Income and Taxes

How can people's choices about their education and skill development affect their lives?

• They have no significant impact on future earning capability or job satisfaction.

• They can affect their future earning capability and job satisfaction.

• They only affect the ability to travel.

• They determine the type of clothing one can wear.

What can early planning provide in terms of post-secondary training and education?

• Fewer options to pay for post-secondary training and education.

• More stress and fewer educational opportunities.

• More options to pay for post-secondary training and education.

• No benefits whatsoever.

What factors can cause salaries and wages to vary?

• A worker's favorite color, the weather, and the time of day.

• The type of car a worker drives, their shoe size, and their hair color.

• A worker's skills, education, and the supply and demand for qualified workers.

• The worker's choice of pets, hobbies, and favorite foods.

Which of the following is NOT listed as a factor that can affect employment?

• Geographic Location

• Type Of Industry

• Company Profit Margins

• Work Ethic

What kind of changes are said to have a huge impact on future jobs?

• Sociological, economic, and technological changes

• Political, environmental, and cultural changes

• Historical, philosophical, and biological changes

• Legal, artistic, and psychological changes

What generally allows people to earn higher incomes?

• Spending more money

• Having higher education, training, and experience

• Working fewer hours

• Avoiding career planning

What should you keep in mind when considering the type of lifestyle you would like to live?

• The type of car you want to drive

• The amount of vacation time you desire

• The type of career and its salary/income

• The number of children you want to have

What is earned income?

• Money received from winning a financial prize

• Money received as interest on savings

• Money earned from working a job and getting paid

• Money received as stock dividends from corporations

Which of the following is a source of unearned income?

• Salary from employment

• Birthday money

• Wages for overtime work

• Payment for freelance services

What is income defined as in the context of finances?

• The total amount of money saved by a person during their life.

• Money that a person or a business receives in return for working, providing a product or service, or investing capital.

• The financial debt a person owes.

• The total value of a person's assets minus liabilities.