Income and Career Planning Quiz

Take a moment to think about your future. What do you want to be when you grow up? What kind of job would you like to have? What steps do you think you need to take to get there?

Answer explanation

To achieve your future goals, identify your desired career, research necessary qualifications, and create a plan with actionable steps like education, internships, and networking to gain relevant experience.

The total amount of money you earn before taxes and other deductions is called ______________________.

Answer explanation

The total amount of money earned before any deductions is known as Gross Income. This term encompasses all earnings, making it the correct choice for the blank in the question.

The money you actually take home after all deductions have been subtracted is your ______________________.

Answer explanation

The money you take home after deductions is known as your Net Income. It represents the actual earnings available for spending or saving.

The skills, knowledge, and experience a person has that can be used to earn an income are known as ______________________.

Answer explanation

The correct answer is 'Human Capital' as it refers to the skills, knowledge, and experience that individuals possess, which can be utilized to generate income.

Things like health insurance, paid time off, and retirement plans that an employer offers in addition to a salary are called ______________________.

Answer explanation

Things like health insurance, paid time off, and retirement plans are called benefits. They are additional perks provided by employers beyond just salary.

______________________ are personal attributes that enable you to work effectively and harmoniously with other people, like communication and teamwork.

Answer explanation

Soft skills are essential personal attributes that facilitate effective and harmonious interactions with others, encompassing abilities like communication and teamwork.

To apply for federal student aid, you must fill out the ______________________.

Answer explanation

To apply for federal student aid, you must fill out the FAFSA (Free Application for Federal Student Aid), which is essential for determining your eligibility for financial assistance.

What is the gross income for Job A? How about Job B?

Answer explanation

To find the gross income for Job A and Job B, you need to sum their respective salaries and any additional earnings. Ensure to include bonuses or commissions if applicable for accurate totals.

What are the employee benefits for Job B?

Answer explanation

Employee benefits for Job B typically include health insurance, retirement plans, paid time off, and professional development opportunities, which enhance job satisfaction and employee retention.

Which job offers a better total compensation package?

Answer explanation

To determine which job offers a better total compensation package, compare base salary, bonuses, benefits, and stock options. The job with higher overall value in these areas is the better choice.