Careers, Salaries, and Lifetime Income Answers

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Enjoli enjoys science and foreign language classes. She enjoys working with people and volunteers regularly at a local shelter and library. She does not like flying.Which career best matches the factors that influence Enjoli's career decision, such as her interests, values, and personal preferences?

A
doctor in a clinic that serves a low-income population
B
doctor partnering with insurance companies to determine covered procedures
C
doctor in a research facility for a large drug company
D
doctor for a professional sports team
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Caitlin has finished her schooling and training to be a dental hygienist. She has two job offers that she is considering. Caitlin’s Job Offer Comparison Job 1: Albuquerque, NMJob 2: Ann-Arbor, MISalary$54,000$61,000Benefits$2,500 bonuses,health insurance,401KHealth insurance,401KAverage Monthly Rent & Utilities$925$1,300Which job would offer the best annual income considering the cost of living in each locale?

A
Job 2 is a better choice because the annual income after rent and utilities is $59,700 but that of job 1 is $55,575.
B
Job 2 is a better choice because the annual income after rent and utilities is $45,400 but the income for job 1 is $41,900.
C
Job 1 is a better choice because it costs $4,500 less per year to live there.
D
The jobs have equal annual incomes of $45,400 after rent and utilities so Caitlin should take the job in her favorite locale.
3

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
Phoebe is correct because a college education is overly expensive and is almost a waste of money.
B
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.
C
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.
D
Connor is correct because a person without a college degree will never be able to support himself.
4

Cameron is choosing a career out of high school with no further training. The median salary for this career is $30,000. His friend Mateo is choosing a career that requires a college degree but has a median salary of $55,000. Over 20 years, what will be the difference between their incomes?

A
$25,000
B
$85,000
C
$500,000
D
$1,700,000
5

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 correct because a larger salary would allow one to save more money for 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 incorrect because health insurance reduces medical expenses, freeing up more income for long-term savings such as 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.
6

Which type of training would be considered vocational training?

A
training to prepare for a career
B
training to improve one’s health
C
training to learn a new hobby
D
training to improve relationships
7

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

A
amount of taxes that will be deducted each pay check
B
amount an employee can expect to earn in gratuities from customers
C
amount of money the employee will earn each month
D
amount of matching funds the employer will pay to a retirement account
8

Amy is analyzing a job offer. Amy’s Salary AnalysisAnnual SalaryBenefitsAverage Monthly RentAverage Monthly Utility Costs$48,500401K matched up to $2,500/year,$5,000 in bonuses$1,100$200How much should she expect to pay on rent and utilities each year?

A
$1,300
B
$2,400
C
$13,200
D
$15,600
9

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 Facebook advice from friends since they know her best.
B
She should use a personal blog of an architect since it is a person in the industry.
C
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.
D
She should use a fashion magazine article on famous architects since it will have lots of pictures.
10

Liam is a computer systems analyst and is looking to change to a company that offers more opportunities for advancement. He has job offers from two companies that look promising. Liam’s Job Offer Comparison Job 1: Seattle, WAJob 2: Silicon Valley, CASalary$78,000$100,000Benefits$4,000 bonuses,health insurance,401K$2,500 bonuses,health insurance,401KAverage Monthly Rent & Utilities$1,350$3,150Which company is a better choice based on annual income after housing and utility costs?

A
Job 2 is a better choice because it will have a salary and benefits worth $20,500 more than job 1.
B
Job 2 is a better choice because the annual income after housing is expected to be $140,300 but job 1 is expected to be $98,200.
C
Job 1 is a better choice because the annual income after housing is $65,800 but that of job 2 is $64,700.
D
Job 1 is a better choice because annual income after benefits and housing will be $109,800 but the annual income for job 2 will be $92,200.

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