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A. assets-liabilities=net worth
To calculate her net worth Jordyn should use the following formula: A. Assets – liabilities = net worth B. Assets x liabilities = net worth C. Assets + liabilities = net worth D. Assets / liabilities = net worth
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C. Social Security income her mother is receiving for her since her father died of cancer last year.
Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this statement? A. Interest earned on her savings account. B. Money she received from her grandparents for her birthday. C. Social Security income her mother is receiving for her since her father died of cancer last year. D. Taxes she paid based on her income last year.
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C. Track his current income and expenses. If he has already created an Income and Expense Statement then he has completed this step.
43. Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his FIRST step? A. Decide what income and spending categories would reflect his values, needs, and wants. B. Decide how much money he can spend for each of the bills he pays each month. C. Track his current income and expenses. If he has already created an Income and Expense Statement then he has completed this step. D. Develop a control system that will work with his life style.
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B. human capital
48. 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: A. salary B. human capital C. family D. interest inventory
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C. develop personal goals, complete a career assessment, and research careers
53. In order to make an informed career decision, a high school student will want to: A. commit to a profession that requires a college degree B. choose a career that offers the amount of money desired C. develop personal goals, complete a career assessment, and research careers D. choose a training program that will guarantee employment after the course work is completed
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D. The balance on his credit card
Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be: A. The market value of his car B. The value of his retirement account C. The combined total of his savings and checking accounts D. The balance on his credit card
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C. A spending plan includes items NOT usually included when creating a budget.
Diana and Aaron have decided to develop a spending plan to help them gain control over their finances. Which of the following statements is NOT TRUE about spending plans? A. Spending plans are used to record planned income. B. Spending plans are used to record planned expenses. C. A spending plan includes items NOT usually included when creating a budget. D. When creating a pending plan, it is recommended that you examine your trade-offs and opportunity costs.
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A. Spend additional time playing video games to further develop his eye-hand coordination.
44. 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? A. Spend additional time playing video games to further develop his eye-hand coordination. B. Volunteer to pick up trash along the roadsides. C. Attend a workshop on a topic he has little knowledge of. D. Ask his employer if there are any new tasks at work that he might be assigned.
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A. higher estimated lifetime earnings
49. Individuals with more formal educational training usually have: A. higher estimated lifetime earnings B. lower personal satisfaction C. greater amounts of leisure time D. more comfortable work environments.
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B. Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations.
54. Zoe has been assigned by her school counselor to complete a career assessment. Which statement BEST describes why her counselor has suggested she do this? A. Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe's lifestyle and wellbeing. B. Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations. C. Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career she wants to prepare for. D. Her counselor wants Zoe to search for a career that will allow occupational flexibility and provide for possible career advancement as she gains more experience working in her selected career.
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A. Cell Phone
What would most likely be considered a contractual expense? A. Cell Phone B. Food C. Entertainment D. Clothing
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C. Spending plans are always under revision so they are never complete.
40. When is your spending plan complete? A. When you have allocated all your income into categories for the month. B. When you have all of your current income and expenses recorded. C. Spending plans are always under revision so they are never complete. D. Spending plans are complete each December 31st as one year ends and another year begins.
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A. Completing your college degree is the best way to prepare for a career.
45. 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? A. Completing your college degree is the best way to prepare for a career. B. Education pays in higher earnings and lower unemployment rates. C. Human capital and transferable skills result from formal training. D. Investing in yourself too early can lead to a lower standard of living.
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D. Will have a set a versatile skill that she can apply to many personal and professional roles.
50. Miranda is working to develop a broad base of transferable skills. This means that she: A. Needs to maintain at least a part time job during the school year. B. Use her available hours outside of school for paid employment rather than volunteering. C. Will not have as much time to develop her human capital. D. Will have a set a versatile skill that she can apply to many personal and professional roles.
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C. Opinions from different people working in the occupation should be considered before ruling out a particular career.
55. Which statement WOULD NOT be true about the value of career research? A. 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 career might require. B. 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. C. Opinions from different people working in the occupation should be considered before ruling out a particular career. D. 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.
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B. Amanda and March are earning more money than they are spending. They could place additional money in savings and/or spend it on other expenses.
Amanda and Marcus just finished their Income and Expense Statement for last month. They discovered that they have a net gain. What does this mean and what should they do? A. Amanda and Marcus are spending more money than they are earning. They need find a way to balance their income and expenses by spending less on non-contractual expenses. B. Amanda and March are earning more money than they are spending. They could place additional money in savings and/or spend it on other expenses. C. Amanda and Marcus are spending more money than they are earning. One of them should consider getting a second job for a time to help boost their income. D. Amanda and Marcus are earning more money than they are spending. They should increase spending for non-contractual items to bring their income into balance with the expenses.
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D. Gasoline, food, and entertainment
41. Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his non-contractual expenses. Which of his expenses best fit that category? A. Cell phone bill, gasoline, and car payment B. Internet bill, entertainment, and clothing C. motorcycle payment, food, and cell phone bill D. Gasoline, food, and entertainment
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B. Jobs are paid positions.
46. Which of the following statements is NOT true? A. Most people have several careers throughout their lifetime. B. Jobs are paid positions. C. People can develop human capital in a variety of ways. D. Transferable skills can be applied to many personal and professional roles.
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A. used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.
51. An example of a transferable skill is a skill: A. used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences. B. that can only be used in an individual's job or career. C. that each employer requires you to learn. D. that is learned at one job and is required at other jobs as well.
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D. possible career areas related to one's interests
56. Career assessments help to identify: A. the job an individual should have if he/she wants high well-being B. positions available in a particular occupation C. fastest and slowest growing careers in a particular occupation D. possible career areas related to one's interests
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D. Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest from his savings account
Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses? A. Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance B. Money saved from his paycheck for emergencies, interest paid on his car loan, his tax refund from filing last year's tax return C. The scholarship he receives for studying Chinese at the local community college, his car insurance payment, and stock dividends he received from his grandmother D. Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest from his savings account
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A. Decrease expenses
42. If expenses were to exceed income on a spending plan, what would be a financially smart solution? A. Decrease expenses B. Use a credit card more often C. Earn less income D. Increase purchases
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C. Future
47. One's Lifestyle is to their Standard of Living as present is to _? A. Past B. Recent C. Future D. Gift
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B. The amount of money physical therapists earn
52. 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? A. The future outlook for physical therapy jobs B. The amount of money physical therapists earn C. Common tasks and typical daily activities D. Opportunities for advancement in the career
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C. losing credits for classes she has already taken.
57. Erin has been in college for 2 years and has decided that the major she has been studying isn't for her. Changing her major and/or her college could result in: A. a well-rounded college degree. B. the need for backwards planning. C. losing credits for classes she has already taken. D. remediation courses to make up for the change in majors.
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