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Review for Chapter 15 Test

Fringe Benefits include medical and dental care, sick leave, and paid vacations.

True or False

Section 1 Notes

True

Saving money and paying down debt in the present will give you more options and choices in the future.

True or False

Section 1 Notes

True

On-the-job experience can be a good way to find out whether or not a career is for you.

True or False

Section 1 Notes

True

In borrowing money for purchases, it is not important to pay attention to the real cost of the item – the purchase price plus interest.

True or False

Section 1 Notes

False

People whose main goal is to make as much income as possible are less likely to invest their savings than to put them in a bank.

True or False

Section 1 Notes

False

What is called the amount of money left over after taxes have been paid?

Disposable income

What is a good way to decide how much you want to spend and save?

Making a budget.

What is a common goal that people have when making financial choices?

Consumer spending, staying out of debt, or Supporting a cause or

organization.

What factors should you consider when deciding to buy an item?

Price, Quality, and warranty and service.

What factors do you need to think about when deciding which method of saving money would be the best for you?

Liquidity, income, and safety.

What is one way to make sure that you will be satisfied in your career?.

By choosing a career that matches your

interests and goals.

Where is a good place to find out about hundreds of jobs, their requirements, and their future prospects?

The Occupational Career Handbook

What do many new jobs demand?

A much higher level of education than

farm or factory jobs.

What are the four types of earned income?

Salary, wage, commission, and

Bonus.

Which is a form of income other than earned income?

Interest

What is called a savings plan with a set length of time that you must keep your money in the account?

Time deposit

What has a strong influence on a person’s about what to buy?

Values

What are two important qualities for making a successful career?

Persistence and Effort

Today more than 70% of the people in our work force performs what kind of jobs?

Service jobs

On what simple plan is insurance based?

If many people pay some money into an insurance plan, all the money, taken

together, will be enough to pay the large costs of the

few people who will need it.