How would a person's decision to quit high school most likely affect future earnings?

It would reduce future earnings.

How does the decision to go to a trade school rather than a university affect the long-term financial goals of an individual?

It creates less debt from tuition and the ability to enter the workforce sooner.

How can education influence a person's career plans and goals? EPF.IE.1.1

Earning a degree or certification can lead to a person getting a job with a higher starting wage.

How can enlisting in the military potentially benefit a person's financial future? Options: A. Enlistment provides, until retirement, the opportunity to earn a high school equivalency certificate. B. Enlistment provides monetary options in U.S. military bonds. C. Enlistment provides grants and loans to help pay for community college or university tuition. D. Enlistment provides a high-paying job upon discharge.

Enlistment provides grants and loans to help pay for community college or university tuition.

How can improving professional development affect individual financial goals?

It makes an individual more qualified for positions with greater income.

How will a person's choice to accept a job out of high school instead of attending college most likely affect her financial plan?

The woman will begin generating income immediately but may earn lower income in the long term.

What effect does education have on the salary and employment of individuals? EPF.IE.1.2/EPF.IE.1.3

Individuals with higher levels of education are more likely to have higher weekly earnings and lower rates of unemployment.

Which is a result of a person choosing a technical education over attending a university?

She will be able to enter the workforce sooner with a specific skill and less debt.

How can joining the military contribute to a person's financial well-being?

It provides a person with training and benefits.

How does taking a skill development course at the local community college benefit an unemployed individual?

It provides more opportunities for work.

How does the decision to pursue a vocational degree contribute to a long-term career goal?

It provides hands-on training, and resources are specifically geared to jobs in demand.

How long does it typically take to earn an associates degree?

Typically, it takes about two years to earn an associates degree.

Which statement BEST describes gross pay?

earnings before deductions are withheld

Loans are money you take out to go to college that must be paid back, money that organizations give you that you do not have to pay back, money you get based on the grades you make, money that you must earn through working on campus

money you take out to go to college that must be paid back

What do credits do in regards to your taxes?

Credits directly reduce the amount of taxes you owe.

What do deductions do in regards to your taxes?

Deductions reduce the income that you actually have to pay taxes on.

Encourages people to buy goods made from their country.

EPF Unit 4 and 5 Review Flashcards

Student preview

60 questions

Show all answers

1.

FLASHCARD QUESTION

Front

The higher your income, the higher your tax rate.

Back

Progressive tax

2.

FLASHCARD QUESTION

Front

Taxes imposed at a flat rate; also known as a flat tax.

Back

Regressive Tax

3.

FLASHCARD QUESTION

Front

Generates tax forms and collects taxes.

Back

IRS

4.

FLASHCARD QUESTION

Front

Reduces your taxable income.

Back

Tax Deduction

5.

FLASHCARD QUESTION

Front

What is a progressive tax?

Back

tax that changes as you income changes

6.

FLASHCARD QUESTION

Front

What is a regressive tax?

Back

a tax that is the same no matter your income

7.

FLASHCARD QUESTION

Front

Also known as your take home pay.

Back

Net pay

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