AnswersCPS Online Personal Finance fall – 3-2027Careers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income Answers

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1
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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 income with benefits can she expect?

A
$43,500
B
$48,500
C
$53,500
D
$56,000
2
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Jerome likes to take stuff apart and then rebuild it. He is also good at math but is rather shy. Which career choices might he enjoy? Check all that apply.

A
Engineer: design, plan, or manage a system such as machines, computers, or roads.
B
Computer support specialist: work with people to service, upgrade, or design computer systems to fit their needs.
C
Aircraft inspector: inspect, plan, and oversee repairs on aircraft; may also need to design parts as repair methods that meet standards.
D
Car salesman: sell cars to the police.
E
Factory reproduction manager: check that products meet specifications.
F
Event planner: works with people to plan parties, weddings, fundraisers, or corporate events.
3

Logan has several job offers in different cities. What should he research to determine how much money he will have to spend as he wishes?

A
cost of living in each location
B
schedule he will be required to work
C
number of libraries, parks, museums, and sporting event locations in each city
D
distance each city is from his family and friends
4

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?

$
$1,300
$
$2,400
$
$13,200
$
$15,600
5

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
6

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
7

Which statement is an example of post-secondary education?

A
core classes such as math and English that one takes in high school
B
vocational classes such as marketing or computer-aided design that one may take 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
8

Which represents an employee benefit?

A
wage paid per hour of work
B
health-insurance plan with company-paid premiums
C
schedule with weekends off
D
gratuity given by customers or clients
9

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.
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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