Which of the following are characteristics of an effective personal goal?
It should be easy to accomplish.
It should be determined by your friends or parents.
It should be measurable and specific.
It should be vague.
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.
False
True
Taxes paid by anyone who owns property such as land, a home or commercial real estate
Estate taxes
Property taxes
People who fall under the ʺStabilizingʺ characteristics in the DISC Profile are likely to be calm and dislike conflict.
False
True
Taxes paid out by anyone who earns an income
Income Taxes
Estate Taxes
A federal insurance program funded by taxpayer dollars that provides benefits to people who are retired, unemployed or disabled
Social Security
Withholdings
The Internal Revenue Service (IRS) is the federal government agency responsible for:
Filling out your tax forms
Writing tax laws
Tax collection and tax law enforcement
Keeping the unemployment rate low
A brief account of one’s professional or work experience and qualifications, often submitted with an employment application
Resume
Contact letter
Even though your knowledge and work experience will change throughout your life, you’ll never outgrow who you are.
False
True
Which of the following statements about goal setting is false?
You should make your goals challenging yet attainable.
Your goals should have time limits.
Once you’ve written your goals down, you should put the list away and check it in a year to see if you’ve achieved them.
You should share your goals with the people closest to you.
The government relies on taxes to:
All of the above
Burden the public with an extra expense
Pay for services such as roads, education and social services
Remind citizens of the government’s power
Money earned on a regular basis with little or no effort required to maintain it, i.e., rental income from real estate
Passive income
Portfolio income
Early work experiences prior to your career job really have no benefit other than providing a small income.
False
True
When applying for a job, you should:
Present yourself well
All of the above
Provide a resume and cover letter
Follow up with the employer
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.
1040
W-2
W-4
1040EZ
Which of the following statements about taxes is false?
Taxes on wealth and property include property tax, taxes on inheritance, estate taxes and gift taxes.
The primary taxes on consumption are sales tax and excise tax.
Not all types of income are taxed; while earned income and passive income are taxed, portfolio income is not taxed.
Three taxes are deducted from your paycheck: federal income tax, state income tax (if applicable) and FICA.
As you acquire more education and work experience, your income and choice of jobs should rise as well.
True
False
Sales tax and excise tax are both taxes on:
Property
Consumption
Wealth
Income
The amount of money a profession brings should be your first priority in selecting your career path.
False
True
It is expected that young adults will achieve the same standard of living as their parents shortly after graduating from college.
False
True
Tax on goods and services that goes to your state or local government
Sales tax
Gift tax
What is the difference between gross pay and net pay?
None of the above
Gross pay describes your pay after deductions; net pay is before.
Net pay describes your pay after deductions; gross pay is before.
Gross and net pay are the same.
This tax is the main source of revenue for local governments
Property tax
Excise tax
Since the job market constantly changes, odds are that you will work in more than one career field in your lifetime.
False
True
After an interview, you should be patient and wait for the employer to contact you so that you don’t appear overly eager for the position.
True
False
During your first interview with a company, you should not:
Bring extra copies of your resume
Ask about salary
Show interest and be enthusiastic
Be personable and try to connect with the interviewer
You should only make and focus on one goal at a time.
False
True
Income generated by selling an investment at a higher price than you paid for it:
Passive income
Portfolio income
Secondary income
Earned income
Which of the following should not be a major consideration when it comes to selecting your career path?
What you are passionate about
What your interests are
What you are naturally good at
What your parents think you should do
Any income that is generated by working
Earned income
Passive income
The day that income tax filings are due in the United States:
January 1
April 15
December 1
June 15
The amount of income left after taxes have been deducted
Net pay
Gross pay
When it comes to mentoring, you should not:
Follow through and act on what you’ve learned
Find and keep a single mentor
Continue the mentoring cycle by one day becoming a mentor yourself
Choose wisely
This tax pays for benefits that workers and families receive for either Social Security or Medicare.
Excise tax
State income tax
Federal Insurance Contribution Act (FICA)
Sales tax
The process by which we ʺmarketʺ ourselves to others by highlighting personal strengths, interests, unique qualities and identifying goals
Personal selling
Personal branding