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Flashcards in chapter 11 Deck (35)
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1

Any income that is generated by working

earned income

2

The amount of income left after taxes have been deducted

net pay

3

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

4

When applying for a job, you should:

all of the above

5

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

false

6

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

false

7

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.

8

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

federal insurance contribution act

9

The government relies on taxes to:

pay for services such as roads educations and social service

10

This tax is the main source of revenue for local governments

property tax

11

Sales tax and excise tax are both taxes on

consumption

12

Taxes paid out by anyone who earns an income

income taxes

13

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

true

14

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

flase

15

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

true

16

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

true

17

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

it should be measurable and specific

18

When it comes to mentoring, you should not

find and keep a single mentor

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)

false

20

During your first interview with a company, you should not

ask about salary

21

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

social security

22

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

april 15

23

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

true

24

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

tax collection and tex law enforcement

25

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

resume

26

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

portfolio income

27

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

28

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

personal branding

29

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

passive income

30

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

property taxes