2.1 Careers, Income, Earring Potential and Post-Secondary Options

Open Ended

What kind of career do you want after high school? What kind of education will that career require?

Open Ended

How much money will that career earn per year?

Fill in the Blanks

Fill in the blank: An Associate’s Degree usually takes

years of study after high school.

Multiple Choice

Which of the following education levels typically requires the least amount of time to complete?

• Certificate

• Bachelor's Degree

• Master's Degree

• Doctoral Degree

Open Ended

Compare the highest paid and least paid undergraduate degrees. What factors might contribute to the differences in their salaries?

Multiple Choice

Which of the following best explains the Human Capital Argument for why going to college can lead to higher wages?

• College provides skills that make you more productive in the workforce.

• College signals to employers that you are valuable regardless of skill.

• College students are already more intelligent and hardworking.

• College guarantees a high-paying job.

Open Ended

If some people prefer only the diploma rather than the education, what does that suggest about the human capital vs. signaling debate?

Fill in the Blanks

Fill in the blank: Skills such as communication, teamwork, and punctuality are known as

skills.

Multiple Select

Which of the following are considered soft skills needed in all jobs?

• Work ethic

• Teamwork and communication

• Time management and punctuality

• Technical expertise

Multiple Choice

Which of the following is NOT a labor market imperfection mentioned in the slides?

• Insufficient job information

• Wage discrimination

• Unions

• Flexible work hours

Multiple Choice

Which of the following is a characteristic of a salaried job?

• Pay is based on the number of hours worked

• Salaries are often excluded from overtime pay

• Hourly wages tend to rise with minimum wage

• Some jobs pay in cash at the time of the job

Fill in the Blanks

Dividends are paid out to

based on the profit of a corporation.

Multiple Select

Which of the following statements are true about independent contractors?

• They work under a one-time contract

• They receive regular paychecks from an employer

• They do not work regularly for an employer

• They are always paid hourly

Multiple Choice

What happens to the percentage rate in a progressive tax system as income increases?

• It decreases

• It stays the same

• It increases

• It fluctuates randomly

Multiple Select

Which of the following are characteristics of regressive taxes?

• The percentage rate decreases as income increases

• Flat fees are a larger percentage of a lower income

• People with higher incomes pay a higher percentage

• Sales tax is an example

Open Ended

Explain the difference between progressive and regressive taxes, and provide an example of each from the slides.

Multiple Choice

Which type of tax requires all taxpayers to pay the same percentage of their income, regardless of how much they earn?

• Proportional tax

• Progressive tax

• Regressive tax

• Sales tax

Fill in the Blanks

Fill in the blank: The Medicare tax rate is

% of your income, with half paid by the employee and half by the employer.

Open Ended

Why might areas with high rates of tourism typically have higher sales tax rates?

Multiple Select

Which of the following statements about sales tax is/are correct?

• Sales tax is added to the price of consumer goods and services.

• Sales tax rates are the same in every state.

• Sales tax is considered regressive.

• Local governments use sales tax for special projects.

Open Ended

How would rising property value and rising property taxes affect a person wishing to stay in the same home?

Multiple Choice

Which of the following factors is most likely to increase your earning potential?

• Gaining more education and skills

• Spending less money

• Watching TV

• Ignoring training opportunities

Open Ended

How do education, skills, and training influence a person's income?