Chapter 2 Financial Aspects of Career Planning

True/False Question

1) A job tends to have less of a long-term commitment to a field than a career.

 

2. Very little evidence exists that a person's choice of employment influences his or her lifestyle.

3. A possible opportunity cost associated with career advancement is a need to relocate your household.

4. An interest inventory measures a person's aptitudes.

5. Certain careers increase and decrease in demand based on changes in interest rates.

6. In recent years, the demand for manufacturing jobs in the United States has increased due to reduced foreign competition.

7. Increased technology can result in a reduction of employment in one industry while creating new jobs in other industries.

8. Changes in family size and marriage rates have not affected the types of jobs that are in demand.

 

9. Libraries usually have a variety of information sources for career planning and job exploration.

 

 10. Current business and economic news can be an indication of the jobs in demand for the future.

 

11. Professional associations will usually screen candidates for jobs available in a certain career area.

 

12. The purpose of an informational interview is to obtain employment from a branch office of a major corporation.

13. Government supported employment services can assist individuals with finding a job.

 

14. Corporate culture refers to the methods used by an organization to determine the value of employee benefits.

 

15. Education, training, and the demands for a person's skills are major influences on salary.

 

16. A cafeteria-style employee benefits program allows a person to select the items that are most needed.

17. A tax-exempt employee benefit is usually more advantageous than a tax-deferred benefit.

 

18. Continuing career education can be in a formal or an informal setting.

 

19. A mentor refers to the person who is assigned to orient a new person to an organization.

 

20. A person's birth date, sex, height, and weight may be included on a résumé‚ if that information relates specifically to qualifications for an employment position.

 

21. A list of grades received in school are commonly included on a résumé.

 

22. References are commonly not included on a résumé.

 

 23. Functional résumés emphasize a person's skills and abilities in categories such as communications, research, and human relations.

 

24. The purpose of a cover letter is to determine if a company has jobs available.

 

25. A screening interview is reserved for only the finalists in a job search.

 

Multiple Choice Questions

 

 

26. Compared to a job, a career
    1. is more financially rewarding.
    2. requires minimum training.
    3. demands regular updating of knowledge.
    4. has limited opportunities for advancement.

 

27. A(n)                          is an employment position that is obtained mainly to earn money.
    1. career
    2. job
    3. internship
    4. apprenticeship
    5. cooperative experience

 

28. A commitment to a profession that requires continued training and offers a clear path for occupational growth is a(n)
    1. apprenticeship.
    2. job.
    3. internship.
    4. career.
    5. cooperative employment experience.

 

29. The first step of the career planning process is to
    1. evaluate the job market.
    2. identify potential job opportunities.
    3. develop a résumé and cover letter.
    4. plan for career growth.
    5. assess your interests, abilities, and goals.

 

30. The final step of the career planning process is to
    1. plan for career development.
    2. evaluate the job market.
    3. research specific career areas.
    4. identify potential job opportunities.
    5. evaluate job offers.

 

31. In the career planning process, after identifying specific job opportunities, a person should
    1. assess interests, abilities, and goals.
    2. develop a résumé and cover letter.
    3. evaluate job offers.
    4. plan for career growth.
    5. evaluate the job market.
32. A lack of willingness to accept a variety of employment positions is a common career planning mistake associated with weak
    1. common sense.
    2. communication.
    3. training.
    4. flexibility
    5. perseverance.

 

33. Perseverance in a job search refers to
    1. obtaining necessary training.
    2. flexibility in willingness to accept a position.
    3. persistence in the process of obtaining employment.
    4. strong communication skills.
    5. researching a career field.

 

34. Natural abilities that people possess are
    1. interests.
    2. aptitudes.
    3. attitudes.
    4. survival skills.
    5. occupation techniques.

 

35. The abilities to work well with numbers, possess problem-solving skills, and have physical dexterity are examples of
    1. interests.
    2. survival skills.
    3. aptitudes.
    4. occupational attitudes.
    5. on-the-job training.

 

36. Which of the following trends is most likely to increase career opportunities in manufacturing organizations?
    1. higher interest rates
    2. reduced consumer spending
    3. higher consumer prices
    4. increased imports
    5. increased exports

 

37. Change in retail sales is an example of a(n)                           influence on the job market.
    1. economic
    2. social
    3. competitive
    4. technological
    5. industrial

 

38. Which of the following is an example of an industrial trend that could affect the job market?
    1. increased use of computers in manufacturing
    2. fewer children being born
    3. higher interest rates
    4. lower inflation rates affecting spending
    5. more families with both parents working
39. Bill Evans is concerned about the effect of current economic conditions on various career fields. Which of the following sources would be most useful for this type of information?
    1. the Occupational Outlook Handbook
    2. The Wall Street Journal
    3. a campus placement office
    4. the Chamber of Commerce
    5. a professional association

 

40. The Occupational Outlook Handbook would be most useful to determine
    1. jobs available in your community.
    2. current economic conditions.
    3. expected employment in various career fields.
    4. interview questions for various careers.
    5. suggested résumé formats for various career fields.

41. An example of a professional association that can assist in career planning for a specific career area is the
    1. Bureau of Labor Statistics.
    2. Chamber of Commerce.
    3. Rotary Club.
    4. American Marketing Association.
    5. U.S. Department of Labor.

 

42. The purpose of an informational interview is to
    1. obtain employment.
    2. reduce the number of potential candidates.
    3. ask job candidates some general questions.
    4. practice interview skills.
    5. gather information for career planning.

 

43. Kenton Greer wants to locate employment positions available in his area. This information would be best obtained from
    1. the Occupational Outlook Handbook.
    2. professional contacts.
    3. an informational interview.
    4. the Bureau of Labor Statistics.
    5. business and economic news reports.

 

44. To assess the current value of a lump-sum retirement benefit that will be received in 10 years, use the                                                calculation.
    1. present value of annuity
    2. present value of a single amount
    3. future value of an annuity
    4. future value of a single amount

 

45. Barb Hotchkins is in the 28 percent tax bracket. A tax-exempt employee benefit with a value of $500 would have a tax-equivalent value of

A) $694.

B) $528.

C) $500.

D) $360.

E) $140.

 

46. Tax-deferred employee benefits are
    1. not subject to federal income tax.
    2. not subject to state income tax.
    3. taxed at some future time.
    4. are taxed at a special rate.

 

47. Efficient work habits are an example of
    1. on-the-job training.
    2. continuing education.
    3. an employee's initiative.
    4. cooperative education.
48. The informational item included most frequently on a résumé is
    1. birth date.
    2. sex.
    3. career objective.
    4. degrees earned.
    5. references

 

49. A common criticism of including a career objective on a résumé is that it
    1. may be too vague.
    2. takes too much room on the résumé.
    3. is frequently the same as that of other candidates.
    4. is not of interest to most employers.

 

Answer: A

50. The education section of a résumé should include
    1. names of instructors.
    2. course titles and numbers.
    3. grades received.
    4. schools attended.
    5. class activities.

 

51. Tom Husson recently coordinated a fund raising project for an organization that assists homeless youth. This would be an example of                                                     experience.
    1. research
    2. financial planning
    3. personnel development
    4. human relations
    5. problem solving

 

52. Special class projects can be presented on a résumé as                           experience.
    1. financial planning
    2. supervising
    3. research
    4. personnel administration
    5. budgetin

 

53. A chronological résumé presents personal data based on
    1. experience.
    2. education.
    3. areas or ability.
    4. career goal.
    5. time

54. A                          résumé presents a person's education, work experience, and other

information in a reverse time sequence.

1. 1. goal-oriented
   2. functional
   3. chronological
   4. targeted
   5. data base

 

55. A functional résumé is best for a person who
    1. has diverse skills.
    2. is interested in a specific job.
    3. has a continuous school and work record.
    4. plans to advance in the same career area.
    5. has just completed school.

 

56. A person who has worked in many fields and has a variety of skills in categories such as communications, research, and personnel administration would probably be best served

with the use of a

1. 1. targeted
   2. functional
   3. chronological
   4. goal-oriented
   5. career change

 

résume

 

57. A                          résumé is designed to obtain a specific job.
    1. functional
    2. chronological
    3. goal-oriented
    4. targeted
    5. data

 

 

58. For an entry-level position, a person's résumé is likely to be                          
    1. one page.
    2. two pages.
    3. three pages.
    4. four pages.
    5. five or more pages depending on experiences.

 

59. Creative résumés or those with a gimmick are most appropriate for careers in
    1. accounting.
    2. finance.
    3. advertising.
    4. sales.
    5. human relations.

 

60. The purpose of a cover letter is to
    1. obtain career planning information.
    2. request a reference for a job.
    3. develop résumé information.
    4. research a career area.
    5. apply for a job.

 

61. The purpose of the development section of a cover letter is to
    1. express interest in a specific job.
    2. request an interview.
    3. get the reader's attention.
    4. get the reader to take action.
    5. highlight background related to a specific job.

 

 

62. An interview designed to reduce the number of candidates for a position to a workable size is a(n)                                           interview.
    1. screening
    2. informational
    3. selection
    4. contact
    5. followup

 

63. The purpose of a screening interview is to
    1. make business contacts.
    2. reduce the number of applicants for a job.
    3. locate potential people for advancement within the company.
    4. judge the best qualified candidates for a position.
    5. obtain information on available jobs in an ar

 

64. The finalists for a job position are invited for a(n)                           interview.
    1. informational
    2. confirmation
    3. selection
    4. screening
    5. personal contact

 

65. The purpose of a selection interview is to
    1. select the best applicants for further interviewing.
    2. obtain training information on a career area.
    3. question candidates for a job in detail.
    4. explore possible job opportunities in a career area.
    5. locate potential candidates for a position.

 

 

Essay Questions

 

 

66. What steps should a person take when planning a career?

 

67. What factors affect the availability of employment positions?

 

68. Discuss the types of information available for use when doing career planning..

 

69. Louise Ellis recently has been offered employment in another city. She has been employed in her current position for four years. What factors should Louise consider when evaluating and accepting this new position?

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