Chapter 4 Test Your Knowledge

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Name: _______________________________________ Date: _______________ Chapter 4 Review © B.E. Publishing, Inc. All rights reserved. Page 1 of 14 Test Your Knowledge Instructions Answer each of the questions below in the space provided. 1. Demonstrate an understanding for the use of business etiquette by answering the following questions: What is business etiquette? How can an employee practice effective business etiquette? 2. Analyze and investigate the relationship between education and training with earnings by answering the following questions: What types of costs are associated with college, postsecondary education, and training? What is the correlation between education, training, and potential lifetime income?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 2 of 14 3. Using an internet search engine, research and investigate the costs and opportunities of two training institutions and postsecondary education institutions. Create a table comparing the costs of the institutions. Which educational opportunity is the most and least expensive? What type of education will you get with each option?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 3 of 14 4. Identify two potential careers you are interested in. Using an internet search engine, research the type of education you would need to obtain a job in each career field. Then analyze the quality of the education investment using measures. For example, what is the job outlook for each job? What is the annual average salary for each? How might these measures influence your decision about which career to pursue? 5. What postsecondary educational opportunities do people consider after high school?

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Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 4 of 14 6. What military opportunities do people consider after high school? 7. What job opportunities are available according to the National Career Clusters Framework?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 5 of 14 8. Using what you learned from Chapter 4, create a postsecondary career plan that includes the following postsecondary topics: o Career goal o Educational requirements o Skill development o Income potential o Job outlook o Personal interests and aptitudes o Financial goals o Desired lifestyle

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 6 of 14 9. Evaluate and compare career opportunities by writing one to two sentences answering the following questions: a. What are your individual interests? b. What skills do you possess? What is the correlation between income and a worker’s skills? c. What career most aligns with your interests and skills? Identify one career to answer the remaining questions.

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Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 7 of 14 d. What educational requirements are associated with the career? What is the correlation between income and education? e. What is the value of the work to society? How does income correlate to the value of work to society? f. What income potential exists with the career? How do conditions of the economy correlate to income potential?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 8 of 14 g. What is the supply and demand of the workforce for your career choice, including unemployment? How might supply and demand correlate to income potential? 10. What are the cost differences between public and private and non-profit and for-profit education and training? Which type of educational institution aligns with you career goals?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 9 of 14 Student answers will vary. Students should be able analyze ROI for two career choices and identify which choice offers the best return on investment. Two sources and strategies for networking include word of mouth and letting family and friends know you are looking for employment. Benefits include increased exposure to more job opportunities before they are posted publicly. 11. What are two potential careers you are interested in? Calculate the costs of post-high school training options and analyze the return on investment (ROI) based on your career choices. Write a brief paragraph summarizing which career choice has the best ROI. 12. Identify two sources and strategies for and benefits of networking for finding employment, whether for summer jobs or full-time career placement.

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Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 10 of 14 Economic, social, cultural, education, and political conditions can all affect income and career potential. For example, you may be influenced by the cultural and social practices of your immediate family and friend groups. If it is common amongst your cultural groups to seek postsecondary education, you may naturally be influenced to do the same. Economic and political conditions can also play a critical role in affecting income and career potential. Employment opportunities and pay are influenced by many different characteristics of the economy and political environment — at the national, state, and local levels. When the economy is strong, jobs are plentiful and workers have many more choices as to where they will be employed. A weak economy and a high level of unemployment make the job hunt more difficult. You can prepare a career plan by identifying career goals, educational requirements, skill development, income potential, job outlook, personal interests and aptitudes, financial goals, and desired lifestyle. 13. In what ways do economic, social, cultural, education, and political conditions affect income and career potential, as well as the need for lifelong training and education? 14. What steps can you take to begin preparing for a career and post-high school training?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 11 of 14 Josh’s costs are the $2,500 for the expense of the class. Since the class is online, Josh should be able to do most of the course work after working hours to avoid any income lost in having to take time off work to attend class. One benefit Josh will receive is an increase in annual earnings. He may also find greater job satisfaction in expanding his skills. Student answers will vary based on their values for whether or not they would take the online class if they were in Josh’s situation. Student answers will vary. See Go Figure from Chapter 4 for an example comparison of salary versus hourly career opportunities. 15. Josh works as an IT consultant for a software company. He is considering investing $2,500 to take an online course that will help him develop new skills for the workplace. Based on his research, he thinks he will be able to earn an additional $5,000 annually if he can use the new skills. What are Josh’s costs and benefits of developing new skills for the workplace? If you were Josh, would you take the online class? 16. Identify two careers you are interested in exploring. Research data from charts and tables about salary versus hourly career opportunities using the Bureau of Labor Statistics website (www.bls.gov). Compare the mathematical data you discover by writing a brief paragraph summarizing the mean, median, mode, range, and outliers for the career opportunities you are considering.

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 12 of 14 Choices people make about their education and skill development can affect their future earning capability and job satisfaction. For example, people vary in their willingness to obtain more education or training because these decisions involve incurring immediate costs to obtain possible future benefits. Discounting the future benefits of education and training may lead some people to pass up potentially high rates of return that more education and training may offer. Student answers will vary. Students should be able to identify which personal values they possess related to non-income factors. 17. Describe in one brief paragraph how choices people make about their education and skill development can affect their future earning capability and job satisfaction. 18. How might non-income factors, such as childcare options, cost of living, and work conditions, influence your job choice?

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Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 13 of 14 When negotiating for employment conditions or compensation, there are several tips you can utilize: • Listen before responding. Let the employer speak first and make their offer. Listen attentively to their employment conditions before responding. • Do your research. It is not enough to simply say you want a higher income or more vacation days. You must be able to ground your assertions in researched facts. Coming unprepared to an employment negotiation will leave you unsuccessful in reaching your goal. • Counter the offer. Use your prepared research to counter the employer’s offer. Be clear with your requests, provide logical and supporting facts, and be prepared to answer questions the employer may have. • Be willing to compromise. If you and your potential employer are proposing different employment conditions or compensation, try to meet in the middle with a compromise so that both parties are validated in their requests. You should follow a conflict resolution model to include the following steps: identify the problem, brainstorm solutions, evaluate each solution, build group consensus, implement solution, and assess success in resolving conflict. 19. What are effective ways to negotiate employment conditions or compensation? 20. What steps should you take to resolve an employee issue with an employer?

Chapter 4 Review | Test Your Knowledge © B.E. Publishing, Inc. All rights reserved. Page 14 of 14 People consider the following factors: interests, skills, strengths, weaknesses, educational requirements, income and benefits (health insurance, retirement fund), supply and demand of the workforce, and non-income factors (job satisfaction, family, location, risk, independence). People vary in their willingness to obtain more education or training because these decisions involve incurring immediate costs to obtain possible future benefits. Discounting the future benefits of education and training may lead some people to pass up potentially high rates of return that more education and training may offer. People can make more informed education, job, or career decisions by evaluating the benefits and costs of different choices. 21. What factors do people consider when choosing jobs or careers for which they are qualified? 22. Why do people vary in their willingness to obtain more education or training? 23. What method can people use to make more informed education, job, or career decisions?

Chapter 4 Test Your Knowledge

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