Personal Financial Literacy - Chap5 Test Prep

Which of the following is a true statement about the United States job market?

• There has been growth in all sectors of the job market every year since 2002.

• The manufacturing industries have seen little or no job growth for more than 20 years.

• Service-related industries are not expected to produce new jobs for at least another 10 years.

• The job market basically remains the same from year to year.

A career that requires a college degree, is expected to grow in employment in the coming years, and provides its employees with a high income is...

• personal and home care aides.

• applications computer software engineers.

• dental assistants.

• education administrators.

If a college or university offers a nationally accredited nursing program, it most likely means that...

• anyone who graduates from the program will get a job as a nurse.

• anyone in the US who wants to be a nurse can go to that college or university.

• the program has been cited by a nationally recognized nursing professional organization as meeting certain standards.

• the program will award graduate with a nationally recognized nursing license.

Which of the following is a true statement?

• A certification is recognition that a persona has acquired a certain level of knowledge or training in a particular area of study.

• Certification programs are regulated by the US Department of Education.

• Certification programs award their certificates to everyone who enrolls in and completes their programs.

• A certification is a license that permits a person to practice a certain profession such as accounting or physical therapy in one or more states.

As a first step in selecting a career path, a person should...

• find out which careers pay the highest salaries.

• determine which careers are are interesting.

• look online for inexpensive certification programs.

• find out what majors are offered at the local college in the person's geographic area.

The Occupational Outlook Handbook is a good source for finding information about...

• colleges that offer specific career programs.

• the availability of jobs in different cities.

• the areas that will need more employees in the coming years.

• the amount of money a person can expect to earn over a lifetime.

A person finds out that with a bachelor's degree he can expect to earn $55,000 a year as a financial researcher. If he spends two years (full-time) getting an MBA, it will cost him $25,000 a year for his education; however he can expect to then earn a minimum of $90,000 a year as a financial analyst. If he decides to take the additional education route, to make up for the financial cost of postponing his career it will take him...

• less than two years.

• slightly more than two years.

• almost 5 years.

• more than ten years.

In deciding whether to pursue additional education and training for a job, a person decides to do a cost/benefit analysis. This is a good idea because it will help her to...

• decide whether the benefits she believes she will have in a certain job and career are worth the financial and quality of life costs associated with gaining the necessary skills and education.

• determine how many years it will take before she can enjoy the benefits of retirement.

• compare the costs of different educational programs and different colleges to the benefit of beginning a career without any additional education.

• determine whether the benefits package a company offers will cover the cost of the education required for the job.

A person's résumé should not include...

• knowledge of various computer programs.

• career objectives.

• current salary.

• prior work experience.

Why do many employers say that a cover letter is as important as the résumé that is accompanies?

• the cover letter can be much longer than the résumé and provide details that do not belong in the résumé.

• the cover letter gives the writer a chance to explain why she believes that her skills and knowledge make her the ideal person for the position.

• once a good cover letter is written, is can be copied in large quantities and easily sent with the résumé.

• a handwritten cover letter is a chance to show a potential employer a person's best handwriting.