chapter 11

Question 1

Any income that is generated by working

Answer 1

earned income

Question 2

The amount of income left after taxes have been deducted

Answer 2

net pay

Question 3

Which of the following should not be a major consideration when it comes to selecting your career path?

Answer 3

what your parents think you should do

Question 4

When applying for a job, you should:

Answer 4

all of the above

Question 5

Early work experiences prior to your career job really have no benefit other than providing a small income.(t/f)

Answer 5

false

Question 6

The amount of money a profession brings should be your first priority in selecting your career path(t/f)

Answer 6

false

Question 7

Which of the following statements about taxes is false?

Answer 7

Not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed.

Question 8

This tax pays for benefits that workers and families receive for either Social Security or Medicare.

Answer 8

federal insurance contribution act

Question 9

The government relies on taxes to:

Answer 9

pay for services such as roads educations and social service

Question 10

This tax is the main source of revenue for local governments

Answer 10

property tax

Question 11

Sales tax and excise tax are both taxes on

Answer 11

consumption

Question 12

Taxes paid out by anyone who earns an income

Answer 12

income taxes

Question 13

Since the job market constantly changes, odds are that you will work in more than one career field in your lifetime.(t/f)

Answer 13

true

Question 14

You should only make and focus on one goal at a time.(t/f)

Answer 14

flase

Question 15

People who fall under the ʺStabilizingʺ characteristics in the DISC Profile are likely to be calm and dislike conflict.(t/f)

Answer 15

true

Question 16

Even though your knowledge and work experience will change throughout your life, you’ll never outgrow who you are.(t/f)

Answer 16

true

Question 17

Which of the following are characteristics of an effective personal goal?

Answer 17

it should be measurable and specific

Question 18

When it comes to mentoring, you should not

Answer 18

find and keep a single mentor

Question 19

After an interview, you should be patient and wait for the employer to contact you so that you don’t appear overly eager for the position.(t/f)

Answer 19

false

Question 20

During your first interview with a company, you should not

Answer 20

ask about salary

Question 21

A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled

Answer 21

social security

Question 22

The day that income tax filings are due in the United States:

Answer 22

april 15

Question 23

As you acquire more education and work experience, your income and choice of jobs should rise as well.(t/f)

Answer 23

true

Question 24

The Internal Revenue Service (IRS) is the federal government agency responsible for:

Answer 24

tax collection and tex law enforcement

Question 25

A brief account of one’s professional or work experience and qualifications, often submitted with an employment application

Answer 25

resume

Question 26

Income generated by selling an investment at a higher price than you paid for it:

Answer 26

portfolio income

Question 27

Which of the following statements about goal setting is false?

Answer 27

Once you’ve written your goals down, you should put the list away and check it in a year to see if you’ve achieved them

Question 28

The process by which we ʺmarketʺ ourselves to others by highlighting personal strengths, interests, unique qualities and identifying goals

Answer 28

personal branding

Question 29

Money earned on a regular basis with little or no effort required to maintain it, i.e., rental income from real estate

Answer 29

passive income

Question 30

Taxes paid by anyone who owns property such as land, a home or commercial real estate

Answer 30

property taxes

Question 31

When a company hires you, you will fill out a _________ form. The information on this form is the basis for determining how much income tax should be withheld from your paycheck.

Answer 31

w-4

Question 32

What is the difference between gross pay and net pay?

Answer 32

Net pay describes your pay after deductions; gross pay is before

Question 33

Tax on goods and services that goes to your state or local government

Answer 33

sales tax

Question 34

Without contentment, your whole life will just be jumping from one thing to another, always hoping that the next thing will be the thing that will make you happy(t/f)

Answer 34

true

Question 35

It is expected that young adults will achieve the same standard of living as their parents shortly after graduating from college(t/f)

Answer 35

false