AnswersKapuschinskyWCA 3424 Consumer Applications 1st nine weeks 26-27The Financial Plan

Career Planning Answers

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1
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Which of the following should one consider when choosing a career?

A
the potential earnings
B
the work environment
C
the required education
D
all of the above
2
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Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school?

Question illustration
A
about 2.5 years
B
about 5.5 years
C
about 8.5 years
D
about 11.5 years
3

Samantha’s college runs on a trimester schedule so she receives a bill 3 times a year for tuition. Each trimester costs $1,450, and Samantha must complete 2 years of college to receive her degree. The average cost for books each trimester is $350. Approximately what will be the total cost for Samantha to get her degree?

A
$4,700
B
$5,400
C
$9,050
D
$10,800
4

You give up a full-time salary of $45,000 a year to go to school for 2 years. The total cost of going to school is $30,000. If you want to be able to recover your investment in 5 years or less, what is the minimum salary you would need to earn upon earning your degree?

A
$51,000
B
$60,000
C
$69,000
D
$75,000
5

The table below is comparing level of education achieved to the rate of unemployment and the median weekly earnings in 2008. Based on the information provided, the unemployment rate decreases the most when moving between which two consecutive educational levels?

Question illustration
A
“Less than high school” and “High School Graduate”
B
“High school graduate” and “Some college, no degree”
C
“Associate degree” and “Bachelor’s degree”
D
“Professional degree” and “Doctoral degree”
6

Based on the information provided in the graph, for which of the following situations could you expect to have the greatest increase in salary?

Question illustration
A
Having a high school diploma and going to college for a year.
B
Having an associate’s degree and getting a bachelor’s degree.
C
Having a bachelors degree and getting a master’s degree.
D
Having a master’s degree and getting a doctorate degree.
7

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?

A
1.3 years
B
2.5 years
C
10 years
D
20 years.
8

Mark currently works part-time with a salary of $8,000 per year. Mark plans to quit working and attend college for 4 years. If his college costs will total $64,000, how long will it take Mark to recover his investment assuming he has a salary of $32,000 upon graduating?

A
2 years
B
3 years
C
4 years
D
5 years
9

There is a correlation between higher education and greater degrees of both income and job stability. What is one downside of continuing education that might cause someone to choose not to seek a higher level of education despite the benefits?

A
If you have too much income, you will reach your goals too quickly.
B
Most employers feel that pursuing a college degree shows a lack of decisiveness or conviction compared to diving straight into the workforce.
C
Higher education can be expensive, and most students who seek degrees must accept some burden of debt.
D
Getting a degree in one subject can disqualify you from getting a job in another field.
10

Data seems to indicate that there is a negative correlation between years of education and unemployment rates. Which of the following describes what this means?

A
As education increases unemployment increases.
B
As education increases unemployment decreases.
C
As education decreases unemployment decreases.
D
None of the above.
11

Niah works as a retail sales clerk earning $18,000 per year. She plans to go to school for medical billing that has a median salary of $35,000. The cost of her education will be $20,000. If Niah does not work for the 2 years that she is in school, about how long will it take her to recover her investment if she gets a medical billing job making the median salary when she graduates?

A
less than 1 year
B
1.2 years
C
1.6 years
D
3.3 years
12

Two people quit work and begin college at the same time. Their salary and education information is given in the table below. Salary prior to school Years attending college Total cost of college Salary upon graduating Person A $18,000 3 $45000 $33,000 Person B $27,000 4 $30,000 $37,000 Choose the true statement.

A
Person A recovers their investment in a shorter amount of time.
B
Person B recovers their investment in a shorter amount of time.
C
They recover their investments in the same amount of time.
D
There is too little information to compare the time to recover their investments.
13

Which of the following should one consider when choosing a career?

A
the potential earnings
B
the work environment
C
the required education
D
all of the above
14

If there is a positive correlation between number of years of education and the amount of company pension contributions, which of the following professions would you expect to have the best company pension contributions?

A
police officer, associates degree
B
accountant, bachelor’s degree
C
lawyer, master’s degree
D
pharmacist, doctorate degree
15

Jamal works part-time earning $8,000 per year. He reduces his work hours by half so that he can go to school. Jamal completes his degree after 3 semesters (1.5 years) at a cost of $1,400 per semester in tuition and $500 per semester in books. What was Jamal's investment in getting his degree?

A
$4,700
B
$5,700
C
$11,700
D
$17,700
16

Yvonne continues to work full-time at her job while she attends college part-time. It takes 5 years for Yvonne to complete the program, but when she does she is able to increase her salary from $37,000 per year to $45,000 per year. At this rate, Yvonne will have recovered her college costs after 4.5 years. How much did it cost Yvonne to go to college?

A
$36,000
B
$45,000
C
$40,000
D
$32,000
17

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?

A
1.3 years
B
2.5 years
C
10 years
D
20 years.
18

If there is a positive correlation between number of years of education and the amount of company pension contributions, which of the following professions would you expect to have the best company pension contributions?

A
police officer, associates degree
B
accountant, bachelor’s degree
C
lawyer, master’s degree
D
pharmacist, doctorate degree
19

You give up a full-time salary of $45,000 a year to go to school for 2 years. The total cost of going to school is $30,000. If you want to be able to recover your investment in 5 years or less, what is the minimum salary you would need to earn upon earning your degree?

A
$51,000
B
$60,000
C
$69,000
D
$75,000
20

Mark currently works part-time with a salary of $8,000 per year. Mark plans to quit working and attend college for 4 years. If his college costs will total $64,000, how long will it take Mark to recover his investment assuming he has a salary of $32,000 upon graduating?

A
2 years
B
3 years
C
4 years
D
5 years

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