Deck 2: Financial Aspects of Career Planning

Question 1

In recent years,nearly 80% of new U.S.jobs occurred in companies with fewer than 100 employees.

Answer 1

True

Question 2

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

Answer 2

True

Question 3

Compared to a job,a career:

A)Does not offer a path for occupational growth.
B)Requires a commitment to a position.
C)Requires continued training.
D)Has limited opportunities for advancement.
E)Leads to an internship.

Answer 3

Requires continued training.

Question 4

A person's birth date,sex,height,and weight should only be included on a resume‚ if that information relates specifically to qualifications for an employment position.

Question 5

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

Question 6

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

Question 7

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

Question 8

An interest inventory measures the natural abilities that people possess.

Question 9

Continuing career education can be through formal or informal methods.

Question 10

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

Question 11

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

Question 12

A list of grades received in school is commonly included on a resume.

Question 13

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

Question 14

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

Question 15

A tax-exempt employee benefit is usually more advantageous than a tax-deferred benefit.

Question 16

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

Question 17

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

Question 18

Certain careers increase and decrease in demand based on changes in interest rates.

Question 19

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

Question 20

References are generally omitted from a resume.

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

In the career planning and advancement process,after identifying specific job opportunities,a person should:

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

Question 23

Natural abilities that people possess are called:

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

Question 24

Barb Hotchkins is in the 28 percent tax bracket.A tax-exempt 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 25

Which of the following is an example of an industry trend that could affect the job market?

A)Increased use of computers in manufacturing
B)Fewer children being born
C)Higher interest rates
D)Lower inflation rates affecting spending
E)More families with both parents working

Question 26

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 resume formats for various career fields.

Question 27

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 28

Federal tax-deferred employee benefits are:

A)not subject to federal income tax.
B)not subject to state income tax.
C)taxed at some future time.
D)are taxed at a special rate.
E)only available to union employees.

Question 29

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 30

Bill Evans is concerned about the effect of current economic conditions on various career fields.Which one of the following would be most useful to Bill as he addresses his concerns?

A)Occupational Outlook Handbook
B)Newspaper and Television
C)Campus Career Development Office
D)Career Fair
E)Professional Association

Question 31

Kenton Greer wants to locate employment positions presently available in his career area.This information would be best obtained by using:

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

Question 32

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 33

You may identify a satisfying career using guidance tests that:

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

Question 34

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

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

Question 35

Career opportunities are based on which social influence:

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

Question 36

Changes in the demand for goods and services are an example of a(n)____________ influence on the job market.

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

Question 37

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 38

Mathematical abilities,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 39

Efficient work habits consist of using:

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

Question 40

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

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

Question 41

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

A)An ability to work well with others in a variety of 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

Ned Turner 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 43

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 44

A common criticism of including a career objective on a resume is that it:

A)may be too vague.
B)takes too much room on the resume.
C)is frequently the same as that of other candidates.
D)is not of interest to most employers.
E)usually does not relate to the job sought.

Question 45

Jeremy Irons 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,Jeremy 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 46

Tom Husson 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 47

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 48

A ____________ resume is designed to obtain a specific job.

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

Question 49

What is the purpose of a cover letter?

A)Obtain career planning information
B)Request a reference for a job
C)Develop resume information
D)Research a career area
E)Express interest in a job and help you obtain an interview.

Question 50

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

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

Question 51

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

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

Question 52

A chronological resume sequences personal data based on:

A)experience.
B)education.
C)areas or ability.
D)career goal.
E)time.

Question 53

An interview designed to reduce the number of candidates for a position to a workable size is a(n)____________ interview.

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

Question 54

A ____________ resume presents a person's education,work experience,and other information in a reverse time-sequence.

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

Question 55

The education section of a resume should include:

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

Question 56

A functional resume is best 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 57

A person's resume should generally be limited to :

A)one page.
B)two pages.s
C)four pages.
D)three pages.
E)five or more pages depending on experiences.

Question 58

The purpose of a screening interview is to:

A)make business contacts.
B)reduce the number of applicants for a job.
C)locate potential people for advancement within the company.
D)judge the best qualified candidates for a position.
E)obtain information on available jobs in an area.

Question 59

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 ____________ resume.

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

Question 60

Creative resumes or those with a gimmick are most appropriate for careers in:

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

Question 61

Which of the following is an opportunity to contact several firms in a short time span? (Hint: It is often held at local universities or convention centers.)

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

Question 62

Caroline lives in City A and earns $50,000 per year.The cost of living index in City A is .8.She is considering a move to City B which has a cost of living index of .9.How large a salary will she require in City B to maintain her current standard of living?

A)$44,444
B)$40,000
C)$56,250
D)$45,000
E)$50,000

Question 63

Austin Guess has written his resume 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 step 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 resume 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 64

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 65

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 66

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 reflects his abilities and aptitudes.Which step 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 resume 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 67

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

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

Question 68

Jennifer Ryan 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 69

Lori Burroughs 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

Question 70

Tara Guest 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 the Edmond Historical Society present 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 71

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

A)Assess and research personal goals, abilities and career fields.
B)Research the employment market and identify specific employment opportunities.
C)Develop a resume 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 the process of making and using contacts in the business world for obtaining and updating career information and finding job opportunities?

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

Question 73

Lisa Trotter 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 with 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 74

Brock Trotter 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 step 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 resume 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 75

Which of the following is the point at which retirement contributions 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 76

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 resumes and job related information.

Question 77

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 step 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 resume 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

_________ is a benefit on which you pay no taxes.

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

Question 79

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

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

Question 80

With completion of a bachelor's degree one can expect to earn _____ in income over a 40-year period.

A)$2.6 million
B)$1.7 million
C)$3.6 million
D)$2.3 million
E)$4.3 million