Chapter 2 Test Flashcards
What is a 401K?
A pension plan where you set aside a portion on your salary from each paycheck.
What is the “gig economy”?
Economic downturns that led more people to freelance or gig work for financial stability.
What are some important resources for finding information about careers that might interest you?
Libraries, Mass Medias, internet, guidance counselors, Community Organizations
What is networking and why can this be important?
Networking is making and using contacts to get job information and advice. It is important because it leads to job opportunities you wouldn’t normally have.
What are considered standard employee benefits?
Healthcare, Retirement, Child care, Insurance
What factors influence a persons career choice the most?
- Interests
- Values
- Goals
What is the first step in career planning?
Asses personal goals, abilities, and interests. Research careers
What is a resume?
- What should it include?
- What are the two types?
One-or two-page summary of your education, training, work experience, and qualifications.
It should include an overview of the special contributions you may be able to make to their company.
The 2 types are Chronological and Skills.
What should a cover letter include?
An explanation for a potential employer explaining why you are interested in a particular job and why you think that it would be worthwhile for him or her to interview you.
Define: Aptitude
The natural abilities people have.
Why is it important to understand your aptitudes?
To help you find a job or career that gives you the right balance between financial rewards and personal satisfaction.
What is an internship?
A position in which a person recieves training by working with people who are experienced in a particular field.
What is the primary benefit of an internship?
To give you experience you need to obtain employement.
What factors influence your earning potential?
- More education
- Field of Study
- Developing certain habits
The process of lifelong learning is important because:
Jobs and careers change with time. Technology advances and social changes require flexibility.
Why is it important to understand employee benefits when accepting a job offer?
In order to know if all your needs will be met by the benefits offered at the job.
What is the difference between a wage and salary?
Wages are hourly and a salary is a fixed amount given each pay period.
What is the primary purpose of career planning?
Ensuring your career will fulfill personal and financial goals.
What are the major factors that can affect career opportunities?
- Social influences
- Economic Factors
- Industry Trends
Why is continuing education important in today’s workforce?
Careers will change and advance.
What is the purpose of an employee performance review?
- Figure out your strengths and weaknesses.
- Set career goals, Feedback on your performance.
- Align your goals for future performance.
What is the difference between a job and a career?
Jobs you do to earn money, career is a commitment to work in a field that you find interesting and fulfilling.
What are the potential financial benefits of choosing a career in a high-demand industry?
The pay will be better and better opportunities.
What is a “standard of living”?
A measure of quality of life based on the amounts and kinds of goods and services a person can buy.
Why do some people choose careers based on personal fulfilment rather than salary?
They would rather be happy than make a lot of money.
How can understanding your interests, values, and goals help in choosing a career?
They make the decision making process for a career easier.
What is potential earning power?
The amount of money you may earn over time.
List the key habits of successful employees:
- Improve communication skills
- Get along with coworkers
- Remain flexible
- Develop good work habits
- Use time-management techniques
- Do tasks as well as you can
- Be ready to take action when problems come up
8.Be creative in solving your problems - Be willing to learn new things
How do interest inventories help in career planning?
They match your interests, likes, and dislikes with various kinds of work.
Why is personality an important factor in career choice?
It influences job satisfaction, motivation, and success by alligning work with natural strengths, interests.
What is the key to success in a constantly changing work enviornment?
Remaining Flexible.
Why is it important to consider external factors when planning a career?
Because external factors directly affect the job market and the opportunities that are available to you.
What are examples of a social influence on career opportunities?
- Demographic trends
- Geographic Location
What economic factors can impact career choices?
Price increases, high interest rates, decreased demand for certain goods and services can reduce career opportunites.
How do Industry Trends affect career opportunities?
- Service industries offer employment potential
- Rise in competition from other countires reducing demand for Americans.
- Automation - no need for factory workers.
How do changing demographic trends affect the job market?
- Increase in working parents = demand in childcare
- More leisure time, boosting interest in health, physical, fitness, recreational products
- More elderly people = demand for retirement facilities, health care, etc.
How does geographic location influence earning levels?
Big cities offer higher salaries but also have a higher ccost of living. By accepting a higher paying job in a city, it may be a lower cost of living than it would be in an area where income levels and the cost of living are lower.
How can be volunteering help someone professionally?
It can help you develop skills you can apply to future work situations.
How do summer jobs, part-time jobs and internships provide valuable work experience?
They can provide valuable experience and lead you in the right direction for your career path.
How can part-time work help someone figure out what they want to do for a career?
It can help you figure out certain things you do or dont enjoy enough to have it pursued in the future.
What type of experience do students gain through cooperative education programs?
Enhanced classroom learning with part-time work related to their majors, interests. Youd learn at school, then work at a local business to apply the work place skills learned in a class.
What is an informational interview?
A meeting with someone who works in your area of interest who can provide you with practical information about the career or company you are considering.
What is netwroking?
A way of making and using contacts to get job information and advice.
How might networking help you in your job search?
The contacts you make may not be people who can hire you, but they may know someone who can. They can arrange an inofrmational interview for you.
What is cafeteria-style employee benefit?
Programs that allow workers tp choose the benifits that best meet their personal needs.
Why are retirment programs more important today than in the past?
There have been many changes in society which have led to changes in the types of benifits recieved. (single parent families & parents that both work)
What is the difference beween tax-exempt and tax-deferred benifits?
Tax-exempt: beifits that are not taxable
Tax-deferred: benifits for which you will have to pay income tax sometime in the future.
What is the one example of a tax exempt benifit?
A free life insurance policy for an employee.
What is one example of a tax-deferred benifit?
a 401k plan
What is the market value of a benifit?
what the benifits would cost if you had to pay for it yourself.
