The Internal Revenue Service (IRS) is the federal government agency responsible for:
A) Keeping the unemployment rate low
B) Writing tax laws
C) Filling out your tax forms
D) Tax collection and tax law enforcement
answer
d
question
What is the difference between gross pay and net pay?
A) Net pay describes your pay after deductions; gross pay is before.
B) Gross pay describes your pay after deductions; net pay is before.
C) Gross and net pay are the same.
D) None of the above
answer
a
question
Sales tax and excise tax are both taxes on:
A) Income
B) Wealth
C) Consumption
D) Property
answer
c
question
Which of the following should not be a major consideration when it comes to selecting your career
path?
A) What you are naturally good at
B) What your interests are
C) What your parents think you should do
D) What you are passionate about
answer
c
question
Which of the following are characteristics of an effective personal goal?
A) It should be measurable and specific.
B) It should be determined by your friends or parents.
C) It should be easy to accomplish.
D) It should be vague.
answer
a
question
Which of the following statements about goal setting is false?
A) You should share your goals with the people closest to you.
B) Your goals should have time limits.
C) Once you使ve written your goals down, you should put the list away and check it in a year
to see if you使ve achieved them.
D) You should make your goals challenging yet attainable.
answer
c
question
When it comes to mentoring, you should not:
A) Follow through and act on what you使ve learned
B) Choose wisely
C) Continue the mentoring cycle by one day becoming a mentor yourself
D) Find and keep a single mentor
answer
d
question
When applying for a job, you should:
A) Follow up with the employer
B) Present yourself well
C) Provide a resume and cover letter
D) All of the above
answer
d
question
During your first interview with a company, you should not:
A) Be personable and try to connect with the interviewer
B) Show interest and be enthusiastic
C) Ask about salary
D) Bring extra copies of your resume
answer
c
question
The government relies on taxes to:
A) Remind citizens of the government使s power
B) Burden the public with an extra expense
C) Pay for services such as roads, education and social services
D) All of the above
answer
c
question
The day that income tax filings are due in the United States:
A) June 15
B) December 1
C) April 15
D) January 1
answer
c
question
When a company hires you, you will fill out a ________ form. The information on this form is the basis for determining how much income tax should be withheld from your paycheck.
A) 1040EZ
B) W-2
C) 1040
D) W-4
answer
d
question
This tax pays for benefits that workers and families receive for either Social Security or Medicare.
A) Sales tax
B) Federal Insurance Contribution Act (FICA)
C) State income tax
D) Excise tax
answer
b
question
Income generated by selling an investment at a higher price than you paid for it:
A) Earned income
B) Secondary income
C) Portfolio income
D) Passive income
answer
c
question
Which of the following statements about taxes is false?
A) Three taxes are deducted from your paycheck: federal income tax, state income tax (if applicable) and FICA.
B) Not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed.
C) The primary taxes on consumption are sales tax and excise tax.
D) Taxes on wealth and property include property tax, taxes on inheritance, estate taxes and gift taxes.
answer
b
question
The amount of money a profession brings should be your first priority in selecting your career path.
answer
False
question
Since the job market constantly changes, odds are that you will work in more than one career field in your lifetime.
answer
True
question
People who fall under the 屎Stabilizing屎 characteristics in the DISC Profile are likely to be calm and dislike conflict.
answer
True
question
Even though your knowledge and work experience will change throughout your life, you使ll never outgrow who you are.
answer
True
question
You should only make and focus on one goal at a time.
answer
False
question
It is expected that young adults will achieve the same standard of living as their parents shortly after graduating from college.
answer
False
question
Early work experiences prior to your career job really have no benefit other than providing a small income.
answer
False
question
As you acquire more education and work experience, your income and choice of jobs should rise as well.
answer
True
question
Without contentment, your whole life will just be jumping from one thing to another, always hoping that the next thing will be the thing that will make you happy.
answer
True
question
Any income that is generated by working (passive income, earned income)
answer
earned income
question
Taxes paid out by anyone who earns an income (estate taxes, income taxes)
answer
income taxes
question
The process by which we 屎market屎 ourselves to others by highlighting personal strengths, interests, unique qualities and identifying goals (personal branding, personal selling)
answer
personal branding
question
A brief account of one使s professional or work experience and qualifications, often submitted with an employment application (contact letter, resume)
answer
resume
question
Tax on goods and services that goes to your state or local government (gift tax, sales tax)
answer
sales tax
question
Taxes paid by anyone who owns property such as land, a home or commercial real estate (property taxes, estate taxes)
answer
property taxes
question
A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled (withholdings, Social Security)
answer
Social Security
question
The amount of income left after taxes have been deducted (gross pay, net pay)
answer
net pay
question
This tax is the main source of revenue for local governments (excise tax, property tax)
answer
property tax
question
Money earned on a regular basis with little or no effort required to maintain it, i.e., rental income from real estate (portfolio income, passive income)
answer
passive income
question
Would you do something you did not like in order to make a higher income? Why or why not?
answer
vary...
question
Why is it important to understand your unique personality traits?
answer
Varied Answers, Example: It is important that people work in their strengths so that they may be happy and fulfilled by what they do. You should find work that blends your individual skills, abilities, personality traits, values, dreams, and passions
question
What are some important things to do when interviewing for a job?
answer
Answers will vary but might includepresent yourself well, arrive 10 to 15 minutes early, dress professionally, be
yourself, be organized, etc.
question
List and describe the three types of income. Include information regarding how each one is taxed.
answer
1. Earned income: any income (wages/salary) that is generated by working. Earned income is taxed at a higher rate than any other type of incom.E
2. Portfolio income is generated by selling an investment at a higher price than you paid for it. It is often taxed at very high rates; sometimes as high as earned incom.E
3. Passive income is money earned on a regular basis with little or no effort required to maintain it, such as rental income or intellectual property. It often allows for the most favorable tax treatment.
question
Jon gave you a great deal of practical information on achieving success and reaching your goals. What was your biggest takeaway from his lessons?
Answers will vary but should highlight the fact that you should not let negative feedback overpower your dreams.
question
Describe the benefits of early entry-level jobs.
answer
Answers will vary. Example: You should always make it a point to learn and grow from a position. With the right
attitude, you can acquire responsibility, respect, humility, work ethic and loyalty, all of which will translate to your
future career of choice and lead to future advancement.
question
After an interview, you should be patient and wait for the employer to contact you so that you
don使t appear overly eager for the position.
answer
false
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