AnswersEconomics and Personal FinanceCareers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income — Quiz Answers

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1
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Which represents an employee benefit?

A
wage paid per hour of work
B
gratuity given by customers or clients
C
schedule with weekends off
D
health-insurance plan with company-paid premiums
2
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Tayesha wants to find more information about a career in architecture. Which resource is most likely to give balanced, accurate information?

A
She should use a personal blog of an architect since it is a person in the industry.
B
She should use the US Bureau of Labor Statistics website since it will cover a wide range of information about the careers around the United States.
C
She should use a fashion magazine article on famous architects since it will have lots of pictures.
D
She should use Facebook advice from friends since they know her best.
3

Joaquin is offered vocational training that will cost $3,000 but will make him eligible for a promotion. Joaquin is trying to decide whether to get the training or put the money in savings for retirement. Which statement is true?

A
Joaquin should take the class because $3,000 is too small of an amount to bother putting away for retirement.
B
Joaquin should put the money in savings because it will grow quickly with interest that he can use in retirement.
C
Joaquin should put the money in savings because retirement is expensive and he should have every penny he can.
D
Joaquin should take the class because a promotion will mean a larger salary over the long term compared to a single cash advantage.
4

Enjoli enjoys science and foreign language classes. She loves working with people and volunteers in the local shelter and library on a regular basis, but she is not fond of flying. Which career is she most likely to enjoy?

A
doctor for a professional sports team
B
doctor in a clinic that serves a low-income population
C
doctor partnering with insurance companies to determine covered procedures
D
doctor in a research facility for a large drug company
5

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

A
checking account
B
college savings account for his daughters
C
home equity line of credit
D
personal savings account
6

Which aspect could have a positive impact on future salary in a job position?

A
The position offers more employee benefits than others like it.
B
The career choice requires less post-secondary education so less student loans are needed.
C
The starting salary is very high, but the job outlook is poor.
D
The opportunity for advancement or promotion could result in higher pay.
7

Oscar claims that employee benefits have little impact on lifetime income so one should only consider a job with the largest salary. Which statement about his claim is true?

A
He is incorrect because health insurance will save the employee money he could apply to retirement.
B
He is correct because benefits have no monetary value to an employee even though the employer may pay for them.
C
He is correct because a larger salary would allow one to save more money for retirement.
D
He is incorrect because the employer gives the money for benefits directly to the employee so the employee can use the money as he wishes.
8

Which statement is an example of post-secondary education?

A
vocational classes such as marketing or computer-aided design that one may take in high school
B
core classes such as math and English that one takes in high school
C
a class in a specific computer application or language that one may take to advance in a career
D
a dance class that one takes after retiring for enrichment and enjoyment
9

Which would be considered part of an employee’s salary?

A
amount of matching funds the employer will pay to a retirement account
B
amount of taxes that will be deducted each pay check
C
amount an employee can expect to earn in gratuities from customers
D
amount of money the employee will earn each month
10

Both Phoebe and Connor are trying to maximize their lifetime income. Each has a different plan on how to do this best: Phoebe claims that she wants a career with no college or trade school requirements because she could save the money for retirement rather than spending it on education. She estimates her average yearly salary at $35,000 per year with no post-secondary education requirements. Connor claims post-secondary education will help him get a career with a higher salary and more benefits that he can use in retirement, so the education costs will more than pay for themselves. Connor estimates paying $80,000 for his post-secondary education and an average yearly salary of $60,000 per year after he earns his college degree. Which statement about their claims is correct?

A
Connor is correct because a person without a college degree will never be able to support himself.
B
Phoebe is correct because a college education is overly expensive and is almost a waste of money.
C
Phoebe is correct because she will not be spending tuition dollars on college while earning $140,000 during the four years it would take to earn an undergraduate degree. College graduates would never be able to make up that difference in earnings.
D
Connor is correct because it is likely that the increased income and better benefits he will earn throughout his career will outweigh the $80,000 and four years he invests in his college education.

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