Answers CR19262 Managing Personal FinanceUnit Test

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Which statement about tuition is the most accurate?

Four-year universities have the lowest tuition.

Community colleges tend to be more expensive.

Public colleges are cheaper for in-state residents.

Tuition is higher for public colleges than private ones.

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Which statement best describes a college education?

An employer typically pays for it in order to educate an employee.

The student pays for it, and it is required in many professions.

It usually takes two years to complete and tends to focus on technical training.

It lasts a short period of time—only a few months, or even weeks.

salarytuitionhourly payemployee benefits

salary

tuition

hourly pay

employee benefits

one yeartwo yearsthree yearsfour years

one year

two years

three years

four years

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

gender

race

birthplace

interests

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?

doctor in a clinic that serves a low-income population

doctor partnering with insurance companies to determine covered procedures

doctor in a research facility for a large drug company

doctor for a professional sports team

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

college savings account for his daughters

checking account

personal savings account

home equity line of credit

What is one benefit of a dual-income household?

It provides more money because there are two salaries.

It allows more time to take care of household needs and responsibilities.

It eliminates the need for day care or other arrangements.

It clears schedules, allowing more opportunities to participate in leisure activities.

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

They require the use of savings.

They need to be repaid with interest.

They are based mostly on financial need.

They require borrowing money from a bank.

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

net cost.

net benefit.

future cost.

future benefit.

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?

Job 2 is a better choice because it will have a salary and benefits worth $20,500 more than job 1.

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.

Job 1 is a better choice because the annual income after housing is $65,800 but that of job 2 is $64,700.

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.

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?

$43,500

$48,500

$53,500

$56,000

$1,300

$2,400

$13,200

$15,600

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

tuition

student loans

federal grants

books and fees

student loan interest

academic scholarships

These lists outline the details of two jobs.

Job A has employee benefits and a higher salary.

Job A offers a higher salary and more days off.

Job B provides a higher salary but fewer days off.

Job B offers more days off and employee benefits.

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.

Engineer: design, plan, or manage a system such as machines, computers, or roads.

Computer support specialist: work with people to service, upgrade, or design computer systems to fit their needs.

Aircraft inspector: inspect, plan, and oversee repairs on aircraft; may also need to design parts as repair methods that meet standards.

Car salesman: sell cars to the police.

Factory reproduction manager: check that products meet specifications.

Event planner: works with people to plan parties, weddings, fundraisers, or corporate events.

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

They require the use of savings.

They require repayment with interest.

They depend on getting good grades.

They do not have to be paid back later.

Which represents an employee benefit?

wage paid per hour of work

health-insurance plan with company-paid premiums

schedule with weekends off

gratuity given by customers or clients

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

tuition

federal grants

books and fees

room and board

student loan interest

academic scholarships

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?

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.

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.

Job 1 is a better choice because it costs $4,500 less per year to live there.

The jobs have equal annual incomes of $45,400 after rent and utilities so Caitlin should take the job in her favorite locale.

Which aspect could have a positive impact on future salary in a job position?

The opportunity for advancement or promotion could result in higher pay.

The starting salary is very high, but the job outlook is poor.

The position offers more employee benefits than others like it.

The career choice requires less post-secondary education so less student loans are needed.

When someone is considering a career as a lawyer, future earnings minus the cost of law school is the

net cost.

net benefit.

future cost.

future benefit.

Which statement best describes an education at a vocational school?

An employer typically pays for it in order to educate an employee.

It often lasts only months or weeks and is specific to only one job.

It usually takes two years to complete and tends to focus on technical training.

It lasts for several years, and it often takes four years to earn a degree.

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?

$25,000

$85,000

$500,000

$1,700,000

Tayesha wants to find more information about a career in architecture. Which resource is most likely to give balanced, accurate information?

She should use Facebook advice from friends since they know her best.

She should use a personal blog of an architect since it is a person in the industry.

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.

She should use a fashion magazine article on famous architects since it will have lots of pictures.

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