Path/Highlight Answers

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

A) asking your guidance counselor what type of personality you have

B) listing your interests and activities you enjoy

C) deciding what level of education you want to pursue

D) choosing a career in a growing field

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

A) required components of the application process

B) the level of skill or education required

C) the level of compensation

D) projected job availability

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

A) forensic science technicians

B) personal and home care aides

C) mental health counselors

D) veterinarians

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

A) associate degree

B) high school degree

C) master's degree

D) bachelor's degree

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

A) compensation

B) opportunity cost

C) cash inflow

D) net pay

6) Growth in the number of jobs between 2006 and 2016 is predicted to be the greatest in which of the following industries?

A) financial activities

B) education and health services

C) leisure and hospitality

D) manufacturing

7) 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.

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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

Answer: TRUE/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.

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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.

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

Math Practice, Show ALL Work/Highlight Answers

16) Josh is planning on attending college. He is tying to choose between a public, four-year university with tuition and fees of $6,5000 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?

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?

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?

Sources of Career Information/Highlight Answers

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

A) your parents and other adult relatives

B) the Internet

C) books on careers

D) field trips

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

A) personal references

B) job experience opportunities

C) sources for career information

D) training programs

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

A) apprenticeship

B) internship

C) assistant

D) attendant

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.

A) networks

B) job experiences

C) social contacts

D) career counselor

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

A) television series

B) internships

C) your work experience

D) contacts made through your social network

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

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

Highlight Answers

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

A) environmental scientist

B) personal financial advisor

C) court reporter

D) registered nurse

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

A) home care aid

B) physical therapist

C) computer software engineer

D) education administrator

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

A) a bachelor's degree

B) a master's degree

C) high school completion only

D) post-secondary vocational training

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

A) Internships

B) Apprenticeships

C) Master's programs

D) Accreditations

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

A) accreditation for a price

B) certification for a price

C) compensation

D) free job availability information

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

B) resumes

C) contacts

D) networks

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

A) anthropology

B) nursing

C) communications

D) liberal arts

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

A) undergraduate degrees

B) graduate degrees

C) certifications

D) accreditations

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

A) opportunity

B) decision

C) variable

D) optional

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

Answer: TRUE/FALSE

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

Answer: TRUE/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.

Answer: TRUE/FALSE

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.

Answer: TRUE/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.

Answer: TRUE/FALSE

Math Practice: Show ALL Work, Highlight Answers

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?

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?

Job Application Process/Highlight Answers

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.

A) job application; certification

B) job application; resume

C) resume; reference

D) accreditation; certification

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

A) your level of education

B) your work history

C) your social networks

D) your relevant skills

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

A) your name and contact information

B) your personal references

C) your education

D) your work experience

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

A) values

B) contacts

C) style

D) skills

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

B) less; more

C) more; less

D) less; more personal

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

Answer: TRUE/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.

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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.

Answer: TRUE/FASLE

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

Answer: TRUE/FASLE

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

Answer: TRUE/FALSE

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

Answer: TRUE/FALSE

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