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True or False

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Created by: stevenmziray832

Question	Answer
1. One of the highest-paying career groups is called entry-level.	False
2. Groups of similar occupations across the nation are called clusters.	True
3. Supply and demand for workers in an occupation generally remain constant within the economy.	False
4. Examples of employee expenses include parking costs and buying uniforms.	True
5. A self-assessment inventory lists your strong and weak points along with plans for improvement as you prepare for a career.	True
6. Both businesses and workers must continually reinvent themselves to meet changing market needs.	True
7. You don’t really need to write down your goals, because they are constantly changing.	False
8. A long-term goal is one you expect to reach within six months or so.	False
9. Once you have had a formal interview with an employer, you should not contact the employer again unless you are offered the job.	False
10. After you complete a job interview, the next thing to do is sit back and wait to hear from the employer.	False
11. The information you provide on a Form W-4 determines the amount your employer will withhold from your paycheck for income taxes.	True
12. If you have too little taxes withheld from your paycheck during the year, you will have to pay the difference when you file your tax return.	True
13. A Form W-2 shows only the amount of federal income tax withheld by an employer.	False
14. The Americans with Disabilities Act allows employees to take up to 12 weeks of unpaid leave in a 12-month period for certain medical and family situations.	False
15. The Age Discrimination in Employment Act prohibits discrimination in employment decisions against people age 35 and over.	False
16. Employers must pay all employees overtime at the rate of 1 1/2 times the regular rate.	False
17. Some deductions are required by law, but others are optional.	True
18. Employers must contribute matching amounts into each employee’s Medicare and Social Security accounts.	True
19. Self-employed people do not need to pay Social Security or Medicare taxes.	False
20. An employee required to work on a paid holiday is usually paid 1 1/2 times his or her regular hourly rate of pay.	False
21. When an employee is entitled to his or her full retirement account, the employee is said to be vested in the account.	True
22. The process of negotiating a work contract for union members is called collective bargaining.	True
23. A set of goals for spending, saving, and investing the money you receive is called a budget.	False
24. Before you prepare a budget, it is a good idea to keep track of your income and expenses for a month or two.	True
25. You should always create a monthly budget—weekly or biweekly budgets tend to be inaccurate.	False
26. A document that lists the valuable things you own, along with their purchase prices and approximate current values, is called an expense record.	False
27. A net worth statement will be useful when you apply for a loan or credit.	True
28. An express contract is legally binding, but an implied contract is not.	False
29. If a person signs a contract because he or she felt threatened to do so, a genuine agreement does not exist.	True
30. The competence or legal ability of a person to enter a contract is called consideration.	False
31. Never sign a contract until you have read and understood it.	True
32. A payee is a person who promises to pay the debt of another person.	False
33. Only people with considerable wealth need to create a personal record keeping system.	False
34. One big advantage of computerized record keeping is that information can be updated quickly and easily.	True
35. A canceled check is one that has been processed by the bank.	True
36. Floating a check is illegal in most states.	True
37. Writing a future date on a check is called postdating	True
38. Paying bills online is generally considered slower and riskier than writing checks.	False
39. If you are depositing a check into your account, write the check’s ABA number on the deposit slip.	True
40. The column headed by a check mark in a checkbook register is so you can make a note of your checks that have bounced.	False
41. You should reconcile your checking account as soon as you receive your bank statement.	True
42. A check cannot be cashed until it has been reconciled.	False
43. A joint checking account can be opened by two or more people.	True
44. A money order can never bounce.	True
45. Debit card transactions do not need to be recorded in your checkbook register.	False
46. For safety, do not carry your PIN in written form; instead, commit it to memory.	True
47. The usual reason for a stop-payment order is that the check has been lost or stolen.	True
48. You can purchase or sell savings bonds at most full-service banks.	True