Skill Sets
Whats the difference between Concrete and Personal Skills?
Concrete - measurable abilities that allow you to complete a job
Personal - nontechnical skills needed by most workers to complete a job
What are the 5 main parts of the business cycle?
Peak, Trough, Decline, Recovery, and Growth
What is a job market?
Job Market - job openings that are available when you enter the work force
What are the main 3 types of taxes in the U.S.?
Income Tax, Property Tax, & Sales Tax
What is the difference between Earned and Unearned Income?
Unearned Income - money received from sources other than working
Earned Income - money you directly worked for
Whats the difference between Formal and Informal Education?
Formal Education: attending classes, learning certain skills and concepts
Informal Education: often a part of working, On-the-Job Training is an example of informal
What is the definition of scarcity?
Scarcity - limited resources that affects our wants and needs
Name 3 things that might be in a job description
Job Title, Job Description, Required Education/Experience, Job Responsibilities, etc
What are 2 REQUIRED deductions that everyone gets taken from their paycheck?
Income Tax (Federal W + State W), social security, medicare
What is the minimum wage in Iowa?
$7.25 per hour
How might your personal values impact your personal goals?
What you value as a person will most likely impact/motivate you and lead you to your personal goals
Whats the difference between dividends and interest?
Interest - money earned in savings accounts and other funds
Dividends - a portion of a corporation's profits distributed to stockholders
Name an example of "On-the-job training" and an example of "Self-Training" for a specific job
Possible Answers Vary
What are 2 examples of deductions that are NOT required?
Insurance, Retirement, Stock Options, etc
How do you calculate your net pay?
Gross Pay - Taxes/Deductions = Net Pay
List one example each of formal and informal training I (Mr. Sunvold) may have completed to be a teacher.
Formal - degree, classes, training, etc
Informal - student teaching, volunteering, etc
When does the Growth part of the business cycle begin AND end? (You can draw it if needed)
Starts when we reach past our previous peak, and stops when we get to the next peak
What kind of things indirectly impact the job market? (List 2)
Unemployment rate, Gross Domestic Product (GDP), Technological Advances, and more all effect the job market
If I am contributing 8% of my $60,000 gross pay to a 401(k), how much of my gross pay would be left over for other taxes/deductions?
$60,000 x (1 - .08) = $55,200
If someone worked 47 hours and they make $15 per hour, how much would their GROSS PAY be?
($15 x 40) + (15 x 1.5 x 7) = $757.50