chapter 11 Flashcards
Any income that is generated by working
earned income
The amount of income left after taxes have been deducted
net pay
Which of the following should not be a major consideration when it comes to selecting your career path?
what your parents think you should do
When applying for a job, you should:
all of the above
Early work experiences prior to your career job really have no benefit other than providing a small income.(t/f)
false
The amount of money a profession brings should be your first priority in selecting your career path(t/f)
false
Which of the following statements about taxes is false?
Not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed.
This tax pays for benefits that workers and families receive for either Social Security or Medicare.
federal insurance contribution act
The government relies on taxes to:
pay for services such as roads educations and social service
This tax is the main source of revenue for local governments
property tax
Sales tax and excise tax are both taxes on
consumption
Taxes paid out by anyone who earns an income
income taxes
Since the job market constantly changes, odds are that you will work in more than one career field in your lifetime.(t/f)
true
You should only make and focus on one goal at a time.(t/f)
flase
People who fall under the ʺStabilizingʺ characteristics in the DISC Profile are likely to be calm and dislike conflict.(t/f)
true
Even though your knowledge and work experience will change throughout your life, you’ll never outgrow who you are.(t/f)
true
Which of the following are characteristics of an effective personal goal?
it should be measurable and specific
When it comes to mentoring, you should not
find and keep a single mentor
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)
false
During your first interview with a company, you should not
ask about salary
A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled
social security
The day that income tax filings are due in the United States:
april 15
As you acquire more education and work experience, your income and choice of jobs should rise as well.(t/f)
true
The Internal Revenue Service (IRS) is the federal government agency responsible for:
tax collection and tex law enforcement
A brief account of one’s professional or work experience and qualifications, often submitted with an employment application
resume
Income generated by selling an investment at a higher price than you paid for it:
portfolio income
Which of the following statements about goal setting is false?
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
The process by which we ʺmarketʺ ourselves to others by highlighting personal strengths, interests, unique qualities and identifying goals
personal branding
Money earned on a regular basis with little or no effort required to maintain it, i.e., rental income from real estate
passive income
Taxes paid by anyone who owns property such as land, a home or commercial real estate
property taxes
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.
w-4
What is the difference between gross pay and net pay?
Net pay describes your pay after deductions; gross pay is before
Tax on goods and services that goes to your state or local government
sales tax
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)
true
It is expected that young adults will achieve the same standard of living as their parents shortly after graduating from college(t/f)
false
