Personal Finance Careers and Taxes

1. Soft skills can be best described as...

• Skills that are easy to demonstrate and measure

• 1. Skills that allow a person to work effectively with others

• 1. Skills that apply only to a specific position

• 1. Skills that are unimportant to employers

Your friend, Nabila, has a virtual interview tomorrow and is extremely nervous. Nabila should do all of the following things to prepare for her virtual interview EXCEPT…

• Test all of her technology including internet connection and audio

• Dress as comfortably as possible; since this is a virtual interview, professional dress is not necessary

• Ensure she has a clutter-free background

• Maintain positive body language during her interview such as good posture and eye contact with the camera

1. Lilly is working on her first resume and has no previous work experience. What can she do to boost her resume? 

• 1. Include a lengthy paragraph at the top of her resume explaining why she has no previous work experience

• 1. Leave out volunteer experience since it's not paid work

• 1. Create fictional positions she held in the past

• 1. Emphasize her education and highlight her strong GPA

1. Grayson has a job interview tomorrow. Which of the following would be the BEST advice to give him? 

• 1. Avoid asking questions during the interview since it will show that he may not know something about the company

• 1. Be sure to ask about things like vacation and sick leave since he will want to know how many days he can take off

• 1. Plan to arrive at least 60 minutes early for the interview

• 1. Conduct research on the company ahead of time to understand how his values and beliefs align with the company’s mission

1. In the United States, why is it often considered a good financial decision to go to college, even though a college degree is expensive?

• 1. College graduates always hold higher-paying jobs than high school graduates

• 1. College graduates have higher average lifetime earnings than high school graduates

• 1. Most people don’t graduate with student debt

• 1. After paying tuition, students will have a partial ownership stake in a valuable university

1. What does the term "withholding" mean in reference to your paycheck? 

• 1. The amount of your paycheck that you are NOT being taxed on

• 1. How much you are going to owe the government when you file your annual tax return

• 1. How much you earn and includes salary, bonus and commissions

• 1. How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement

1. When do you start paying income taxes? 

• 1. When you turn 18

• 1. When you get a full-time job (part-time does not count)

• 1. When you make more than the minimum income requirement

• 1. When you are notified by the IRS that you are required to pay federal income taxes

1. If your only income is salary paid by your employer, which of these statements about filing your taxes is true?
   
   

• 1. You need to file your tax return by the end of the calendar year (typically December 31st)

• 2. If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return

• 2. You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date

• 2. You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

1. Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage? 

• 1. Social Security

• 1. Medicare

• 1. 401(k) contribution

• 1. Federal income taxes

1. When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT… 

• 1. How much income did you earn this year?

• 1. What type of income did you earn this year? 

• 1. What state do you live in?

• 2. Are you claimed as a dependent on anyone else's tax return?