Appendix B Personal Financial Planning Complete Test Bank - Business Foundations Changing World 11e Complete Test Bank by O. C. Ferrell. DOCX document preview.
Appendix B
True / False Questions
1. | The tools and techniques used in creating a business plan are not useful in designing a personalized career plan. |
2. | One of the goals of developing a personal career plan is to organize and structure the data and information you collect about job prospects, the overall job market, and your competition. |
3. | If you do not possess a strength in a given area, it is important to stretch one of your skills to cover that area. |
4. | If you choose to write a summary, do so before you have written the entire career plan. |
5. | In regards to economic conditions, it is important to evaluate whether potential employers are optimistic or pessimistic about the economy. |
Multiple Choice Questions
6. | Developing a career plan will enable you to do all of the following EXCEPT
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7. | Chloe has recently graduated from college and is trying to decide which career path to follow. Which of the following will help her understand her personal strengths and weaknesses?
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8. | Which of the following is extremely important to do while developing a career plan?
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9. | All of the following are true regarding a career plan summary EXCEPT it should
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10. | Miles is pursuing a career in medicine. All of the following are things he should consider about his competition EXCEPT
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11. | Which of the following is a competitor you should consider?
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12. | Cathy recently graduated from college as a business major. When determining what type of career to pursue in her field, which of the following economic conditions would most likely impact her decision?
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13. | Political, legal, and regulatory factors have all of the following impacts on career planning EXCEPT
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14. | Tate is a recent college graduate who is working with a career counselor to determine which career path he wants to follow. In their discussion, his career counselor asks him how he thinks changes in technology will impact his career. All of the following are questions that they would most likely address in their discussion EXCEPT
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15. | When considering how society's demographics and values are changing, you might consider the effects these changes will have on all of the following EXCEPT your
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16. | Cameron wants to get a job in the publishing field. Which of the following is a characteristic he should consider regarding potential employers?
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17. | All of the following are characteristics potential employers look for in new employees EXCEPT
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18. | Jenna has a paralegal certificate, and she is trying to determine how difficult it will be for her to get a job in her field. She should consider all of the following hiring practices of potential employers EXCEPT
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19. | All of the following are avenues through which potential employers make contact with new employees EXCEPT
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20. | Miranda has recently graduated from college with a humanities degree. When trying to determine which career path to choose, what should she consider in regards to her personal assessment?
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21. | Shaheed is taking an inventory of his personal skills, trying to determine his marketable skills. All of the following are skill sets he should focus on EXCEPT _____ skills.
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22. | Greg considers his best career-enhancing resources to be his family name and the prestige of the university he attended. These are examples of
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23. | Which of the following is a tool you can use to evaluate your personal strengths and weaknesses and the opportunities and threats that may impact your career?
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24. | Cara is working on her SWOT analysis. Once she determines her key strengths and weaknesses, which of the following is something she should consider?
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25. | Javier is completing his SWOT analysis. After determining his three key career opportunities and his three key career threats, he should consider all of the following EXCEPT
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26. | Once your SWOT analysis is complete, you should determine all of the following EXCEPT how to
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27. | Which of the following is a financial resource necessary to successfully undertake a career plan?
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28. | Carlos has worked as an office assistant every summer during college. His tasks included scheduling business trips, preparing meeting agendas, and communicating with customers. Which of the types of resources does this scenario relate to?
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29. | Which of the following is true regarding financial projections and budgets?
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30. | All of the following are performance standards you should consider EXCEPT
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31. | To successfully implement a career plan, you should do all of the following EXCEPT
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32. | Dexter is committed to his career plan. He has done extensive research on potential employers and determined which ones are hiring. He has completed an internship, attended career fairs, and worked with a career counselor at his school to determine which career path is right for him. Which of the following elements of career planning does this scenario best describe?
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Essay Questions
33. | Explain what creating a career plan enables you to do.
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34. | Briefly discuss the elements involved in analyzing the external environment.
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35. | Explain what a SWOT analysis includes.
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Appendix B Key
True / False Questions
1. | The tools and techniques used in creating a business plan are not useful in designing a personalized career plan. The tools and techniques used in creating a business plan are just as useful in designing a plan to help sell yourself to potential employers. You can use the same format to write a personalized plan that will help you achieve your career goals. |
AACSB: Analytical Thinking |
2. | One of the goals of developing a personal career plan is to organize and structure the data and information you collect about job prospects, the overall job market, and your competition. One of the goals of developing a personal career plan is to organize and structure the data and information you collect about job prospects, the overall job market, and your competition. You can use this information to better understand your own personal strengths and weaknesses, as well as recognize the opportunities and threats that exist in your career development. |
AACSB: Analytical Thinking |
3. | If you do not possess a strength in a given area, it is important to stretch one of your skills to cover that area. If you do not possess a strength in a given area, it is important to recognize that fact. Similarly, do not overlook your weaknesses. |
AACSB: Analytical Thinking |
4. | If you choose to write a summary, do so before you have written the entire career plan. If you choose to write a summary, do so after you have written the entire career plan. It should provide a brief overview of the strategy for your career. |
AACSB: Analytical Thinking |
5. | In regards to economic conditions, it is important to evaluate whether potential employers are optimistic or pessimistic about the economy. In regards to economic conditions. one consideration is whether potential employers are optimistic or pessimistic about the economy. Other economic considerations include the general economic conditions of the country, region, state, or local area in which you live; the overall outlook for major job or career categories; and the trend in terms of starting salaries for major job or career categories. |
AACSB: Analytical Thinking |
Multiple Choice Questions
6. | Developing a career plan will enable you to do all of the following EXCEPT
Developing a career plan will enable you to: (1) Organize and structure the data and information you collect about job prospects, the overall job market, and your competition. (2) Use this information to better understand your own personal strengths and weaknesses, as well as recognize the opportunities and threats that exist in your career development. (3) Develop goals and objectives that will capitalize on your strengths. (4) Develop a personalized strategy that will give you a competitive advantage. (5) Outline a plan for implementing your personalized strategy. |
AACSB: Analytical Thinking |
7. | Chloe has recently graduated from college and is trying to decide which career path to follow. Which of the following will help her understand her personal strengths and weaknesses?
As part of Chloe's career planning, she should organize and structure the data she collects about job prospects, the overall job market, and her competition. She can use this information to better understand her own personal strengths and weaknesses, as well as recognize the opportunities and threats that exist in her career development. |
AACSB: Reflective Thinking |
8. | Which of the following is extremely important to do while developing a career plan?
When developing a career plan, it is very important that you be honest with yourself. If you do not possess a strength in a given area, it is important to recognize that fact. Similarly, do not overlook your weaknesses. |
AACSB: Analytical Thinking |
9. | All of the following are true regarding a career plan summary EXCEPT it should
If you choose to write a summary, do so after you have written the entire career plan. It should provide a brief overview of the strategy for your career. State your career objectives and what means you will use to achieve those objectives. |
AACSB: Analytical Thinking |
10. | Miles is pursuing a career in medicine. All of the following are things he should consider about his competition EXCEPT
In regards to competition, Miles should consider the following: (1) Who are his major competitors and what are their characteristics? (2) What are the key strengths and weaknesses of the total pool of potential employees? (3) What are other college graduates doing in terms of developing skills, networking, showing a willingness to relocate, and promoting themselves to potential employers? (4) What are the current trends in terms of work experience versus getting an advanced degree? (5) Is his competitive set likely to change in the future? If so, how? Who are these new competitors likely to be? |
AACSB: Reflective Thinking |
11. | Which of the following is a competitor you should consider?
Competitors to consider include peers at the same college or in the same degree field; peers at different colleges or in different degree fields; and graduates of trade, technical, or community colleges. |
AACSB: Analytical Thinking |
12. | Cathy recently graduated from college as a business major. When determining what type of career to pursue in her field, which of the following economic conditions would most likely impact her decision?
When determining which career to pursue in her field, Cathy would consider the trend in terms of starting salaries for different job categories. She might also consider the general economic conditions of the country, region, state, and local area in which she lives; whether potential employers are optimistic or pessimistic about the economy; and where employers seem to be placing their recruitment and hiring emphasis. |
AACSB: Reflective Thinking |
13. | Political, legal, and regulatory factors have all of the following impacts on career planning EXCEPT
Political, legal, and regulatory factors that affect career planning include: (1) Have recent elections changed the political landscape so that certain industries or companies are now more or less attractive as potential employers? (2) What changes in international, federal, state, or local laws and regulations are being proposed that would affect your job/career prospects? (3) Have recent court decisions made it easier or harder for you to find employment? (4) Have global trade agreements changed in any way that makes certain industries or companies more or less attractive as potential employers? |
AACSB: Analytical Thinking |
14. | Tate is a recent college graduate who is working with a career counselor to determine which career path he wants to follow. In their discussion, his career counselor asks him how he thinks changes in technology will impact his career. All of the following are questions that they would most likely address in their discussion EXCEPT
In this scenario, the questions they would address in their discussion about changes in technology include: (1) What impact has changing technology had on potential employers in terms of their need for employees? (2) What technological changes will affect the way you will have to work and compete for employment in the future? (3) What technological changes will affect the way you market your skills and abilities to potential employers? (4) How do technological advances threaten to make your skills and abilities obsolete? |
AACSB: Reflective Thinking |
15. | When considering how society's demographics and values are changing, you might consider the effects these changes will have on all of the following EXCEPT your
When considering how society's demographics and values are changing, you might consider the effect these changes will have on your skills and abilities, career and lifestyle choices, ability to market yourself, willingness to relocate, and required minimum salary. |
AACSB: Analytical Thinking |
16. | Cameron wants to get a job in the publishing field. Which of the following is a characteristic he should consider regarding potential employers?
When considering potential employers, Cameron should consider identifying characteristics (such as industry, products, size, growth, profitability, hiring practices, union/nonunion, and employee needs), geographic characteristics (such as home office, local offices, global sites, and expansion), organizational culture (such as a mission statement, values, priorities, and employee training), and who in the organization is responsible for recruiting and selecting new employees. |
AACSB: Reflective Thinking |
17. | All of the following are characteristics potential employers look for in new employees EXCEPT
Potential employers are looking for the following characteristics in new employees: (1) What are the basic or specific skills and abilities that employers are looking for in new employees? (2) What are the basic or specific needs abilities that you currently possess and that other potential employees currently possess? (3) How well do your skills and abilities (and those of your competitors) currently meet the needs of potential employers? (4) How are the needs of potential employers expected to change in the future? |
AACSB: Analytical Thinking |
18. | Jenna has a paralegal certificate, and she is trying to determine how difficult it will be for her to get a job in her field. She should consider all of the following hiring practices of potential employers EXCEPT
In regards to the hiring practices of potential employers, Jenna should consider how many employees are being hired, the combination of skills and abilities the new hires possess, whether the growth or decline in hiring is related to a recent expansion or downsizing of markets or territories or changes in technology, and whether there are major hiring differences between large and small companies. |
AACSB: Reflective Thinking |
19. | All of the following are avenues through which potential employers make contact with new employees EXCEPT
Employees often make contact with potential employees through college placement offices, career fairs, internship programs, headhunting firms, unsolicited applications, and the Internet. |
AACSB: Analytical Thinking |
20. | Miranda has recently graduated from college with a humanities degree. When trying to determine which career path to choose, what should she consider in regards to her personal assessment?
In regards to personal assessment, Miranda should consider her personal goals and objectives in terms of employment, career, lifestyle, and geographic preferences. She should also consider whether her personal goals and objectives are consistent with the realities of the labor market and recent changes in the external or employer environments. Further, she should consider how her current strategies for success are working in areas such as course performance, internships, networking, job leads, career development, and interviewing skills as well as how her current performance in those areas compares to how her peers are performing. |
AACSB: Reflective Thinking |
21. | Shaheed is taking an inventory of his personal skills, trying to determine his marketable skills. All of the following are skill sets he should focus on EXCEPT _____ skills.
When compiling his marketable skills, Shaheed should include areas such as interpersonal skills, organizational skills, technological skills, communication skills (oral and written), and networking and teambuilding skills. |
AACSB: Reflective Thinking |
22. | Greg considers his best career-enhancing resources to be his family name and the prestige of the university he attended. These are examples of
Family name and the prestige of his educational institution are examples of Greg's intangible resources. Other resources he may have include financial resources (to pay for additional training, if necessary), personal contacts or "connections" with individuals who can assist in his career development, and specific degrees or certificates he holds. |
AACSB: Reflective Thinking |
23. | Which of the following is a tool you can use to evaluate your personal strengths and weaknesses and the opportunities and threats that may impact your career?
A SWOT analysis is a tool you can use to evaluate your personal strengths and weaknesses and the opportunities and threats that may impact your career. |
AACSB: Analytical Thinking |
24. | Cara is working on her SWOT analysis. Once she determines her key strengths and weaknesses, which of the following is something she should consider?
After identifying her key strengths and weaknesses, Cara should consider how her strengths allow her to meet the needs of her potential employers and her weaknesses cause her to fall short of meeting the needs of her potential employers, how her strengths and weaknesses compare to those of her peers (competitors), and whether her strengths give her an advantage relative to her peers or her weaknesses put her at a disadvantage relative to her peers. |
AACSB: Reflective Thinking |
25. | Javier is completing his SWOT analysis. After determining his three key career opportunities and his three key career threats, he should consider all of the following EXCEPT
After determining his three key career opportunities and threats, Javier must consider how these opportunities and threats are related to serving the needs of his potential employers as well as the actions he must take to capitalize on his opportunities and prevent his threats from limiting his capabilities in the short term and long term. |
AACSB: Reflective Thinking |
26. | Once your SWOT analysis is complete, you should determine all of the following EXCEPT how to
Once your SWOT analysis is completed, you must determine how to match your strengths to your opportunities to better serve the needs of your potential employers, convert your weaknesses into strengths and your threats into opportunities, and minimize or avoid your weaknesses and threats that cannot be converted successfully. |
AACSB: Analytical Thinking |
27. | Which of the following is a financial resource necessary to successfully undertake a career plan?
The financial resources necessary to undertake and successfully complete a career plan include the costs of preparing, duplicating, and mailing a résumé and interviewing costs, including proper attire. |
AACSB: Analytical Thinking |
28. | Carlos has worked as an office assistant every summer during college. His tasks included scheduling business trips, preparing meeting agendas, and communicating with customers. Which of the types of resources does this scenario relate to?
This scenario relates to experience resources. Carlos's experience from his summer office assistant job could prove useful in his current career plan. |
AACSB: Reflective Thinking |
29. | Which of the following is true regarding financial projections and budgets?
In regards to financial projections and budgets, you should have a clear idea of your budgetary requirements, for example, housing, furnishings, clothing, transportation, food, and other living expenses. Further, you should determine whether the expected salaries and benefits from potential employers meet these requirements. If they don't, you may need to develop an alternate plan, such as a different job choice, a second job, or requesting a higher salary. |
AACSB: Analytical Thinking |
30. | All of the following are performance standards you should consider EXCEPT
Performance standards to consider include what you have to offer, whether you are worth it, where you want to go, and how you will stand out among the crowd. |
AACSB: Analytical Thinking |
31. | To successfully implement a career plan, you should do all of the following EXCEPT
To successfully implement your career plan, you should make sure your potential employers are hiring; allocate sufficient time to your career development; invest in training and education, networking, your wardrobe, and developing interview skills; do your homework on potential employers; participate in an internship program; attend career fairs; use the resources of your placement center; and commit to your career development. |
AACSB: Analytical Thinking |
32. | Dexter is committed to his career plan. He has done extensive research on potential employers and determined which ones are hiring. He has completed an internship, attended career fairs, and worked with a career counselor at his school to determine which career path is right for him. Which of the following elements of career planning does this scenario best describe?
This scenario describes monitoring procedures, which are the formal control mechanisms in place to ensure the proper implementation of a career plan. Dexter must determine if his potential employers are hiring; allocate sufficient time to his career development; invest in his training and education, networking, wardrobe, and interview skills development; do his homework on potential employers; participate in an internship program; attend career fairs; use the resources at his placement center; and commit to his career development. |
AACSB: Reflective Thinking |
Essay Questions
33. | Explain what creating a career plan enables you to do. Creating a career plan enables you to organize and structure the data and information you collect about job prospects, the overall job market, and your competition. You can use this information to better understand your own personal strengths and weaknesses, as well as recognize the opportunities and threats that exist in your career development. A career plan also allows you to develop goals and objectives that will capitalize on your strengths, develop a personalized strategy that will give you a competitive advantage, and outline a plan for implementing your personalized strategy. |
AACSB: Reflective Thinking |
34. | Briefly discuss the elements involved in analyzing the external environment. In your analysis of the external environment, you should start by determining who your major competitors are; their strengths and weaknesses; what they are doing in terms of developing skills, networking, showing a willingness to relocate, and promoting themselves to potential employers; the current trends in terms of work experience versus getting an advanced degree; and whether your competition is likely to change in the future. Then, you should consider the economic conditions of the country, region, state, and local area where you live; whether employers are optimistic or pessimistic about the economy; where employers are placing their recruitment and hiring emphasis; and the trend in terms of starting salaries for major career categories. You should also consider whether recent elections have changed the political landscape or global trade agreements have changed in a way that make certain industries or companies more or less attractive as potential employers. Further, you should consider whether proposed changes in international, federal, state, or local laws and regulations affect your career prospects and whether recent court decisions have made it easier or harder for you to find employment. In regards to technology, you should consider the impact changing technology has on potential employers' need for employees, any technological changes that will affect the way you work and compete for future employment or the way you market your skills and abilities to potential employers, and how technological advances threaten to make your skills and abilities obsolete. Lastly, you must consider how society's changing demographics and values will affect your skills and abilities, career and lifestyle choices, ability to market yourself, willingness to relocate, and required minimum salary; the problems and opportunities that are being created by changes in cultural diversity of the labor pool and the requirements of potential employers; and society's general attitude regarding the particular skills, abilities, and talents you possess and your career and lifestyle choices. |
AACSB: Reflective Thinking |
35. | Explain what a SWOT analysis includes. Developing a SWOT analysis requires listing your three key strengths, weaknesses, career opportunities, and career threats. Once you have determined your three key strengths, you must evaluate how these strengths allow you to meet the needs of your potential employers, how they compare to those of your peers, and whether they give you an advantage relative to your peers. Next, you will list your three key weaknesses and evaluate how these weaknesses cause you to fall short of meeting the needs of your potential employers, how they compare to those of your peers, and whether they put you at a disadvantage relative to your peers. When evaluating your three key career opportunities and threats, you must determine how these opportunities and threats are related to serving the needs of your potential employers and the actions you must take to capitalize on your opportunities and prevent your threats from limiting your capabilities in the short term and long term. |
AACSB: Reflective Thinking |
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Business Foundations Changing World 11e Complete Test Bank
By O. C. Ferrell