Chapter 2 Test

Question 1

What is a 401K?

Answer 1

A pension plan where you set aside a portion on your salary from each paycheck.

Question 2

What is the “gig economy”?

Answer 2

Economic downturns that led more people to freelance or gig work for financial stability.

Question 3

What are some important resources for finding information about careers that might interest you?

Answer 3

Libraries, Mass Medias, internet, guidance counselors, Community Organizations

Question 4

What is networking and why can this be important?

Answer 4

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.

Question 5

What are considered standard employee benefits?

Answer 5

Healthcare, Retirement, Child care, Insurance

Question 6

What factors influence a persons career choice the most?

Answer 6

1. Interests
2. Values
3. Goals

Question 7

What is the first step in career planning?

Answer 7

Asses personal goals, abilities, and interests. Research careers

Question 8

What is a resume?
- What should it include?
- What are the two types?

Answer 8

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.

Question 9

What should a cover letter include?

Answer 9

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.

Question 10

Define: Aptitude

Answer 10

The natural abilities people have.

Question 11

Why is it important to understand your aptitudes?

Answer 11

To help you find a job or career that gives you the right balance between financial rewards and personal satisfaction.

Question 12

What is an internship?

Answer 12

A position in which a person recieves training by working with people who are experienced in a particular field.

Question 13

What is the primary benefit of an internship?

Answer 13

To give you experience you need to obtain employement.

Question 14

What factors influence your earning potential?

Answer 14

1. More education
2. Field of Study
3. Developing certain habits

Question 15

The process of lifelong learning is important because:

Answer 15

Jobs and careers change with time. Technology advances and social changes require flexibility.

Question 16

Why is it important to understand employee benefits when accepting a job offer?

Answer 16

In order to know if all your needs will be met by the benefits offered at the job.

Question 17

What is the difference between a wage and salary?

Answer 17

Wages are hourly and a salary is a fixed amount given each pay period.

Question 18

What is the primary purpose of career planning?

Answer 18

Ensuring your career will fulfill personal and financial goals.

Question 19

What are the major factors that can affect career opportunities?

Answer 19

1. Social influences
2. Economic Factors
3. Industry Trends

Question 20

Why is continuing education important in today’s workforce?

Answer 20

Careers will change and advance.

Question 21

What is the purpose of an employee performance review?

Answer 21

1. Figure out your strengths and weaknesses.
2. Set career goals, Feedback on your performance.
3. Align your goals for future performance.

Question 22

What is the difference between a job and a career?

Answer 22

Jobs you do to earn money, career is a commitment to work in a field that you find interesting and fulfilling.

Question 23

What are the potential financial benefits of choosing a career in a high-demand industry?

Answer 23

The pay will be better and better opportunities.

Question 24

What is a “standard of living”?

Answer 24

A measure of quality of life based on the amounts and kinds of goods and services a person can buy.

Question 25

Why do some people choose careers based on personal fulfilment rather than salary?

Answer 25

They would rather be happy than make a lot of money.

Question 26

How can understanding your interests, values, and goals help in choosing a career?

Answer 26

They make the decision making process for a career easier.

Question 27

What is potential earning power?

Answer 27

The amount of money you may earn over time.

Question 28

List the key habits of successful employees:

Answer 28

1. Improve communication skills 2. Get along with coworkers 3. Remain flexible 4. Develop good work habits 5. Use time-management techniques 6. Do tasks as well as you can 7. Be ready to take action when problems come up 8.Be creative in solving your problems 9. Be willing to learn new things

Question 29

How do interest inventories help in career planning?

Answer 29

They match your interests, likes, and dislikes with various kinds of work.

Question 30

Why is personality an important factor in career choice?

Answer 30

It influences job satisfaction, motivation, and success by alligning work with natural strengths, interests.

Question 31

What is the key to success in a constantly changing work enviornment?

Answer 31

Remaining Flexible.

Question 32

Why is it important to consider external factors when planning a career?

Answer 32

Because external factors directly affect the job market and the opportunities that are available to you.

Question 33

What are examples of a social influence on career opportunities?

Answer 33

1. Demographic trends 2. Geographic Location

Question 34

What economic factors can impact career choices?

Answer 34

Price increases, high interest rates, decreased demand for certain goods and services can reduce career opportunites.

Question 35

How do Industry Trends affect career opportunities?

Answer 35

1. Service industries offer employment potential 2. Rise in competition from other countires reducing demand for Americans. 3. Automation - no need for factory workers.

Question 36

How do changing demographic trends affect the job market?

Answer 36

1. Increase in working parents = demand in childcare 2. More leisure time, boosting interest in health, physical, fitness, recreational products 3. More elderly people = demand for retirement facilities, health care, etc.

Question 37

How does geographic location influence earning levels?

Answer 37

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.

Question 38

How can be volunteering help someone professionally?

Answer 38

It can help you develop skills you can apply to future work situations.

Question 39

How do summer jobs, part-time jobs and internships provide valuable work experience?

Answer 39

They can provide valuable experience and lead you in the right direction for your career path.

Question 40

How can part-time work help someone figure out what they want to do for a career?

Answer 40

It can help you figure out certain things you do or dont enjoy enough to have it pursued in the future.

Question 41

What type of experience do students gain through cooperative education programs?

Answer 41

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.

Question 42

What is an informational interview?

Answer 42

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.

Question 43

What is netwroking?

Answer 43

A way of making and using contacts to get job information and advice.

Question 44

How might networking help you in your job search?

Answer 44

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.

Question 45

What is cafeteria-style employee benefit?

Answer 45

Programs that allow workers tp choose the benifits that best meet their personal needs.

Question 46

Why are retirment programs more important today than in the past?

Answer 46

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)

Question 47

What is the difference beween tax-exempt and tax-deferred benifits?

Answer 47

Tax-exempt: beifits that are not taxable Tax-deferred: benifits for which you will have to pay income tax sometime in the future.

Question 48

What is the one example of a tax exempt benifit?

Answer 48

A free life insurance policy for an employee.

Question 49

What is one example of a tax-deferred benifit?

Answer 49

a 401k plan

Question 50

What is the market value of a benifit?

Answer 50

what the benifits would cost if you had to pay for it yourself.