personal finance quiz 2(McCarthy)

what is a career ?

long term paid work ( the lifework chosen by a person to use personal talent, education and training

what is a job?

short term paid work

what does STEM stand for

science

technology

engineering

math

what is employee benefits ?

forms of compensation provided to employees beyond their base salary

what do employers do for their employees benefits

place dollars value on employee benefits

what are some legal rights with employment

-unemployment insurance (if u get fired)

-workers comp benefits for job related illness or injuries (if you get hurt)

- employer payments into your social security account

what are the three types of resumes

chronological

functional

skills format

what is a cover letter?

a letter of introduction sent to a prospective employer to get an interview

what is a job interview?

a formal meeting between the employer and potential employee to discuss job qualifications and suitability

what should you do before or at a job interview?

do a lot of research before

create positive responses from negative questions

what are new employee orientation packages?

included wages, salaries, commission but also

-paid vacation

-sick days

- health insurance

-retirement plans

what is a flexible spending accounts

pretax money for selected expenses

what is a retirement plan?

help save money until you retire

what are some advantages of having a retirement plan?

-employer matching contributions (you get 100 % return on your money)

- starting early really pays you one million dollars ( compound interest )

what is a suitability standard?

advisor can sell securities that generate cash to the advisor is securities are suitable for the client ( selling what's appropriate)

what is a fiduciary standard ?

advise r must act in the best interest of the client

what are types of compensations?

commission only

fee based

fee offset

fee only

what does fee only mean ?

reduced conflict of interest in recommendations (most popular)

what is fee offset ?

fee is reduced as investments are traded

what does fee based mean?

can have4 unlimited consultations

commission is only..

good when you only have a few transactions

what is a good way to look over your resume ?

chat gpt

how can you find job opportunities ?

the internet and job boards

career fairs

when you have a cover letter you also need to have...?

a strong reference letter (letter of recommendation)

how does a professional financial planner differ from a local lawyer or insurance person in the community ?

the financial planner went to school for it so he is more involved and experienced than someone who Is not that strong in the paticular field

what is a compensation ?'

something, typically money, awarded to someone as a recompense for loss, injury, or suffering.