Chapter 2. Financial Aspects of Career Planning

An employee will receive a benefit of a $300 nontaxable , annual premium. The employee is in the 28% tax bracket. What is the tax-equivalent amount if the benefit? You can fund this in the discussion of tax-equivalent employee benefits.

417

[416/(1-0.28)]=417

A job change is beneficial for a worker if in the current job he or she is experiencing.

-emotional distress caused by the job

-poor performance evaluations

-low motivation level

What are the decision-process guidelines for making a career change?

-Ask if the trade-off of another career is more beneficial.

-Ask if the career change will meet needs and goals.

-Asses the financial cost of changing careers.

-Asses benefit such as health insurance.

Which of the following is recommended by counselors to cope with a job termination?

Maintain normal habits, involve yourself with activities, improve career skills, look for work, and target your skills to organizations.

If you are not enjoying the work you are doing and you feel distressed about it, then it may be time for:

a new job

The career action plan has four steps. Place them in the correct order.

1. Describe your current situation.

2.Set a specific goal.

3.Identify the time frame for this goal.

4.List actions to be taken to achieve this goal

If individuals' personal situation change, what should they also reassess?

Individual should added the career they are preparing for.

Why do many people change jobs at some point in their lifetime?

Personal and social factors will cause people to reassess their work situation.

What information can a newspaper provide about current jobs?

What jobs are available

Career trends for an industry

Economic influences on careers.

The more ___ you have, the greater your earning potential.

formal education

The demographic trends will not influence employment opportunities in a country.

False

A mentor is an experienced employee who serves as a teacher and counselor to a less-experienced person in a career field.

True

What do equal employment rights provide for individuals?

-Ways to avoid discrimination within the employment selection process.

-Ways to ensure that worker's compensation, social security, and unemployment insurance is provided

Which of the following are useful methods for career planning?

-Researching salary and benefit information

-Posting your resume online

-Online interviews

Economic conditions (as discussed in the text under Economic Conditions) that affect career opportunities are:

-Price increases

-interest rates

What is the relationship between interest rates and employment opportunities in home construction?

Interest rates and employment opportunities have inverse relationship; one increase when the other decreases.

Identify four service industries that according to your textbook are expected to have the greatest employment potential?

Information technologies

Health care

Financial Services

Social services

Which of the following are the main reasons people start their own businesses? This is found in the financial planning for life's situation regard entrepreneurial career options.

A desire for greater control over their work environment.

Reduced career opportunities in their field

__mixes traditional business practices with innovation to address social concerns such as hunger, disease, poverty, and education.

Social entrepreneurs

Which of the following are included in the first three steps to starting your own business?

Become knowledgeable about your product and services.

Identify potential customers, select an appropriate location, and student competitors.

Consider your financial resources.(Funds and loans)

An entrepreneur to be successful should have sales and marketing knowledge, effective communication skills, and creative vision for success.

True

What is the best description of a career?

A commitment to a profession that requires continued training.

Programs that allow workers to base their job benefits on a credit system and personal needs are called (found in discussion of evaluating employee benefits):

Cafeteria-style employee benefits.

How can market value calculations help decide between accepting or rejecting a job?

When comparing two job offers, calculate the value of the health insurance as well as the salary.

What do market value calculation determine? This is found in the discussion of comparing benefits.

They determine the specific monetary value of employee benefits.

How can future value help asses the worth of employee benefits?

Future value can help determine what a pension plan or a retirement plan will be worth in the future.

True or false: Employees should compare taxable and nontaxable employee benefits.

True

When comparing the employee benefits and financial aspects of job offers, you should do which of the following.

Calculate the market value of health insurance.

Compare the time off and sick leave

Calculate the difference between the salaries and the hours mandated o work.

What are formal training options for additional skills ad training?

Professional organizations

Company programs.

Your starting salary with a company will be influenced by:

the company size

the comparable salaries at other organizations

your education and training

Corporate culture refers to:

management styles

dress code

work intensity

A cover letter usually accompanies___ and is designed to express interest in a job and obtain an interview.

a resume

What is defined as the development of an employment position that matches our skills with the need of an organization? This is found in the discussion of identifying job opportunities.

Job creation

The summary of an individual's education, experiences, and job qualifications would be called what?

Resume

An employment situation that is taken on without regard to advancement opportunities is often times called:

a job

When evaluating the stages of career planning, what are some of the characteristics of and concerns about the establishment and growth stage? This is found in an exhibit near the end of the chapter.

-Concentrating on specialization

-Developing career contacts

Which of the following does someone need to do when trying to obtain a mentor?

-volunteer for assignments

-display initiative

-show a desire to learn

-meet the needs of others

-use creativity

What should you do when trying to attract a mentor?

Have excellent performance, show initiative, be creative, and meet the needs of others.

Be sure you understand__you sign with the employment agency.

terms of the contract

True or false: The definition of job creation is: The development of an employment position that matches your skills with the needs of your income.

False

[Job creation involves developing an employment position that matches your skills with the needs of an organization.]

Alternative job searching methods are:

-Talking with alumni with similar majors and career

-Online company search

-A face to face or walk-in job inquiry

What are the three elements that are needed as a presentation f skills and experiences?

-Resume

-Cover letter

-An interview

What do employment agencies do?

They matches workers and companies for future employment.

What are some important factors affecting starting salary?

Education, training, company size, salaries for comparable positions

What must you consider when planning your career?

Career selection and professional growth are essential.

What are two forms of work that require technical skills?

Alternative fuel engineer

Accountant

How can a person's personality lead to career growth?

The person may acclimate to a career faster and this will lead to career growth.

Why are aptitudes helpful with career growth?

Aptitudes are natural abilities that allow a person to work more effectively.

Interest inventories can lead to ___growth by using strengths of the individual.

Career

What are some common types of nonmonetary compensation?

Counseling, Flexible work schedule, Exercise programs

Which of the following are a direct result of the work that you do?

Business associates, Income, Decisions, Leisure time

What three examples are personal trade-offs due to career choice?

-Choosing flexible employment that allows more time with your family

-Refusing a promotion that would require moving your family

-Choosing employment that is satisfying rather than being the highest paying

When individual lose their jobs, they will cut back expenses. This is an example of how:

employment affects daily decisions.

What is the formula for geographic buying power? This is found in the decision of social influences.

GBP=(Index Number of city 1 x Salary of City 1)/(Index Number of City 2)

(index number x salary)/Index number = buying power

Why are some salary levels higher in big cities?

The cost of living is higher, and thus the salary will need to be higher

According to the text, when evaluating the stages of career planning, what are some of the characteristics of an concerns about the advancement and midcareer adjustment stage?

-Finding Satisfaction

-Seeking new challenges and responsibility

What is the primary reason for completing an internship?

The career industry may be very competitive & you obtain needed job experience.

Specialized career training refers to___skills.

technical

What does it mean to work as a "temp"?

Temporary working for a company

What are two areas that a campus career office can help with regarding career preparation?

Interview practice , Resume writing

Why are so many more jobs placed through personal contacts versus ads?

The personal contact approach exceeds the ad approach because there is familiarity established with the potential employee.

What are the best practices when attending for a career fair?

-Communicate effectively with the recruiter.

-Ask specific questions about the organization.

-Thanks the recruiters for the time your spent with them.

What purpose do career fairs serve?

To give opportunities to contact several firms in a short time span

True or false: The career development office is a good place to plan you career.

True

Only about 40% of professional jobs are obtained through personal contacts and networking and 60% of jobs are obtained from ads.

False

What are competencies that are common in successful people?

-Knowledge of technology and computer software.

-Understanding of personal motivation.

-Ability to solve problems in a team setting.

What does the Occupational Outlook Handbook cover?

Career planning and job search tools and specific job information

What would be the primary outcome of campus project opportunities?

Work-related experience.

Which of the following are measures you should take before accepting a position?

-Research the company and the reason the other person left the company.

-Read over the employment contact carefully.

-Research the type of work you will be doing.

According to the text, when evaluating the stages of career planning, what are some of the characteristics of and concerns about the late career and pre-retirement stage? This is found in an exhibit near the end of the chapter.

-Determining amount if involvement after retirement

-Assisting in training a successor

Volunteer work helps you to obtain organizational skills.

True

What are some of the general characteristics associated with successful people?

Ability to work with others, adaptability, and a good work ethic.

A valuable employee will need two main types of skills (found in discussion of career training and skill development):

Technical and general

Why is corporate culture an important aspect of the work environment?

It is important so that employees feel comfortable in the company's environment.

Social intelligence is focused on what main aspect? this is found in discussion of general skills.`

Having traits adaptable to most work situations

Some of the general competencies that successful people commonly possess include:

-effective written and oral communication skills

-knowledge of research techniques and resource materials

k-knowledge of computer application

Reading and discussion with colleagues as well as reviewing new magazines, periodicals, and professional journals are all examples of___methods of obtaining career information.

informal

What is good to do to increase your financial compensation and career success?

Increase education and knowledge of new technology.

True or false: Temp to hire means you will be hired after your temporary training.

False

[This means you work temporarily with the companies option for hiring, but, not always guaranteed.

True or false: On average, a person will have 20 jobs in a lifetime.

False

In the text, what is the amount of money a person with a doctorate degree could make over a 40-year span?

3,600,00