21st Century Student FinLit -Getting Personal SW

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ANSWER KEY

18. F 19. A 20. $46,705; $28,580

often regard directly saying “no” during business dealings to be rude. Business etiquette can differ very much between countries.

not work for a multinational corporation, because it does not have offices and employees in other countries.

17. B 18. T 19. Students should indicate that he could read expatriate blogs and advice websites, or check whether his company has a department that helps foreign workers get settled. 20. Etiquette - She should accept his business card with seriousness, look at it and thank him. Students should indicate that credit reports contain a borrower’s name, address and Social Security Number, employment information and date of birth. Students should indicate that the trade lines are a section of the credit report that contains all of a borrower’s active credit accounts, and lists what type of loan they are, when the loan was opened, the amount, balance and payment history. Students should indicate that bankruptcies, foreclosures, lawsuits, wage attachments, liens and judgements are included. Students should indicate that poor scores are improved over time as new information is added, if the borrower is handling debt properly by paying bills in full and on time. Students should indicate that FICO scores are effected by: how late the payment was, how large the payment was, how recently the late payment occurred, how many late payments you have made. Students should indicate that the credit utilization ratio is amount of the total credit available to a borrower that the borrower is actually using currently. Maintaining a lower credit utilization ratio leads to a higher credit score. Acceptable answers include: Debt collectors may contact you only between 8 a.m. and 9 p.m. Debt collectors may not contact you at work if they know your employer disapproves. Debt collectors may not harass, oppress, or abuse you. Debt collectors may not lie such as falsely imply that you have committed a crime. Debt collectors must identify themselves on the phone. Debt 2. 3. 4. 5. 6. 7. 7-10 years 8. Fee-Fi-Fo FICO®

7. 8. 9.

C D

Cross-Cultural Competence

Student’s discretion.

T 10. C 11. B 12. Students should indicate that Kevin could study abroad in a European country, or apply for internships abroad, take classes in the target country’s language including the business language, and join some cultural clubs and learn about the current events and history of the target county. 13. Rahul is a skilled worker because he has a college degree in a professional skill. 14. A 15. C 16. Students should indicate that Norman does

Let’s Get a Job in ___________.

Student’s discretion.

Are You Financially Literate? Chapter 6 Quiz

1. 2. 3. 4. 5. 6.

A C B

1. PRODUCT PREVIEW Payroll Code Decoder DECODE Total earnings before deductions garnishment due to money owed Old Age Survivors and Disability Insurance (Social Security) Earnings in this pay period Year-To-Date tax deferred retirement contribution

F

D

Students should indicate that other cultures

CODE Net Garnish INS or MED Current REG COLA OASDI OT YTD SICK or FL Fed Gross SWT or State HOL LT or Local Tax FICA-MED WC or Work Comp VAC Life 401K or Ret Gross Pay FICA

overtime hours worked holiday hours worked

County and/or City Tax deductions Social Security tax paid by employee earnings after deductions sick or family leave time paid regular hours worked Withholding for Federal Income Tax Medicare tax deductions workman’s comp (paid by the employer)

deduction for life insurance Withholding for State Tax vacation time paid Cost of Living Adjustment

your pay before any deductions are taken deduction for healthcare or medical savings

Answer Key 374

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