Deck 2: Financial Aspects of Career Planning

Question 1

References are usually not included in a résumé.

Answer 1

True

Question 2

A screening interview is reserved for only the finalists in a job search.

Answer 2

False

Question 3

The purpose of an informational interview is to obtain employment from a branch office of a major corporation.

Answer 3

False

Question 4

Libraries usually have a variety of career information sources for career planning including government publications and industry brochures.

Question 5

A medical-spending account (Archer MSA)allows health care costs to be paid with pretax dollars.

Question 6

A mentor is an experienced employee who serves as a teacher and counselor for a less experienced person in a career field.

Question 7

A(n)________ is an employment position that is obtained mainly to earn money.

A)career
B)job
C)internship
D)apprenticeship
E)cooperative

Question 8

A person's name,address,telephone number,and e-mail address should be included on a résumé in the personal data section.

Question 9

A list of grades received in school is commonly included on a résumé in the education section.

Question 10

Compared to a job,a career:

A)Does not offer a path for occupational growth.
B)Does not require a commitment to a profession.
C)Requires continued training.
D)Excludes considering your interests.
E)Always leads to an internship.

Question 11

Corporate culture refers to the methods used by an organization to determine the value of employee benefits.

Question 12

The purpose of a cover letter is to determine if a company has jobs available.

Question 13

Government-supported employment services can assist individuals with finding a job.

Question 14

Continuing career education to update your knowledge can be through formal or informal methods.

Question 15

An elevator speech is a short,persuasive,focused summary of your unique experiences and skills used when networking.

Question 16

Employment in housing-related industries increases and decreases based on changes in interest rates.

Question 17

Functional résumés emphasize a person's diverse skills and abilities in categories such as communications,research,and human relations.

Question 18

An interest inventory measures the natural abilities that people possess.

Question 19

A cafeteria-style employee benefits program allows workers to select the benefits they prefer based on their personal needs.

Question 20

A tax-exempt employee benefit may be worth more than a tax-deferred benefit.

Question 21

To determine the difference between two job offers with different salaries and employee benefits,you can use which method?

A)Credit report
B)Market value calculation
C)Present value calculation of a pension program
D)Present value calculation of a retirement plan
E)Vesting

Question 22

After identifying specific employment opportunities in the career planning and advancement process,a person should:

A)assess personal goals,abilities,and career fields.
B)develop a résumé and cover letter.
C)evaluate job offers.
D)implement a program for career development.
E)research the employment market.

Question 23

Benjamin Smith is concerned about the effect of current economic conditions on various career fields.Which career information source would be most useful to Bill as he addresses his concerns?

A)Occupational Outlook Handbook
B)Library and media
C)Campus career office
D)Online gossip sources
E)Business and personal contacts

Question 24

Decreased global demand for goods and services is an example of a(n)________ influence on the job market.

A)economic
B)social
C)political
D)technological
E)industrial

Question 25

Natural abilities that people possess are called:

A)interests.
B)aptitudes.
C)attitudes.
D)personality traits.
E)occupational techniques.

Question 26

A career is selected in relation to which social influence?

A)Interest rates
B)Inflation
C)Foreign competition
D)Demographic trends
E)Consumer demand

Question 27

Which one of the following is defined as a commitment to a profession that requires continued training and offers a clear path for occupational growth?

A)Apprenticeship
B)Job
C)Internship
D)Career
E)Cooperative employment experience

Question 28

Which one of the following is a professional association that can assist in career planning for a specific career area?

A)Bureau of Labor Statistics
B)Chamber of Commerce
C)Rotary Club
D)American Marketing Association
E)U)S.Department of Labor

Question 29

Kent Fuller is in the 28 percent tax bracket.A nontaxable employee benefit with a value of $500 would have a tax-equivalent value of approximately:

A)$694.
B)$528.
C)$500.
D)$360.
E)$140.

Question 30

Which of the following economic conditions can affect career opportunities?

A)High interest rates
B)Decreased global demand for goods and services
C)Price increases
D)All of these
E)None of these

Question 31

Creativity,problem-solving skills,and physical dexterity are examples of:

A)interests.
B)survival skills.
C)aptitudes.
D)occupational attitudes.
E)on-the-job training.

Question 32

You may identify a satisfying career using guidance tests that:

A)evaluate the job market.
B)identify potential job opportunities.
C)develop a résumé and cover letter.
D)plan for career growth.
E)measure interests,abilities,and personal qualities.

Question 33

The purpose of an informational interview is to:

A)obtain employment.
B)reduce the number of potential candidates.
C)ask job candidates some general questions.
D)practice interview skills.
E)gather information about an organization or a career.

Question 34

Seventy percent of professionals locate employment positions presently available through networking and:

A)the Occupational Outlook Handbook.
B)personal contacts.
C)an informational interview.
D)the Bureau of Labor Statistics.
E)business and economic news reports.

Question 35

Which of the following is an example of an industry trend?

A)Increased employment opportunities in service industries
B)People living longer
C)Higher interest rates
D)Price increases
E)Continued growth in the number of working parents

Question 36

The final stage of the career planning and advancement process is to:

A)plan and implement a program for career development.
B)research employment.
C)identify specific employment opportunities.
D)Interview for available positions.
E)evaluate job offers.

Question 37

A career objective is:

A)best included in your cover letter.
B)usually included in your résumé.
C)is frequently the same as that of other candidates.
D)is not of interest to most employers.
E)usually not related to the job sought.

Question 38

The Occupational Outlook Handbook would be most useful for determining:

A)jobs available in your community.
B)current economic conditions.
C)detailed information on various career clusters.
D)interview questions for various careers.
E)suggested résumé formats for various career fields.

Question 39

A tax-deferred employee benefit is:

A)never subject to federal income tax.
B)never subject to state income tax.
C)taxed at some future time.
D)taxed at a special rate.
E)only available to union employees.

Question 40

Efficient work habits consist of using:

A)lists.
B)goal setting.
C)note taking.
D)time management techniques.
E)All of these

Question 41

Which of the following would be a competency commonly associated with successful people?

A)An ability to work well with others in various settings
B)A willingness to cope with conflict and adapt to change
C)An ability to solve problems creatively in team settings
D)Effective written and oral communication skills
E)All of these are competencies commonly associated with successful people

Question 42

A ________ résumé presents a person's education,work experience,and other information in order of the most recent item first.

A)goal-oriented
B)functional
C)chronological
D)targeted
E)data base

Question 43

A chronological résumé presents your education and experience based on:

A)the number of years of experience.
B)the number of years of education.
C)areas or ability.
D)career goal.
E)a reverse time sequence.

Question 44

The education section of a résumé should include:

A)names of instructors.
B)course numbers.
C)individual course grades.
D)schools attended.
E)class activities.

Question 45

A functional résumé is suggested for a person who:

A)has diverse skills and time gaps in their experience.
B)is interested in a specific job.
C)has a continuous school and work record.
D)plans to advance in the same career area.
E)has just completed school.

Question 46

An interview designed to determine the best candidates for further interviewing is a(n)________ interview.

A)screening
B)informational
C)selection
D)contact
E)follow-up

Question 47

Blake Edwards has done some research and has discovered that economists believe interest rates will rise significantly over the next two years.Blake believes that this will lead to fewer homes being sold and fewer jobs in the banking and mortgage industries.This is an example of ________ influencing jobs in the future.

A)demographic trends
B)economic conditions
C)industry trends
D)geographic trends
E)educational trends

Question 48

The finalists for a job position are invited for a(n)________ interview.

A)informational
B)confirmation
C)selection
D)screening
E)personal contact

Question 49

Which one of the following would likely lead to the most earnings over an individual's working career?

A)Two year vocational degree
B)Bachelor's degree
C)Master's degree
D)Professional or doctoral degree
E)Associate's degree

Question 50

What is the purpose of a cover letter?

A)Obtain career planning information
B)Request a reference for a job
C)Develop résumé information
D)Research a career area
E)Express your interest to obtain an interview.

Question 51

The purpose of a screening interview is to:

A)make business contacts.
B)determine the best candidates for further interviewing.
C)locate potential people for advancement within the company.
D)judge the least qualified candidates for a position.
E)obtain information on available jobs in an area.

Question 52

William Parker has done some research and has found that the population in the U.S.is living longer which means there will be an increased need for health care professionals in the future.This is an example of ________ influencing jobs in the future.

A)demographic trends
B)economic conditions
C)industry trends
D)geographic trends
E)educational trends

Question 53

The purpose of a behavioral interview is to:

A)select the best applicants for further interviewing.
B)obtain training information on a career area.
C)better evaluate candidates for on-the-job potential.
D)explore possible job opportunities in a career area.
E)locate potential candidates for a position.

Question 54

Jake Williams has done some research and has discovered that average incomes are high in metropolitan areas such as Boston,New York,Los Angeles,and Chicago.Based on his findings,Jake believes these areas will experience greater population and job growth as a result.This is an example of ________ influencing jobs in the future.

A)technology trends
B)economic conditions
C)industry trends
D)geographic trends
E)educational trends

Question 55

The purpose of the development section of a cover letter is to:

A)express interest in a specific job.
B)request an interview.
C)get the reader's attention.
D)get the reader to take action.
E)highlight background that qualifies the applicant for a specific job.

Question 56

A ________ cover letter is designed to compare your experiences with the job requirements side-by-side.

A)functional
B)chronological
C)goal-oriented
D)targeted
E)data

Question 57

Thomas Hudson recently coordinated a fund-raising project for an organization that assists homeless youth.This would most likely be an example of experience in:

A)doing research on a company.
B)obtaining financial planning and budgeting skills.
C)public speaking.
D)human relations.
E)problem solving.

Question 58

Résumés in the form of comic strips or "wanted" posters are most appropriate for careers in:

A)accounting.
B)finance.
C)advertising.
D)information technology.
E)human resources.

Question 59

A person's résumé should generally be limited to:

A)one page.
B)three pages.
C)four pages.
D)five or more pages depending on experiences.
E)a maximum of ten pages.

Question 60

A person who has worked in many fields and has a variety of skills in categories such as communications,research,and supervision would probably be best served with the use of a ________ résumé.

A)targeted
B)functional
C)chronological
D)goal-oriented
E)career change

Question 61

Jason Liang has gotten three job offers.He is now looking at the benefits packages of all three to see what he likes and doesn't like.Which stage in the career planning and advancement process is Jason completing?

A)Assess and research personal goals,abilities,and career fields.
B)Research the employment market and identify specific employment opportunities.
C)Develop a résumé and cover letter to apply for available positions.
D)Interview for available positions and assess interview performance.
E)Evaluate financial and other factors of positions offered.

Question 62

The term networking refers to:

A)using the internet to locate job listings.
B)making and using contacts to obtain and update career information.
C)accessing career databases online.
D)building a list of references to provide to prospective employers.
E)designing an electronic system for storing résumés and job related information.

Question 63

With completion of a bachelor's degree one can expect median weekly earnings of:

A)$1,790
B)$1,400
C)$1,300
D)$1,170
E)$830

Question 64

Brock Bentler has gone to monster.com as well as his local newspaper and has found five job possibilities that he feels fit his abilities and interests.Which stage in the career planning and advancement process has Brock completed?

A)Assess and research personal goals,abilities,and career fields.
B)Research the employment market and identify specific employment opportunities.
C)Develop a résumé and cover letter to apply for available positions.
D)Interview for available positions and assess interview performance.
E)Evaluate financial and other factors of positions offered.

Question 65

Which of the following is sent to a company to indicate your interest in a job and to obtain an interview? (Hint: It is generally accompanied by your résumé.)

A)List of references
B)College transcript
C)Diploma
D)Cover letter
E)Recommendation letter

Question 66

Lisa Thompson wants to gain some needed experience so when she is ready to start a career she has something to offer a company.She has decided to help organize the homecoming parade for the University of Central Oklahoma where she goes to school full-time.Which of the following employment strategies is she pursuing?

A)Part-time employment
B)Volunteer work
C)Internship
D)Campus project
E)Cooperative education program

Question 67

Which one of the following is not an element of corporate culture?

A)Management styles
B)Work intensity
C)Government regulations
D)Dress codes
E)Social interactions

Question 68

Tara Hudson wants to gain some needed experience so when she is ready to start a career she has something to offer a company.She has decided to participate in a community organization that presents programs to local school children.Which of the following employment experience strategies is she pursuing?

A)Part-time employment
B)Volunteer work
C)Internship
D)Campus project
E)Cooperative education program

Question 69

Jennifer Johnson wants to gain some employment experience so when she is ready to start a career she has something to offer a company.She has decided to work 20 hours a week for a local accounting firm answering the phone and assisting the partners in completing tax returns.Which of the following employment experience strategies is she pursuing?

A)Part-time employment
B)Volunteer work
C)Internship
D)Campus project
E)Cooperative education program

Question 70

Which of the following is the point at which retirement payments made on your behalf by the company belong to you even if you no longer work for the company?

A)Networking
B)Vesting
C)A tax deferred benefit
D)A tax exempt benefit
E)Break even

Question 71

Kyle Burroughs has purchased a suit and has interviewed with three companies through the career placement center at his university.He was surprised by some of the questions asked and does not feel he answered them well.He has developed some answers that he feels are better answers and better reflect his abilities and aptitudes.Which stage in the career planning and advancement process has Kyle completed?

A)Assess and research personal goals,abilities,and career fields.
B)Research the employment market and identify specific employment opportunities.
C)Develop a résumé and cover letter to apply for available positions.
D)Interview for available positions and assess interview performance.
E)Evaluate financial and other factors of positions offered.

Question 72

Which of the following is an opportunity to connect with several prospective employers in a short time span? (Hint: It is often held at local university campuses or convention centers.)

A)Networking
B)An internship
C)A career fair
D)A cover letter
E)An informational interview

Question 73

Joseph is eligible for a nontaxable life insurance benefit with an annual premium of $400 paid entirely by his employer.Assuming Joseph is in a 28% bracket,how much would he have to earn to pay for this benefit with after-tax dollars?

A)$600.00
B)$555.56
C)$470.59
D)$288.00
E)$112.00

Question 74

Which of the following is the process of making and using contacts to obtain and update career information and find job opportunities?

A)Networking
B)An internship
C)A career fair
D)A cover letter
E)Financial planning

Question 75

________ is a benefit on which you pay no income taxes.

A)Networking
B)Vesting
C)A tax-deferred benefit
D)A tax-exempt benefit
E)An opportunity cost

Question 76

Tyler Smith has gone to the career placement center at his university.He has taken both an interests inventory and a personality test and has found careers where his interests and personality are well suited.Which stage in the career planning and advancement process has Tyler completed?

A)Assess and research personal goals,abilities and career fields.
B)Research the employment market and identify specific employment opportunities.
C)Develop a résumé and cover letter to apply for available positions.
D)Interview for available positions and assess interview performance.
E)Evaluate financial and other factors of positions offered.

Question 77

Austin Hudson has written his résumé and had it checked by his career placement center for errors.He plans on sending it to three companies he has identified as having job openings.Which stage in the career planning and advancement process is Austin completing?

A)Assess and research personal goals,abilities,and career fields.
B)Research the employment market and identify specific employment opportunities.
C)Develop a résumé and cover letter to apply for available positions.
D)Interview for available positions and assess interview performance.
E)Evaluate financial and other factors of positions offered.

Question 78

Which of the following is a benefit on which you pay income taxes at some future time?

A)Cafeteria-style benefit
B)Vesting
C)Tax-deferred benefit
D)Tax-exempt benefit
E)Exclusion

Question 79

Caroline lives in City A and earns $40,000 per year.The cost of living index in City A is 80.She is considering a move to City B which has a cost of living index of 90.How large a salary will she require in City B to maintain her current standard of living?

A)$32,000
B)$36,000
C)$45,000
D)$50,000
E)$55,000

Question 80

Lori Johnson wants to gain some needed experience so when she is ready to start a career she has something to offer a company.She has talked to the career placement center at her university.They tell her she can get a job with a local company for the summer and earn college credit while working.Which of the following employment strategies is she pursuing?

A)Part-time employment
B)Volunteer work
C)Internship
D)Campus project
E)Cooperative education program