Deck 2: Financial Aspects of Career Planning

Question 1

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

Answer 1

True

Question 2

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

Answer 2

False

Question 3

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

Answer 3

True

Question 4

Increased technology can result in a reduction of employment in one industry while creating new jobs in other industries.

Question 5

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

Question 6

A possible opportunity cost associated with career advancement is a need to relocate your household.

Question 7

An interest inventory measures a person's aptitudes.

Question 8

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

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

A job tends to have less of a long-term commitment to a field than a career.

Question 14

References are generally omitted from a résumé.

Question 15

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

Question 16

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

Question 17

Continuing career education can be in a formal or an informal setting.

Question 18

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

Question 19

Libraries usually have a variety of information sources for career planning and job exploration.

Question 20

Current business and economic news can be an indication of future job demand.

Question 21

The first step of the career planning process is to:

A)evaluate the job market.
B)identify potential job opportunities.
C)develop a résumé and cover letter.
D)plan for career growth.
E)assess your interests,abilities,and goals.

Question 22

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

A)assess interests,abilities,and goals.
B)develop a résumé and cover letter.
C)evaluate job offers.
D)plan for career growth.
E)evaluate the job market.

Question 23

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 24

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

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

Question 25

Compared to a job,a career:

A)is often less financially rewarding.
B)requires minimum training.
C)demands regular updating of knowledge.
D)has limited opportunities for advancement.
E)is one who engage in for your lifetimE.

Question 26

Which of the following is an example of an industrial 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 27

Which of the following trends is most likely to increase domestic career opportunities in manufacturing organizations?

A)higher interest rates
B)reduced consumer spending
C)higher consumer prices
D)increased imports
E)increased exports

Question 28

The final step of the career planning process is to:

A)plan for career development.
B)evaluate the job market.
C)research specific career areas.
D)identify potential job opportunities.
E)evaluate job offers.

Question 29

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

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

Question 30

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 31

To assess the current value of a lump-sum retirement benefit that will be received in 10 years,use the ____________ calculation.

A)present value of annuity
B)present value of a single amount
C)future value of an annuity
D)future value of a single amount
E)retained earnings

Question 32

A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with a lack of:

A)common sense.
B)communication skills.
C)training.
D)flexibility.
E)perseverancE.

Question 33

Natural abilities that people possess are called:

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

Question 34

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:

A)$694.
B)$528.
C)$500.
D)$360.
E)$140.

Question 35

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 a firm or for career planning.

Question 36

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 37

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 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

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)The Wall Street Journal
C)campus placement office
D)Chamber of Commerce
E)professional association

Question 40

The Occupational Outlook Handbook would be most useful for determining:

A)jobs available in your community.
B)current economic conditions.
C)expected employment in various career clusters.
D)interview questions for various careers.
E)suggested résumé formats for various career fields.

Question 41

Ned Turner has done some research and has found that the population in the U.S.is aging 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 42

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 43

A ____________ résumé 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 44

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 45

A chronological résumé sequences personal data based on:

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

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

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

A)may be too vague.
B)takes too much room on the résumé.
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 48

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

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

Question 49

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 50

The education section of a résumé should include:

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

Question 51

The purpose of a selection interview is to:

A)select the best applicants for further interviewing.
B)obtain training information on a career area.
C)question candidates for a job in detail.
D)explore possible job opportunities in a career area.
E)locate potential candidates for a position.

Question 52

Efficient work habits are an example of:

A)on-the-job training.
B)continuing education.
C)an employee's initiative.
D)cooperative education.
E)seniority.

Question 53

For an entry-level position,a person's résumé is likely to be:

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

Question 54

A functional résumé is best for a person who:

A)has diverse skills.
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 55

What is the purpose of a cover letter?

A)obtain career planning information
B)request a reference for a job
C)develop résumé information
D)research a career area
E)express interest in a job

Question 56

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 57

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 desire to do tasks better than they have to be done
C)an ability to solve problems creatively in team settings
D)well developed written and oral communication skills
E)all of the above are competencies commonly associated with successful peoplE.

Question 58

A person who has worked in many fields and has a variety of skills in categories such as communications,research,and personnel administration would probably be best served with the use of a ____________ résumé.

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

Question 59

A ____________ résumé is designed to obtain a specific job.

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

Question 60

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

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

Question 61

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 process is Austin completing?

A)assess and research personal goals and abilities.
B)evaluate the employment market to identify specific employment opportunities.
C)develop a resume and cover letter to apply for specific positions.
D)interview for specific positions and assess the interview performance.
E)evaluate financial and other factors of positions offered.

Question 62

Jeremy Irons has done some research and has discovered that the states with the largest population growth are Colorado and Arizona.Based on his findings,Jeremy believes these states will experience greater 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 63

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 64

Which of the following is an opportunity to contact several firms in a short time span? 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 65

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

A)$2.8 million
B)$1.8 million
C)$3.8 million
D)$2.5 million
E)$4.3 million

Question 66

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 process has Billy completed?

A)assess and research personal goals and abilities
B)evaluate the employment market to identify specific employment opportunities
C)develop a resume and cover letter to apply for specific positions
D)interview for specific positions and assess the interview performance
E)evaluate financial and other factors of positions offered

Question 67

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 68

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 69

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 70

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 process is Jason completing?

A)assess and research personal goals and abilities.
B)evaluate the employment market to identify specific employment opportunities.
C)develop a resume and cover letter to apply for specific positions.
D)interview for specific positions and assess the interview performance.
E)evaluate financial and other factors of positions offered.

Question 71

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 72

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 73

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 process has Kyle completed?

A)assess and research personal goals and abilities.
B)evaluate the employment market to identify specific employment opportunities.
C)develop a resume and cover letter to apply for specific positions.
D)interview for specific positions and assess the interview performance.
E)evaluate financial and other factors of positions offered.

Question 74

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 75

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 76

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 process has Brock completed?

A)assess and research personal goals and abilities.
B)evaluate the employment market to identify specific employment opportunities.
C)develop a resume and cover letter to apply for specific positions.
D)interview for specific positions and assess the interview performance.
E)evaluate financial and other factors of positions offered.

Question 77

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 78

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

A)list of references
B)college transcript
C)diploma
D)cover letter
E)recommendation letter

Question 79

Which of the following is the process of making and using contacts in the business world for obtaining and updating career information and job possibilities?

A)networking
B)an internship
C)a career fair
D)a cover letter
E)financial planning

Question 80

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