AnswersCR19262 Managing Personal FinanceUnit Test

Workplace Trends Answers

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Which statement about tuition is the most accurate?

A
Four-year universities have the lowest tuition.
B
Community colleges tend to be more expensive.
C
Public colleges are cheaper for in-state residents.
D
Tuition is higher for public colleges than private ones.
2
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Which statement best describes a college education?

A
An employer typically pays for it in order to educate an employee.
B
The student pays for it, and it is required in many professions.
C
It usually takes two years to complete and tends to focus on technical training.
D
It lasts a short period of time—only a few months, or even weeks.
3

salarytuitionhourly payemployee benefits

A
salary
B
tuition
C
hourly pay
D
employee benefits
4

one yeartwo yearsthree yearsfour years

A
one year
B
two years
C
three years
D
four years
5

Which factor would be a valid influence on a career choice in the United States?

A
gender
B
race
C
birthplace
D
interests
6

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
7

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
college savings account for his daughters
B
checking account
C
personal savings account
D
home equity line of credit
8

What is one benefit of a dual-income household?

A
It provides more money because there are two salaries.
B
It allows more time to take care of household needs and responsibilities.
C
It eliminates the need for day care or other arrangements.
D
It clears schedules, allowing more opportunities to participate in leisure activities.
9

Which statement best explains federal grants that cover the costs of an education?

A
They require the use of savings.
B
They need to be repaid with interest.
C
They are based mostly on financial need.
D
They require borrowing money from a bank.
10

When someone is considering a career as a lawyer, future earnings are the

A
net cost.
B
net benefit.
C
future cost.
D
future benefit.
11

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.
12

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
13

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
14

Which are ways to pay for a college education? Check all that apply.tuitionstudent loansfederal grantsbooks and feesstudent loan interestacademic scholarships

A
tuition
B
student loans
C
federal grants
D
books and fees
E
student loan interest
F
academic scholarships
15

These lists outline the details of two jobs.

Question illustration
A
Job A has employee benefits and a higher salary.
B
Job A offers a higher salary and more days off.
C
Job B provides a higher salary but fewer days off.
D
Job B offers more days off and employee benefits.
16

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.
17

Which statement best explains student loans that cover the costs of an education?

A
They require the use of savings.
B
They require repayment with interest.
C
They depend on getting good grades.
D
They do not have to be paid back later.
18

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
19

Which are costs of a college education? Check all that apply.tuitionfederal grantsbooks and feesroom and boardstudent loan interestacademic scholarships

A
tuition
B
federal grants
C
books and fees
D
room and board
E
student loan interest
F
academic scholarships
20

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.

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