Modern Job Market
What is supply?
The amount of something available in a market
What is the general trend for people when dealing with benefits vs costs?
People want to receive their benefits early and pay their costs later
What are the three C’s?
Capacity, Character, Collateral
What are the 3 types of tax systems?
Regressive, Progressive, Proportional
What is a resume and the purpose?
A resume is a short explanation highlighting your major skills. The purpose of a resume is to convince a potential employer that you are the best employer to the company due to your unique skills.
True or False: Supply is dependent on demand, but demand is not dependent on supply
False, both supply and demand are dependant on each other
What are the long-term benefits of saving?
Increased security and backup options for any possible uncertainties
Which of these is not an asset credit score, house, car?
Credit score
What’s the PA sales tax?
6.00%
True or False: Chronological places work experience before skills
True
What is the definition of “price” in the modern job market?
The skills, qualifications, and education necessary to get a specific job
How are savings different between a small and big family?
A big family has more expenses and less disposable income compared to a small family and so it’s harder for a big family to have large amounts of savings
What can you do to increase credit score?
Be a trustworthy person (ex: pay bills on time)
What are taxes used for?
Government and Public Services
What are the two types of resumes?
Chronological, Functional
What is the relationship in terms of prices for supply and demand?
As supply decreases, demand increases and prices rise
As demand decreases, supply increases and prices fall
A woman has a credit score of 300, she makes $30,000 a year, and has a two bed apartment. Will she be approved for a $200,000 loan to buy a boat? Explain.
No, because she has a low credit score, a low income resulting in a low capacity, and small collateral. This makes her untrustworthy and unlikely to be able to repay the loan.
How are young spenders disproportionately affected by their 3 Cs when requesting a loan?
Young spenders usually low capacity, poor character, and small collateral making it harder for their loan request to be approved
Which is the only tax that varies based on counties in PA.
Property tax
What are the 3 characteristics to include in a resume?
Education, Work Experience, Extracurriculars
What are the 3 drivers of the job market?
Technology, Globalization, Stagnant economy
If someone’s annual income is $120,000 and they want to save 15% of that, how much money would they save? (Hint: use the formula)
$18,000
Formula: Annual income before taxes x savings rate
What is the range of a good credit score?
350-800
What is the equation for calculating taxes?
Bxt=T (Tax Base x Tax Rate: Taxes Paid)
On average, how many resumes are sent for a job application vs. how many are chosen?
250, 5