Unit 4 Employment and income Study guide

What is the difference between a job and a career? 

• A job and a career are the same thing.
• A career is a temporary position in a company.
• A job is always a higher position than a career.
• A job is a specific position of employment, while a career is a long-term professional journey.

What is the difference between transferable (or soft) skills and job specific (or hard) skills?

• Transferable skills are only useful in management roles.
• Job-specific skills are always more important than transferable skills.
• Transferable skills cannot be learned or developed.
• Transferable skills are versatile and applicable across jobs, while job-specific skills are specialized for particular roles.

What is the difference between Education and Training?

• Education is only about academic subjects, while training is about physical activities.
• Training is more important than education in all aspects of life.
• Education and training are the same and can be used interchangeably.
• Education is broader and focuses on overall knowledge and personal development, while training is specific and skill-oriented.

What is the difference between Human Capital and Continuing Education?

• Human Capital is the total number of employees in a company.
• Continuing Education is only for professionals seeking certification.
• Human Capital refers to financial investments in education.
• Human Capital is the value of skills and knowledge, while Continuing Education is the process of ongoing learning.

What is the relationship between education and employment / earnings potential?

• Higher education generally leads to better employment opportunities and higher earnings potential.
• Employment opportunities are solely based on experience.
• More education leads to lower salaries.
• Higher education has no impact on job prospects.

What is the difference between Lifestyle and Standard of Living?

• Standard of living refers to personal habits and choices.
• Lifestyle is about personal choices and habits, while standard of living is about economic conditions and material wealth.
• Lifestyle is solely determined by income level.
• Lifestyle and standard of living are interchangeable terms.

What are 3 benefits of training?

• 1. Enhances skills and knowledge 2. Improves performance and productivity 3. Boosts confidence and job satisfaction
• Increases stress and anxiety
• Reduces overall knowledge
• Decreases teamwork and collaboration

What is the difference between Hourly Income and Salary?

• Hourly income is variable based on hours worked; salary is a fixed annual amount.
• Hourly income is the same as salary; both are fixed annual amounts.
• Hourly income is paid monthly; salary is paid hourly.
• Hourly income is a fixed amount paid weekly; salary varies based on performance.

What is the difference between Earned Income and Unearned Income?

• Earned income is always higher than unearned income.
• Unearned income is only from government benefits.
• Earned income comes from work, while unearned income comes from investments or other non-work sources.
• Earned income is received without any effort.

What is the difference between Commission and Tips?

• Commission is a percentage of sales paid to an agent, while tips are voluntary gratuities given for service.
• Commission is a type of tax, while tips are rewards for good service.
• Commission is a fixed fee for services, while tips are mandatory payments.
• Commission is paid by customers, while tips are paid by employers.