AnswersPizzellaWCA 6180 Personal Finance 1 - Part 1Careers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income — Unit test Answers

0 verified answers3 views
21
Free Preview

If union contracts raise wages above competitive levels, what might be one negative outcome?

A
Industries will raise salaries for top-level workers but not entry-level workers.
B
Companies will move overseas to escape unions and hire cheaper labor.
C
Inexperienced workers will lose their jobs to more experienced workers.
D
Employees will be content with their status and thus less likely to join unions.
22
Free Preview

The chart shows a sample paycheck stub.

Question illustration
A
added to employee pay.
B
withheld from employee pay.
C
refunded in employee pay.
D
filed through employee pay.
23

Why must the government consider companies’ needs as well as those of workers?

A
Workers often take advantage of safety and wage laws and regulations.
B
Company owners can easily vote government officials out of office.
C
Employers deserve the same benefits and protections as employees do.
D
Regulations can be costly and may drive companies out of business.
24

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
personal fulfillment.
C
financial risk.
D
a flexible working environment.
25

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.
26

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.
27

In addition to federal income tax, many people also pay

A
corporate tax.
B
state income tax.
C
local medicare tax.
D
local social security tax.
28

[BLANK]

A
Minimum wage
B
Child labor
C
Union membership
D
Workers’ compensation
29

What event had an enormous effect on US workplace safety?

A
a new minimum wage
B
the first labor union
C
a worker strike
D
a deadly factory fire
30

Health care, business, retail, and education are examples of ________ industries.

A
service
B
entertainment
C
manufacturing
D
construction
31

Read the graph.

Question illustration
A
Fewer new businesses were started in 2010 than in other years.
B
The opening of new businesses peaked between 2007 and 2008.
C
More new businesses were started in 2006 than in 2005.
D
The number of new businesses remained constant between 2006 and 2009.
32

[BLANK]

A
withholding amount
B
income tax
C
tax rate
33

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
34

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.

Did you find these answers helpful?

More from this Course

Quiz
44 verified answers

Unit Test

Quiz
42 verified answers

Unit 1: Mastery Form and Test

Quiz
25 verified answers

Unit Test