Basic Understanding
The REAL!
Compensation Benefits
True/False
GO Me!!!
100
The total amount of income earned during a pay period
What is Gross pay
100
Pedro has worked 35 hours each of the past two weeks. If he earns $7.50 an hour and is paid every two weeks, what is his gross pay for the last two-week pay period? a. $262.50 b. $393.75 c. $525.00 d. $637.50
What is c. $525.00 [$7.50 x 70 hours]
100
payment made for academic achievement
What is a Scholarship
100
This test will be over SMART Goals?
What is False
100
Which of the following strategies has the most potential to prevent you from boosting your earning potential? a. Frequently changing jobs with different employers to learn new skills and gain experience b. Working at the same company every summer break while going to school c. Enlisting in the military right after graduating from high school d. Enrolling in a local two-year apprenticeship program or community college while living with your family
What is a. Frequently changing jobs with different employers to learn new skills and gain experience [This pattern can be detrimental to future opportunities, both financially and for a person’s reputation. Moving from employer to employer reduces the likelihood of pay raises and promotions, and potential employers may be skeptical about spending time and resources to hire and train someone who will not be a long-time employee.]
200
Rent is one factor that impacts in a person’s cost of living. List two other cost factors to think about when comparing the cost of living in two different cities. [
What is (any or all would work) - sales taxes - local and/or city income taxes - transportation - insurance - utilities - food/groceries - home value
200
After three months on the job, Pedro received a 50-cent raise and now has insurance benefits. He worked 35 hours one week and 42 hours the second week of the recent pay period. And his deductions totaled $217.90. What is his net pay? * Remember that anything over 40 hours is typically considered overtime and you will be paid time and a half. For example: if I made $5.00 an hour and I worked 45 hours one week. I would receive 5 hours of overtime pay (the total would be$ 7.50{5.00+ 2.50 >5.00/2<} an hour for anything worked past 40 hours within a week) a. $359.60 b. $398.10 c. $406.10 d. $577.50 e. $616.00
What is .c $406.10 [(75 reg hrs x $8/hr) + (2 overtime hrs x $12 OT pay) = $624 gross pay - $217.90)]
200
An opportunity to combine on-the-job training with class instruction
What is A Apprenticeship
200
One of the single greatest assets an individual has is earning power
What is True
200
Not everyone has enough money on hand to pay the entire costs for specialized training or college. Other than borrowing money, what are two other strategies you might use to cover college or training costs?
What is any or all of... -get a job - join the military - save in a college savings fund - apply for scholarships - apply for grants - apply for a work-study program - enroll in an employer training program - test out of college credit - make use of an employer tuition reimbursement program
300
Along with the cost of living, what are two other things to consider as you decide where you will live and work?
What is (any or all would work) - employment trends - average salary/pay - transportation - schools - safety/crime rates - opportunity for jobs in preferred career - proximity to family and friends - access to recreational/hobby activities - affordable and available housing - access to services (i.e. health care, child care)
300
During her first year on the job, Monique earned a $22,880 annual salary ($11 an hour). She started the job with paid leave for five vacation days and five sick days. Plus, her employer pays the $300 monthly premium for health insurance. What is Monique’s total annual compensation? a. $22,880 b. $26,480 c. $27,580 d. $30,880
What is b. $26,480 [$22,880 annual pay + $3,600 insurance premiums ($300 x 12 months)]
300
An employer-sponsored retirement savings plan is … a. usually only available for employees who work more than 10 years at the company. b. a valuable employee benefit. c. funded solely by the employer. d. only available to retired people.
What is b. a valuable employee benefit.
300
Andrew does not have to pay income taxes on the cash tips he received while working his shift at the car wash.
What is False
300
As Taylar compares the costs of college programs, she discovers that the in-state schools are less expensive than the out-of-state college schools. Give Taylar two other suggestions of things she might do to have some control over the cost of going to college.
What is any or all - Graduate on time or early. - Ensure she meets the entrance requirements to not pay for additional “catch-up” courses. - Enroll in at least the minimum full-time course load; better yet, maximize the credit load. - Thoughtfully select the school and program to reduce the risk of lost credits if needing to transfer programs or schools. (Avoid campus hopping or merry-go-round majors
400
Why would someone want to start his or her own business rather than work for someone else? a. able to work few hours because someone else is managing the day-to-day business tasks b. certain to make a lot of money c. no worries about losing his or her job d. able to make own business decisions regarding what services or products to sell
What is d. able to make own business decisions regarding what services or products to sell
400
Latrice is applying to work a full-time job next summer. So far, her only paid work experience has involved babysitting. She’s worried that she lacks the skills and experience needed to get a summer job at a local business. What should Latrice tell an employer who asks about her work experience? a. Point out the skills and responsibilities required when she was paid to provide child care. b. State the skills used when she participated in school plays and classroom activities. c. Summarize the skills she developed while living in Spain as an exchange student. d. All of the above.
What is d. All of the above. [Latrice developed valuable work skills in all of the above situations.]
400
Nelly is considering a future career in graphic design. Which one of these summer jobs has the most potential to help Nelly jumpstart her career? a. a salesclerk at a bookstore: minimum wage plus discounts on books and magazines b. an advertising assistant for the local newspaper: minimum wage job that requires proofreading and setting up ads in the weekly newspaper c. any job that pays more than minimum wage to pay for her graphic design classes d. a stock clerk at the local hobby supply store: flexible work hours, minimum wage, and responsibilities to stock shelves with art and hobby supplies
What is b. an advertising assistant for the local newspaper: minimum wage job that requires proofreading and setting up ads in the weekly newspaper [Nelly would gain experience with layout and design, which are related to graphic design.]
400
You receive the same employee benefits wherever you work full-time.
What is False [Note: Employers are not required to provide the same benefits; benefit packages will vary by job and company.]
400
Which of the following is a major factor in helping you achieve your financial goals? a. your job choice b. the amount of overtime you work c. your ability to balance work and personal life d. where you live
What is a. your job choice
500
Delay making payments on borrowed money
What is Loan deferment
500
You can ask any 1 Direct Question about the test and get 500 points.
What is what Mrs. Pierce says it is!
500
Many employers offer their employees paid time off for vacation, illness, and personal leave. List two other employee benefits that are commonly offered by employers. [
What is Examples of possible responses: - health insurance - retirement savings plan - life insurance - disability insurance - tuition assistance - training and professional development
500
The No. 1 reason why students drop out of higher education programs is because they can’t keep up with the coursework when they are working or have a family.
What is False it is due to money management problems
500
Which is an example of an opportunity cost related to earning potential? a. Reduce income by cutting back on work hours to have time to attend classes at the local community college. b. Apply for a scholarship to pay for college tuition and a new computer. c. Improve time management skills. d. Decide on a career that fits into your desired lifestyle.
What is a. Reduce income by cutting back on work hours to have time to attend classes at the local community college.
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