TRUE/FALSE



TRUE/FALSE

Indicate whether the statement is true or false by writing T for True or F for False on the answer sheet.

1. The job market is ever changing to meet the needs of employers with job openings.

2. Your skill set includes both soft skills, such as driving a car, and hard skills, such as leadership.

3. Once you are hired for a job, the skills and education needed for that job do not change.

4. Today’s most popular careers often require a bachelor’s degree or more.

5. Informal education may involve on-the-job training and learning skills as you are working.

6. Hearing means you are actively focusing on what the speaker is saying.

7. Considering the economy is not important as you make decisions that will affect your income.

8. When the economy is growing, people are buying goods and services and jobs are being created.

9. An economist is a person who studies the economy.

10. The business cycle is the alternating periods of growth and decline in the economy.

11. A subsidized student loan is a loan on which interest is not charged until after the student graduates.

12. The federal government offers financial aid to students who qualify.

13. Scholarships are gifts of money or other aid and are always based on need.

14. It is important to be truthful when filling out financial aid forms or scholarship applications.

15. A college or university that is accredited is certified to meet educational quality standards.

16. Business websites rarely contain information about current job openings at that company.

17. Job shadowing involves attending classes part of the day and then working a job part time.

18. A resume should not contain personal information such as schools you attended or jobs you have held.

19. In order to be valuable, a reference letter must have been written in the last two weeks.

20. A cover letter should be long and convincing, giving the employer information about your background, interests, hobbies, and sports activities.

21. Some states have minimum wage laws that set a higher rate than the federal minimum wage rate.

22. Salaried workers usually do not keep time cards or count hours worked.

23. Owning a small business involves hard work but very little risk.

24. A lifestyle business is one where the owner intends to keep the business small.

25. Vacation days, holidays, and sick leave are examples of pay without work.

26. Perks are benefits that have high monetary value to employees of large companies.

27. Portable life insurance means you can take the policy with you when you leave your job.

28. A health flexible spending account allows employees to set aside money (pretax) to pay for qualified medical expenses.

29. The more you pay in taxes, the lower your disposable income.

30. A dependent is a person who cannot be claimed on your tax return for an exemption.

31. Medicare tax must be paid on all earnings by all employees.

32. Form 1040 is the short tax return form filed by most people.

33. Taxes and deductions for other items are subtracted from a worker’s gross pay to calculate net pay.

34. The more exemptions a worker claims, the less tax is withheld from his or her paycheck.

35. Form W-2 is used by employees to list their exemptions and determine tax withholdings from their paychecks.

36. Variable income refers to money received from some type of activity other than working as an employee.

37. Most forms of unearned income and variable income are not taxable.

38. Workers’ compensation is a form of in-cash payment.

39. Social security and Medicare benefits are referred to as entitlements because people have paid into these programs through payroll deductions.

40. Sales taxes are levied against the final purchaser of goods and services.

MULTIPLE CHOICE

Write the letter of the choice that best completes the statement or answers the question on the answer sheet.

41. Specific tasks you can do, such as prepare a spreadsheet or operate a machine, are known as

a. job titles

b. hard skills

c. soft skills

d. job descriptions

42. The Occupational Outlook Handbook

a. is available online

b. has data about the major job areas in the United States

c. does not give future projections for jobs

d. both a and b

43. Which of the following career fields would require the least amount of formal education?

a. physician’s assistant

b. skin care specialist

c. actor

d. computer programmer

44. A principle that reflects the worth you place on an idea or action is known as a(n)

a. appraisal

b. value

c. goal

d. objective

45. A plan to complete a college education is an example of a(n)

a. goal

b. appraisal

c. skill

d. value

46. Which of the following is an example of formal education?

a. self-training

b. on-the-job training

c. attending a class

d. working as an apprentice

47. To enhance your listening skills, you should not

a. focus on what the speaker is saying

b. look directly at the person who is talking to you

c. ignore distractions such as noises

d. think about your next response instead of focusing on what the speaker is saying

48. The quantity of goods and services that producers are willing and able to provide is called

a. demand

b. supply

c. the economy

d. scarcity

49. When the economy is slowing down,

a. people often buy fewer goods and services

b. people often buy more goods and services

c. the number of jobs is typically increasing

d. finding and keeping a job is typically easier

50. The point in the business cycle where the economy is as robust as it can get is called the

a. recovery

b. decline

c. peak

d. trough

51. Employers are more likely to give raises and bonuses in which part of the business cycle?

a. recovery

b. decline

c. trough

d. recession

52. Which of the following job assistance services is free of charge?

a. temp agency

b. employment agency

c. state employment office

d. all of the above

53. Money paid for the use of borrowed money is called

a. assets

b. profit

c. interest

d. debt

54. The expense of instruction at a school is called

a. grants

b. tuition

c. living expenses

d. housing charges

55. Which of the following tests is often required for admission to a college?

a. SAT

b. LSAT

c. GRE

d. GMAT

56. A course of study at a career or technical school

a. typically lasts a few months to a year or more

b. usually costs more than a degree program at a university

c. typically takes longer to complete than a degree program at a university

d. both a and b

57. A master’s degree program

a. is study beyond a bachelor’s degree program

b. usually requires one to three years of study

c. may require an internship

d. all of the above

58. To pay for education, students who do not qualify for financial aid may choose to

a. work and save money for tuition

b. get a subsidized loan

c. get need-based scholarships

d. both b and c

59. Which of the following is not true about resumes?

a. they must be error-free

b. they should be simple

c. they should be attractive

d. they should be three or more pages

60. Which of the following is not a good job interview tip?

a. go alone

b. be courteous

c. accept drinks and food

d. do company research before the interview

61. A simple federal tax return form designed for use by single and joint filers with no dependents is

a. Form 1040

b. Form 1040A

c. Form 1040EZ

d. Schedule A

62. The overtime pay rate for hours worked above 40 hours in one week must be at least

a. the regular pay rate

b. 1½ times the regular rate

c. twice the regular rate

d. none of the above

63. A percentage of a sale paid to a salesperson is called a

a. tip

b. salary

c. wage

d. commission

64. The amount left after all expenses are deducted from the revenues of a business is called

a. wages

b. tips

c. profit

d. interest earnings

65. A benefit often received by full-time workers is

a. health insurance

b. sick leave

c. paid vacation

d. all of the above

66. Programs that reimburse employees for education costs

a. do not help prepare a worker for promotions

b. can benefit the company because the worker has better skills

c. are a guaranteed benefit for all workers

d. none of the above

67. Workers’ compensation insurance

a. pays medical and disability benefits to workers who are injured on the job

b. pays the same amount to all workers regardless of the worker’s earnings

c. may pay benefits to a worker’s family if the worker is killed on the job

d. both a and c

68. A dividend is

a. money shared with stockholders when a corporation makes profits

b. a type of wage

c. a form of unearned income

d. both a and c

69. Money and benefits people receive from local, state, or federal governments are called

a. excise taxes

b. transfer payments

c. unearned income

d. disposable income

70. Which of the following items is a type of in-kind transfer payment?

a. food stamps

b. social security benefits

c. workers’ compensation

d. unemployment compensation

71. Insurance that provides payments to replace income lost when illness or injury (not job-related) prevents an employee from working is called

a. life insurance

b. disability insurance

c. workers’ compensation

d. health insurance

72. Which of the following payroll deductions is required by law?

a. health insurance premium

b. federal income tax

c. savings plan

d. group life insurance premium

73. Which form do workers have to complete so that an employer can verify that they are eligible to work in the United States?

a. Form W-2

b. Form W-4

c. Form I-9

d. none of the above

74. Social security tax

a. is withheld by state governments

b. provides a system of old-age, survivors, and disability insurance

c. has the same rate from year to year

d. both a and b

75. Which of the following payroll deductions is optional?

a. federal income tax

b. social security tax

c. state income tax

d. retirement plan contribution

76. Which of the following is a progressive tax?

a. sales tax

b. income tax

c. use tax

d. excise tax

77. Which of the following type of tax is based on assessed value?

a. property tax

b. income tax

c. use tax

d. excise tax

78. Which of the following is not true about public goods?

a. everyone benefits

b. no one can be excluded from the benefits

c. those who benefit most usually pay less

d. these goods are free (cost nothing)

79. Which of the following is a disadvantage of owning a business?

a. the owner decides what products and services to offer

b. the owner sets his/her own hours

c. the owner performs many different tasks to keep the business running

d. the owner keeps all the profits

80. Which of the following is a type of unearned income?

a. tip

b. interest

c. bonus

d. commission

MATCHING

Match each term with the correct definition or description below. Write the letter of the term on the answer sheet.

a. demand

b. economy

c. financial aid

d. goal

e. hard skills

f. headhunter

g. job description

h. job market

i. resume

j. soft skills

k. benefits

l. entrepreneur

m. exemption

n. gross pay

o. interest

p. minimum wage

q. net pay

r. sick leave

s. transfer payments

t. use taxes

81. The wide variety of job openings that exist when you are ready to work

82. A summary of your work experience, education, skills, and interests that qualify you for a job opening

83. A desired outcome based on one’s values for which a plan of action is carried out

84. A description of tasks to be performed and skills needed to complete a job

85. All the activities related to making and distributing goods and services in an area

86. The willingness and ability of consumers to buy goods and services

87. An employment specialist who seeks out highly qualified people to fill upper-level positions

88. Measurable physical and mental abilities that allow you to complete a job

89. Nontechnical skills, such as leadership and problem-solving skills, needed by most workers for success on the job

90. Money received from an outside source to help pay for education

91. A person who takes the risks of being self-employed and owning a business

92. The amount of a paycheck after deductions

93. Paid time away from work due to illness

94. Money and benefits received from governments

95. Forms of pay other than salary or wages

96. The lowest pay rate allowed by law

97. The total salary or wages earned during a pay period

98. A person claimed as a dependent on a tax return

99. Taxes based on the use of goods and services provided by the government

100. Money earned on savings accounts and other funds

101. Joe works 48 hours during the work week at Belk where he makes minimum wage. What is his gross pay?

102. Michael works at the Chrysler dealership as a salesman who makes all of his money based on commission. He sells two cars in one day. Each car costs $26,000. Michael is the senior sales associate and his commission is 6%. How much money does Michael make on his two sales?

103. Sarah works 63 hours during the work week at Mahoney’s making $9.25 an hour. What is her gross pay?

104. What skills/abilities are necessary for earning and maintaining a job?

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