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Personal Finance Unit 3 (Part 2)
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) Lora is a high school computer and technology teacher. She enrolls in a computer class at least twice per year to stay current on recent technology changes and updates. By continuing her education, Lora is investing in her:
A
interest inventory.
B
salary.
C
human capital.
D
family.
2) Sean plans to attend college in 2 years. He and his family have saved some money to help pay for it but he wants to explore ways he can receive money he won’t have to repay. Which set of options should he explore?
A
Pell Grants, work-study, and scholarships
B
Federal Student Grants, PLUS loans, and scholarships
C
Federal Perkins Loans, PLUS loans, and local bank loans
D
Work-study, scholarships and PLUS loans
3) An example of a transferable skill is a skill:
A
that each employer requires you to learn.
B
that can only be used in an individual’s job or career.
C
used in your job that you acquired through past jobs, volunteering, hobbies, school sports, or other life experiences.
D
that is learned at one job and is required at other jobs as well.
4) Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
A
Hours and Earnings
B
Gross Income
C
Net Income
D
Employer Contributions
5) David plans to apply for college in 2 years. His guidance counselor suggested that he begin adding items to a College/Training application folder. Which items would not be helpful as additions to this folder?
A
Copies of awards and achievements he earns
B
Copies of his elementary and middle school report cards
C
A list of all the extracurricular activities he gets involved in
D
A resume of all community service and volunteer work he is actively involved in
6) In order to make an informed career decision, a high school student will want to:
A
develop personal goals, complete a career assessment, and research careers.
B
commit to a profession that requires a college degree.
C
choose a career that offers the amount of money desired.
D
choose a training program that will guarantee employment after the course work is completed.
7) Direct Subsidized Stafford Loans offer some features that are different when compared to borrowing money from a bank to pay for college. Which is not a difference between a Direct Subsidized Stafford Loan and a typical bank loan?
A
Student families must complete a FAFSA (Free Application For Federal Student Aid) in order to apply for a Stafford loan.
B
Stafford loans typically have a grace period.
C
Interest rates for Stafford loans tend to be higher because the loans are held for a relatively long period of time.
D
Stafford loans have deferment options.
8) Jamie has elected to be paid by direct deposit at her new job. This means:
A
she will receive her paycheck mailed directly to her each pay period.
B
she will receive her pay automatically loaded onto her payroll card at the end of each pay period.
C
she will receive her paycheck delivered directly to her at her place of employment at the end of each pay period.
D
she will receive her pay directly into her checking account at her depository institution for each pay period.
9) Eric is writing a paper on the importance of investing in yourself and he is looking for a sentence to use as the thesis statement for his paper. Which sentence below would be the best choice?
A
Completing your college degree is the best way to prepare for a career.
B
Investing in yourself too early can lead to a lower standard of living.
C
Education pays in higher earnings and lower unemployment rates.
D
Human capital and transferable skills result from formal training.
10) Miranda is working to develop a broad base of transferable skills. This means that she:
A
should use her available hours outside of school for paid employment rather than volunteering.
B
needs to maintain at least a part time job during the school year.
C
will have a set of versatile skills that she can apply to many personal and professional roles.
D
will not have as much time to develop her human capital.
11) As Jonah plans for his future, his family has challenged him to create a SMART goal for his career education and training. Which question is the least important one to consider at this point?
A
What kind of training and education do I need and how much will it cost?
B
Can I get the education and training I need near where I currently live?
C
Is there a career pathway available if I continue my education and training?
D
Will a job be available and will I earn enough in my career to pay for the education and training it requires?
12) Bob earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is gross pay?
A
$320.00
B
$576.92
C
$501.66
D
$640.00
13) Bob earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax, and $42.05 into FICA (Social Security Tax). What is net pay?
A
$640.00
B
$501.66
C
$363.32
D
$576.92
14) Zoe has been assigned by her school counselor to complete a career assessment. Which statement best describes why her counselor has suggested she do this?
A
Her counselor wants Zoe to conduct interviews with people in her area of interest to determine if she truly enjoys the career
B
Her counselor wants Zoe to find a career that will provide a high level of income to support Zoe’s lifestyle and well-being.
C
Her counselor wants Zoe to match her skills, abilities, interests and values with a list of specific occupations
D
She Zoe to search for a job that will allow flexibility and provide for possible advancement as she gains experience.
15) When Charles received his college placement test results, he is informed that he will need remediation in math. Which situation is not true of Charles’ situation?
A
Charles will need to take at least one course because he is not college-ready.
B
Since the courses he must take will not count toward his degree, he needs to take the courses but tuition is not charged
C
Remediation courses do not count toward his degree. He may need to take extra credits and his degree may take longer time
D
He should have taken a placement test earlier in high school so he could strengthen his skills before heading for college
16) Joanna has arranged to complete a job shadow with a physical therapist to decide if this is a career she wants to pursue. Which of her concerns is she most likely to have answered as a result of her job shadow?
A
The future outlook for physical therapy jobs
B
Common tasks and typical daily activities
C
The amount of money physical therapists earn
D
Opportunities for advancement in the career
17) Jose has been challenged by his academic advisor to develop some human capital this school year. Which activity would be the least effective way to reach that goal?
A
Attend a workshop on a topic he has little knowledge of.
B
Ask his employer if there are any new tasks at work that he might be assigned.
C
Spend additional time playing video games to further develop his eye-hand coordination.
D
Volunteer to pick up trash along the roadsides.
18) Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would be true?
A
Federal income tax, state income tax, social security, and medicare deductions are all required deductions.
B
Federal income tax, state income tax, workers compensations, and life insurance are all required deductions.
C
Social security, Medicare, life insurance, and health insurance are all required deductions.
D
Social security, Medicare, federal income tax, and workers compensation are all required deductions.
19) Steven is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
A
job perks.
B
work incentives.
C
competitive hiring practices.
D
employee benefits.
20) The most secure method for an employer to pay employees is to use:
A
direct deposit.
B
in-store credit.
C
a printed paycheck.
D
a payroll card.
*select an answer for all questions
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