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Personal Finance Module 3: Earning Power

Invest in Yourself Job Options

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Pay & Taxes

$10

Lifestyle

$10

Plan for Change

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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 Transportation Local/City income taxes 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 Transportation Average salary/pay 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.

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