Quiz: Project YouthFinLit

1. What is a disadvantage of working in the same occupation for many years?
A) Limited job security
B) Reduced income potential
C) Lack of job satisfaction
D) Limited career growth
2. How do education requirements for a lawyer compare to those for a computer programmer?
A) Similar, focusing on technical skills
B) Lawyer requires more years of study
C) Both require vocational training
D) Lawyer requires less formal education
3. Which career progression timeline would likely show a lawyer's path?
A) High school diploma, immediate job entry
B) Bachelor's degree, law school, bar exam
C) Vocational training, apprenticeship
D) Military service, specialized training
4. How does income potential typically differ between a retail sales associate and a lifeguard?
A) Lifeguard earns more due to longer hours
B) Retail associate has higher hourly wage
C) Lifeguard is seasonal with lower pay
D) Retail associate has more benefits
5. How might career decisions affect income potential in the field of engineering over a lifetime?
A) Higher education leads to higher earnings
B) Experience matters more than education
C) Entry-level salaries decrease over time
D) Career changes increase earning potential
6. How can specific skills training improve a young person’s human capital?
A) By decreasing job opportunities
B) By limiting career choices
C) By increasing productivity and income potential
D) By reducing job satisfaction
7. What factor most significantly affects wage differences among different jobs?
A) Level of education
B) Job title length
C) Geographic location
D) Job flexibility
8. What is the opportunity cost of attending a babysitting training course?
A) Time spent working
B) Lost potential income
C) Course tuition
D) Equipment expenses
9. How do costs of post-secondary education compare to potential income increases?
A) Costs typically exceed income benefits
B) Income benefits usually match costs
C) Costs decrease over time
D) Income benefits increase rapidly
10. Why might families choose to help pay for younger family members’ education?
A) To reduce tax burdens
B) To promote career stability
C) To maintain family traditions
D) To limit government spending
11. What is the main difference between gross and net income?
A) Gross includes bonuses, net does not
B) Net includes taxes, gross does not
C) Gross is before deductions, net is after
D) Net is before deductions, gross is after
12. Which deduction is NOT commonly taken from a worker’s paycheck?
A) Income tax
B) Social Security tax
C) Property tax
D) Medicare tax
13. How do taxes impact take-home pay?
A) They increase it
B) They decrease it
C) They have no effect
D) They double it
14. Who qualifies for Social Security benefits?
A) Children under 18
B) Disabled individuals
C) Unemployed individuals
D) All of the above
15. How does the Social Security tax rate differ for self-employed versus employed individuals?
A) Self-employed pay more
B) Employed pay more
C) Rates are identical
D) Self-employed pay less
16. Given a worker’s income and tax rates, calculate what the worker and employer pay in Social Security taxes.
A) Determine the worker’s income
B) Subtract taxes from income
C) Add taxes to income
D) Use tax rates to calculate
17. How does income level typically affect income tax paid?
A) Higher income, higher tax
B) Higher income, lower tax
C) Lower income, higher tax
D) Income level has no impact
18. How are taxes typically paid on tip income?
A) Monthly
B) Annually
C) Only on request
D) Never
19. What personal circumstances qualify for government income support?
A) Low income
B) High income
C) Middle income
D) All income levels
20. What motivates individuals to work as independent contractors in the gig economy?
A) Job stability
B) Flexible hours
C) High pay
D) Union benefits