Transcript Click away & have fun studying!

Personal Finance
Module 3: Earning Power
Invest in
Yourself
Job
Options
Pay &
Taxes
Lifestyle
Plan for
Change
$10
$10
$10
$10
$10
$20
$20
$20
$20
$20
$30
$30
$30
$30
$30
$40
$40
$40
$40
$40
$50
$50
$50
$50
$50
Question 1 - $10
Of the following, this is a MAJOR FACTOR
in helping you achieve your financial goal:
The amount of overtime you work
Your job choice
Your ability to balance work & personal life
Where you live
Answer 1 – $10
What is your job choice?
Question 1 - $20
Of the following strategies, this one has the
MOST POTENTIAL TO PREVENT you from
boosting your earning potential:
Frequently changing jobs with different employers
to learn new skills & gain experience
Working at the same company every summer break
while going to school
Enlisting in the military right after graduating from high school
Enrolling in a local two-year apprenticeship program
or community college while living with your family
Answer 1 – $20
What is frequently changing jobs
with different employers to learn new skills
and gain experience
Question 1 - $30
One of the single greatest assets an individual has
is this type of power.
Answer 1 – $30
What is earning power?
Question 1 - $40
The number one reason why students drop out
of higher education programs is
due to this specific problem.
Answer 1 – $40
What is money management problems?
Question 1 - $50
Not everyone has enough money on hand
to pay the entire costs for specialized training
or college. Other than borrowing money, these
are two different strategies you might use
to cover college or training costs.
Answer 1 – $50
What are…?
Get a job
Join the military
Save in a college savings fund
Apply for scholarships
Apply for grants
Apply for a work-study program
Enroll in an employer training program
Test out of college credit
Make use of an employer tuition reimbursement program
Question 2 - $10
Reducing income by cutting back on work hours to
have time to attend classes at the local community
college is an example of this type of cost related to
earning potential.
Answer 2 – $10
What is opportunity cost?
Question 2 - $20
An employer-sponsored retirement savings plan is…
Usually only available for employees
who work more than 10 years.
A valuable employee benefit.
Funded solely by the employer.
Only available to retired people.
Answer 2 – $20
What is a valuable employee benefit?
Question 2 - $30
You cannot assume that you will receive
the same ___________ ____________ wherever
you work full-time, as employers are
not required to provide anything but insurance.
Answer 2 – $30
What is employee benefits?
Question 2 - $40
Many employers offer their employers paid time off
for vacation, illness, and personal leave. List two
other employee benefits that are commonly offered
by employers.
Answer 2 – $40
What are…?
Health insurance
Life insurance
Retirement savings plan
Disability insurance
Tuition assistance
Training & professional development
Question 2 - $50
This vocabulary term represents when pay is based
on a percentage of the cost of items or services sold.
Answer 2 – $50
What is commission?
Question 3 - $10
Jack has worked 35 hours each of the past
two weeks, earning $7.50 an hour. He is paid
every two weeks, but loses 30% of his paycheck
for taxes and benefits.
This dollar amount will be his GROSS PAY
for the last two-week pay period.
Answer 3 – $10
What is $525.00?
($7.50 x 70 hours)
Question 3 - $20
After three months on the job, Jill received
a $.50 raise and now gets $8/hour and receives
insurance benefits. She worked 35 hours one week
and 42 hours
the second week of the recent pay period.
Her deductions totaled $217.90.
This dollar amount is her NET PAY.
Answer 3 – $20
What is $406.10?
[75 regular hours x $8/hour) +
(2 overtime hours x $12 overtime pay) =
$624 gross pay - $217.90)]
Question 3 - $30
During her first year on the job, Monique earned
$22,880 annual salary ($11 an hour). She started the job
with paid leave for five vacation days and five sick
days. Plus, her employer pays the $300 monthly
premium for health insurance.
This dollar amount is Monique’s
total annual COMPENSATION.
Answer 3 – $30
What is $26,480.00?
[$22,880 annual pay +
$3,600 premiums ($300 x 12 months)]
Question 3 - $40
Matt has to pay income ________ on the cash tips he
received while working his shift at the car wash, as tips
received are considered income.
Answer 3 – $40
What is income taxes?
Question 3 - $50
The total amount of income earned during a pay
period is known as this vocabulary term.
Answer 3 – $50
What is gross pay?
Question 4 - $10
Bob really enjoys outdoor activities. When he isn’t working,
he’s biking, hiking or training to run marathons. Of the
following list, Ben would think this one criteria is the LEAST
IMPORTANT as he decides on a career to support his
lifestyle.
High-paying
employee benefits such as paid vacations, health insurance
flexible work schedule
location- away from a major city
Answer 4 – $10
What is high-paying?
Question 4 - $20
Of the following types of jobs, this would be the best
option to support the hobby of Al, who performs in a
band for areas festivals, dances, and receptions.
On-call emergency room nurse
Hotel night clerk
Dental assistant
Volunteer fire fighter
Answer 4 – $20
What is dental assistant?
Question 4 - $30
Rent is one factor that impacts
a person’s cost of living.
List two other cost factors to think about when
comparing the cost of living in two different cities.
Answer 4 – $30
What is…?
Sales taxes
Local/City income taxes
Transportation
Insurance
Utilities
Food/groceries
Home value
Question 4 - $40
Along with the cost of living, identify two things to
consider as you decide where you will live and work.
Answer 4 – $40
What is…?
Employment trends
Average salary/pay
Transportation
Schools
Safety/crime rates
Opportunity for jobs
Proximity to family/friends
Access to recreational/hobby activities
Affordable/available housing
Access to services (health care, child care, etc.)
Question 4 - $50
This is the vocabulary term for your pay after taxes
and benefits have been deducted.
Answer 4 – $50
What is net pay?
Question 5 - $10
Janet is applying to work a full-time job next summer. So
far, her only paid work experience has involved
babysitting. She’s worried that she lacks the skills and
experience needed to get a summer job at a local
business. Of the following strategies, Janet should tell
what to an employer who asks about her work
experience:
-Point out the skills & responsibilities required when
she was paid to provide child care.
-State the skills used when she participated
in school plays and classroom activities.
-Summarize the skills she developed while living
in Spain as an exchange student.
Answer 5 – $10
What is list all valuable work skills
in ALL of the situations listed?
Question 5 - $20
Josh is considering a future career in graphic design.
Of the following list, the summer job with the MOST
POTENTIAL to help him jumpstart his career is:
-A salesclerk at a bookstore; minimum wage
plus discounts on books and magazines.
-An advertising assistant for the local newspaper;
minimum wage job that requires proofreading
and setting up ads in the weekly newspaper.
-Any job that pays more than minimum wage to pay
for his graphic design classes.
-A stock clerk at the local hobby store; flexible
work hours, minimum wage and responsibilities
to stock shelves with art and hobby supplies
Answer 5 – $20
What is an advertising assistant for the local
newspaper- as he would gain experience with layout
and design, which are related to graphic design?
Question 5 - $30
Of the following list, one reason why someone would
want to start their own business rather than work for
someone else is:
-Able to work few hours because someone else is
managing the day-to-day business tasks.
-Certain to make a lot of money.
-No worries about losing their job.
-Able to make their own business decisions regarding
what services or products to sell.
Answer 5 – $30
What is being able to make their own business
decisions regarding what services or products to sell?
Question 5 - $40
If Gina is single with no children, having only
one full-time job in which she earns a little more
than minimum wage. She will write this number
for the allowances on her W-4 form.
Answer 5 – $40
What is one?
Question 5 - $50
While out of work, two things you can do to be on the
offensive regarding your career would include:
Answer 5 – $50
What is…?
Any method for building skills and network
with potential employers during times
through study or volunteer work.