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WorksheetsPF Unit 3-4 Exam Review
Total questions: 75
Worksheet time: 53mins
Which of the following statements is NOT true?
Most people have several careers throughout their lifetime.
Jobs are paid positions.
People can develop human capital in a variety of ways.
Transferable skills can be applied to many personal and professional roles.
Jose has been challenged by his academic advisor to ‘develop some human capital’ this school year. Which activity below would be the LEAST effective way to reach that goal?
Spend additional time playing video games to further develop his eye‐hand coordination.
Volunteer to pick up trash along the roadsides.
Attend a workshop on a topic he has little knowledge of.
Ask his employer if there are any new tasks at work that he might be assigned.
One’s Lifestyle is to their Standard of Living as present is to __________?
Past
Recent
Future
Gift
Miranda is working to develop a broad base of transferable skills. This means that she:
Needs to maintain at least a part time job during the school year.
Use her available hours outside of school for paid employment rather than volunteering.
Will not have as much time to develop her human capital.
Will have a set a versatile skill that she can apply to many personal and professional roles.
Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?
Completing your college degree is the best way to prepare for a career.
Education pays in higher earnings and lower unemployment rates.
Human capital and transferable skills result from formal training.
Investing in yourself too early can lead to a lower standard of living.
An example of a transferable skill is a skill:
used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.
that can only be used in an individual’s job or career.
that each employer requires you to learn.
that is learned at one job and is required at other jobs as well.
Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
salary
human capital
family
interest inventory
Individuals with more formal educational training usually have:
higher estimated lifetime earnings
lower personal satisfaction
greater amounts of leisure time
more comfortable work environments.
Career assessments help to identify:
the job an individual should have if he/she wants high well‐being.
positions available in a particular occupation.
fastest and slowest growing careers in a particular occupation.
possible career areas related to one’s interests.
In order to make an informed career decision, a high school student will want to:
commit to a profession that requires a college degree.
choose a career that offers the amount of money desired.
develop personal goals, complete a career assessment, and research careers.
choose a training program that will guarantee employment after the course work is completed.
Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she most likely to have answered as a result of her job shadow?
The future outlook for physical therapy jobs
The amount of money physical therapists earn
Common tasks and typical daily activities
Opportunities for advancement in the career
Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?
Completing your college degree is the best way to prepare for a career.
Education pays in higher earnings and lower unemployment rates.
Human capital and transferable skills result from formal training.
Investing in yourself too early can lead to a lower standard of living.
Individuals with more formal educational training usually have:
higher estimated lifetime earnings.
lower personal satisfaction.
greater amounts of leisure time.
more comfortable work environments.
Which statement is not true?
Most people have several careers throughout their lifetime.
Jobs are paid positions.
People can develop human capital in a variety of ways.
People can develop human capital in a variety of ways.
Which statement would not be true about the value of career research?
Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that a career might require.
Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career.
Opinions from different people working in the occupation should be considered before ruling out a particular career.
There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree.
Which is the best choice for describing "Invest in Yourself"
Completing your college degree is the best way to prepare for a career
Education pays in higher earnings and lower unemployment rates
Human capital and transferable skills result from formal training
Investing in yourself too early can lead to a lower standard of living
Which is true regarding college-level expectations for studying and completing projects
It is best to study alone in a quiet environment
Plan backwards from major deadlines
Multi-tasking during study time develops the skill of working while being distracted
The busier your schedule gets, the more important it is to write down only the most crucial tasks
If you need remediation in math based on college placement tests, which is NOT TRUE
You will need to take at least one course because you are not college-ready
Tuition will not be charged since the remediation class does not count towards your major
You should have taken a placement test sooner to strengthen your skills before heading out for college
Courses will not count toward your degree and it may take you longer to complete your college degree
Changing your major could result in what?
a well-rounded college degree
the need for backwards planning
losing credits for classes already taken
remediation courses to make up for the change in majors
If you were to create a college application folder which items would you NOT INCLUDE?
copies of awards and achievements
list of extracurricular activities
resume of all community service and volunteer work
copies of elementary and middle school report cards
Which of the following is true?
Most people have several careers throughout their lifetime
Jobs are volunteer positions
People can only develop human capital through their job
Transferable skills can be applied to many personal and professional roles
Which is the LEAST EFFECTIVE way to develop human capital?
Spend more time watching Netflix
Volunteer to clean up a highway
Attend a workshop on something you don't know much about
Ask your employer to give you more responsibility at your job
Which is the LEAST EFFECTIVE way to develop human capital?
Spend more time watching Netflix
Volunteer to clean up a highway
Attend a workshop on something you don't know much about
Ask your employer to give you more responsibility at your job
Individuals with more formal education usually have
higher estimated lifetime earnings
lower personal satisfaction
greater amounts of leisure time
more comfortable work environments
Which statement is true regarding college-level expectations for studying and completing projects?
It is best to study alone in a quiet environment.
Plan backward from major deadlines.
Multitasking during study time develops the important skill of working while being distracted, so it is okay to message with friends or watch TV while studying.
The busier your schedule gets, the more important it is to write down only the most critical tasks to be done. Wasting time writing down smaller details is not recommended.
The money one would have earned if she/he had worked instead of continuing her/his education is called the:
debt-to-income ratio.
opportunity cost.
benefit.
total estimated cost.
Erin has been in college for 2 years and has decided that the major she has been studying is not for her. Changing her major and/or her college could result in:
a well-rounded college degree.
the need for backward planning.
losing credits for classes she has already taken.
remediation courses to make up for the change in majors.
As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the least important one to consider at this point?
What kind of training and education do I need and how much will it cost?
Is there a career pathway available if I continue my education and training?
Can I get the education and training I need near where I currently live?
Will a job be available and will I earn enough in my career to pay for the education and training it requires?
Jaimen is struggling to make his student loan payments after college. He is considering defaulting on the student loan. Which is not a potential consequence if he decides to default on the student loan?
He could be denied credit cards, car or home loans, or apartment leases.
The bank could refuse to allow him to open a checking account.
He may not be able to obtain a marriage license.
His wages may be garnished.
Carson’s family has always struggled financially due to his parents leaving high school before graduating and working lower paying jobs to support the family. His parents do not want him to make the same mistake and are encouraging him to apply for scholarships and any type of student aid he might qualify for. Which application will determine which type of need-based aid he will qualify for?
Perkins Federal Loan Application
Direct Subsidized Stafford Loan Application
Federal Work Study Application
Free Application for Federal Student Aid (FAFSA)
Mallory has set a career goal of becoming a veterinarian but does not have the money to complete this goal without taking out very large student loans. She decides to attend a 2‐year program to become a veterinary technician, and then work for 3 years in that field while she saves money for her remaining 2 years of college and veterinary school. Mallory’s plan is known as a/an:
career pathway.
opportunity cost.
debt‐to‐income ratio.
SMART goal.
When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation is not true of Charles’ situation?
Charles will need to take at least one course because he is not college-ready.
Since the remedial courses Charles must take will not count toward his degree, he needs to take the courses but tuition is not charged.
Charles should have taken a placement test earlier in high school so he could strengthen his academic skills before heading for college.
Remediation courses do not count toward his degree program so he may need to take extra credits and his college degree may take longer to complete.
Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he wants to explore ways he can receive money he won’t have to repay. Which set of options should he explore?
Federal Perkins Loans, PLUS loans, and local bank loans
Federal Student Grants, PLUS loans, and scholarships
Pell Grants, work-study, and scholarships
Work-study, scholarships and PLUS loans
It is recommended that one's educational loan payments require no more than 10–15% of one's estimated starting income. What should a student consider in order to calculate this amount?
Opportunity cost
Career pathway
Benefit
Debt-to-income ratio
Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which is not a difference between a Direct Subsidized Stafford Loan and a typical bank loan?
Interest rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time.
Stafford loans have deferment options.
Stafford loans typically have a grace period.
Student families must complete a FAFSA (Free Application For Federal Student Aid) in order to apply for a Stafford loan.
How far will you have to travel from your home to the job refers to job...
Wages
Employee Benefits
Cost of Living
Location
"What expenses do I need to consider about where I live," is a questions that relates to...
Wages
Employee Benefits
Cost of Living
Location
Pays benefits to employees who are injured or disabled on the job
Employee Benefits
Workers Compensation
A source of income for workers who have lost their job through no fault of their own
Employee Benefits
Workers Compensation
Unemployment Insurance
Jamie has elected to be paid by direct deposit at her new job. This means _____.
She will receive her paycheck mailed directly to her each pay period.
She will receive her pay directly into her checking account at her depository institution for each pay period.
She will receive her pay automatically loaded onto her payroll card at the end of each pay period.
She will receive her paycheck delivered directly to her at her place of employment at the end of each pay period.
Gross income – deductions = _______________
Gross income
Social Security
Medicare
net income
Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
Net Income
Hours and earnings
Employer Contributions
Gross Income
Hunter has been offered a job by a local mechanic who has offered to pay him in cash rather than by paper paycheck, direct deposit, or payroll card. Hunter is excited that the amount of money he will take home each week will be larger since his employer won’t be deducting any taxes from it.
His employer wants to hire him for the 10 weeks of his summer break and expects to pay him $300 per week. Which statement below is most likely to be true?
Hunter will not need to pay taxes on the income from his summer job because the total amount he will earn is under the amount required for federal tax deductions.
It is illegal for Hunter to receive payment for his work in cash. He could be fined for doing so.
Hunter will need to pay his federal and state taxes on his own since his employer is not paying these required taxes for him
Hunter’s employer is doing him a favor by offering to pay him in cash. Hunter will potentially earn more by this method of payment.
The regular schedule that employers pay their employees is called the __________.
worker's compensation
pay period
employee benefits
employer contributions
The most secure method for an employer to pay employees is to use:
direct deposit
payroll card
printed paycheck
in‐store credit
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would be TRUE?
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions.
Federal Income Tax, State Income Tax, Workers Compensations, and Life Insurance are all required deductions.
Social Security, Medicare, Life Insurance, and Health Insurance are all required deductions.
Social Security, Medicare, Federal Income Tax, and Workers Compensation are all required deductions.
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is Bob’s gross pay on his paycheck?
$501.66
$320.00
$576.92
$640.00
Steven is moving into his first apartment in a few weeks and has been busy packing. In addition to the things he has purchased with money earned from his full‐time job, his parents have told him that he can take the furniture in his bedroom and his bedding when he moves out. His parents are providing him with which type of income?
Earned Income
In - Home Income
Gift Income
In-Kind Income
Erica is an active member of the Silver Cord program at her school. Through this program, she commits to completing at least 25 hours of community service each year of high school. Her advisor has encouraged her to explore volunteering with nonprofit organizations. Which would qualify as a nonprofit?
An extracurricular activity in her school
The local private daycare center
Big Brothers/Big Sisters
Her elderly neighbor who needs yard work done
Alyssa’s childcare provider called to tell her that the provider’s young daughter woke up ill and she won’t be able to care for Alyssa’s son today. Alyssa’s friend, who is a stay‐at‐home mother, agrees to care for Alyssa’s son today so Alyssa can go to work. Alyssa has utilized:
family child care.
social capital.
a non‐profit organization.
neighborhood watch.
Employment opportunities for Jackie and David are limited, but they both have jobs earning just a bit more than minimum wage. Which federal program will encourage them to file a tax return by offering a financial incentive to them?
Social Security
TANF
SNAP
Earned Income Tax Credit
Which statement is true of government assistance programs?
Government programs were designed to provide permanent assistance to those in need.
The ultimate goal of government programs is to help individuals become self-sufficient and independent.
Government programs were developed to help one specific socioeconomic group.
All government programs vary from state to state.
Medicare is provided by the federal government for individuals in specified circumstances. In which of the situations below would the individual most likely be receiving Medicare funds?
Jim is a 37-year-old man who lost his job and is unable to afford health insurance for himself or his children.
Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.
Rachel is a seventeen-year-old high school student who is pregnant and needs assistance with her medical expenses.
Rosie is 67 years old and in need of a health insurance program.
Which federal program assists low-income families in purchasing nutritious foods?
SNAP
TANF
Social Security
Medicare
Due to unexpected circumstances, Ariel is temporarily receiving income from a government assistance program. The funds she receives through the government program are most likely funded by:
small fees proportional to the income of clients.
fees that are charged to some, but not all, clients using the programs.
taxes at the local, state, and federal levels.
donations from large corporations.
Julie is a single mother who recently lost her job. She would like to obtain training in the medical field in order to increase her future income and support her two children. In order to do this, she will need help paying some of her expenses while she is going back to school. Which government program might offer her assistance to help with living expenses and job training?
Earned Income Tax Credit
Unemployment Insurance
TANF
Medicare
The access a person has to social relationships that can provide resources.
Medicaid
Community
Social Capital
Taxpayer
The knowledge and skills acquired through education, training, and experience.
Non-profit
Medicare
Human Capital
In-kind Income
To offer things to others
Receiving
Giving
In lieu of
In-kind income
Family
People who pay taxes to federal, state, county, or municipal (city/town) governments.
A group of people working together for a common good.
A federal and state assistance program that pays for health care services for low-income individuals who cannot afford them.
Related or unrelated individuals sharing various resources (especially time and money) who also show concern about each other's well-being.
Instead of, in place of
Receiving
In-kind income
In lieu of
Giving
Taxpayer
A group of people working together for a common good.
Related or unrelated individuals sharing various resources (especially time and money) who also show concern about each other's well-being
People who pay taxes to federal, state, county, or municipal (city/town) governments.
The access a person has to social relationships that can provide resources.
17. Accepting from others
Receiving
Giving
In lieu of
Medicare
