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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Mariana wants to research a career in veterinary medicine. Where could she find accurate and objective information? Check all that apply.

S
She could speak with a career counselor.
S
She could visit the library and check out a book from the career section about veterinarians.
S
She could visit the library and check out a book from the fiction section with a veterinarian in it.
S
She could visit the online site for the US Bureau of Labor and Statistics.
S
She could visit a personal blog site written by a veterinarian.
2
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Which factors positively affect lifetime income? Check all that apply.

p
post-secondary education
e
employee benefits
s
salary
v
vocational training throughout career
h
high cost of living
e
early retirement
3

These lists outline the details of two jobs.

Question illustration
f
family needs
j
job location
p
personal life
a
annual wages
4

Ariel wants to compare the salaries for positions she was offered at two companies. What should she consider in this process? Check all that apply.

S
She should research the cost of living of different locations to compare against the offered salaries.
S
She should research the benefits included in each offer.
S
She should research the average salary of similar positions to see if the offers are fair.
S
She should take the position that offers the largest salary.
S
She should take the position that has the lowest cost of living.
5

1.

H
He should wait until his last year in high school to fill out the FAFSA.
H
He should start saving right away. It is never too early to start a savings account.
H
He should work hard throughout middle school and high school or it might be too difficult for him to excel later, since bad habits are hard to break.
H
He should try different sports and clubs in middle school and early high school. Then he should pick his favorites and invest more time in them.
W
While in high school, he should quit all extracurricular activities so he can work more hours and save money.
H
He should ask all his friends and neighbors to contribute to his college fund so it will grow faster.
6

A bachelor’s degree is awarded for successfully completing

a
active duty service in the military.
a
an apprenticeship in an entry-level job.
a
a four-year college program.
a
a two-year community college program.
7

Holly plans to attend community college next year. Her expenses are only $1,200 because her parents are paying the rest. Holly earned a $750 scholarship. How much will she need to pay from her savings?

$
$450
$
$750
$
$1,200
$
$1,950
8

What major expense is part of attending a four-year college?

h
hands-on training
r
room and board
s
scholarships
a
apprenticeships
9

What is the purpose of the GI Bill?

t
to provide military training
t
to help pay for college
t
to assist with unemployment
t
to give a salary to soldiers
10

locationtuitionindependenceproductivity

A
location
B
tuition
C
independence
D
productivity
11

Jolene is graduating from high school in May. She received this offer from a university. Financial Analysis for UniversityCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$9,800$11,000Room & BoardWork-Study$12,500$5,000Which statements about the offer are true? Check all that apply.

T
The total cost per year is $22,300.
S
She will need to repay $16,000 for each year of college.
F
Financial aid will cover $16,000 for each year of college with no need to repay.
F
Financial aid will cover $11,000 for each year of college with no need to repay.
S
She could use money from savings or parental contributions to pay the remaining $6,300 each year.
S
She could use a student loan to pay the remaining $6,300 each year.
12

best

I
It requires the use of savings.
I
It requires repayment with interest.
I
It involves completing an application.
I
It is based on need or achievement.
13

What is the wealth gap?

t
the difference in price between wants and needs
t
the uneven distribution of money in society
t
the balance between salary and expenses
t
the increasing cost of higher education
14

Which statement best describes lifetime income?

t
the total salary for all the years worked
t
the total salary and retirement benefits for all the years worked
t
the total salary and value of insurance benefits for all the years worked
t
the total cost of college classes and vocational training divided by the total years worked
15

best

T
The family will not have enough money. They will have saved only $8,250.
T
The family will not have enough money. They will have saved only $9,900.
T
The family will likely have enough money. They will have saved $8,250 and have accumulated interest.
T
The family will likely have enough money. They will have saved $9,900 and have accumulated interest.

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