SOLUTION AND ANSWER GUIDE
MANAGING YOUR PERSONAL FINANCES
8TH EDITION
CHAPTER NO. 01: MANAGING CAREERS AND MONEY
TABLE OF CONTENTS
Unit 1 Profile ............................................................................................................................................... 1
1.1 Career Exploration and Planning ....................................................................................................... 2
Consider This ............................................................................................................................................ 2
LO 1.1.1 Employee Career Planning ........................................................................................................ 2
Connections to Your World ................................................................................................................... 2
LO 1.1.2 Self-Employment ....................................................................................................................... 2
1.1 Lesson Review .................................................................................................................................... 3
1.2 Being Successful in the Workplace ...................................................................................................... 4
Consider This ............................................................................................................................................ 4
LO 1.2.1 Coping with Change .................................................................................................................. 4
LO 1.2.2 The Changing Work Environment............................................................................................. 4
LO 1.2.3 Professional Work Associations ................................................................................................ 5
1.2 Lesson Review .................................................................................................................................... 5
1.3 Career Outlook and the Job-Seeking Process .................................................................................... 6
LO 1.3.1 The Impact of Consumer Demand on Career Opportunities ..................................................... 6
Connections to Your World ................................................................................................................... 6
LO 1.3.2 Applying and Interviewing ........................................................................................................ 6
Sharpen Your Employability Skills ....................................................................................................... 6
Sharpen Your Employability Skills ....................................................................................................... 6
1.3 Lesson Review .................................................................................................................................... 7
1 Chapter Review ........................................................................................................................................ 8
UNIT 1 PROFILE
Connect and Reflect
, 1. In your own words, what do you think Cook meant when he said that if you get people, strategy, and
execution right, the world is a great place?
Answer: Answers will vary. Look for thoughtful responses.
2. Why do you think Cook places such importance on collaboration?
Answer: Answers will vary. Look for thoughtful responses.
3. What workplace skills do you think are most important, now and in the future? Explain.
Answer: Answers will vary. Look for thoughtful responses.
4. How can you incorporate the development of these skills into your career planning?
Answer: Answers will vary. Look for thoughtful responses.
1.1 CAREER EXPLORATION AND PLANNING
CONSIDER THIS
Read and Reflect
1. Do you agree that the advice that Carlos gave Emy is helpful?
Answer: Answers will vary. Look for thoughtful responses.
2. Is there any other advice you would give Emy?
Answer: Answers will vary. Look for thoughtful responses.
LO 1.1.1 EMPLOYEE CAREER PLANNING
Photo: Steps in Career Planning
1. Photo Caption: Why is self-analysis a necessary component of career planning?
Answer: Self-analysis forces you to think about your wants and needs. It also leads to self-reflection.
Accurate self-analysis can help a worker be more satisfied in their career choices.
Connections to Your World
Think Critically
1. Think about a goal that you may have achieved in the past. Did your goal contain one or more of the five
components of SMART goals? If so, do you believe that they contributed to your success in reaching the
goal? Why or why not?
Answer: Answers will vary. Look for thoughtful answers. The answer should refer to the principles of
SMART goals.
2. Think about a goal that you may have set for yourself that you did not achieve. Based on the SMART goal
format, is there anything you could have done differently to help you achieve your goal?
Answer: Answers will vary. Look for thoughtful responses.
Checkpoint
1. How do experience and education impact your career planning goals?
Answer: Education and experience both impact your career planning goals. Education provides
foundational knowledge, skills, and networking opportunities, while experience enhances your skill set and
professional competencies. They work together to shape your career trajectory, making you more
competitive for advanced roles and promotions.
LO 1.1.2 SELF-EMPLOYMENT
Photo: Disadvantages of Self-Employment
, 1. Photo Caption: Why do you think some people prefer to work for themselves?
Answer: Answers will vary and should include responses such as: flexibility and freedom
Photo: Business Planning
1. Photo Caption: Why do entrepreneurs need to keep good records to be successful business owners?
Answer: Recordkeeping is critical for financial success and submitting required documents to banks or the
IRS.
Checkpoint
1. Why is career planning important for people who want to be entrepreneurs or self-employed?
Answer: Career planning is crucial for many entrepreneurs or self-employed individuals because it helps
them set clear goals, identify needed skills, and create steps to achieve their business objectives. It allows
them to anticipate challenges, manage risks, and allocate resources effectively.
1.1 LESSON REVIEW
Check Your Understanding
1. Goals can be short-term, intermediate-term, or long-term goals. What do each of these terms mean, and why are
they important in career exploration and planning? (LO 1.1.1)
Answer: Short-term goals are usually set for a few days to multiple weeks, helping focus and motivation by
offering immediate, specific goals. Intermediate-term goals span from several months to a few years; they are
shorter than long-term goals and longer than short-term goals, ensuring continued progress and allowing for
strategic adjustments. Long-term goals, set for several years or more, offer a vision for the future.
2. What is a SMART goal, and why would you write a SMART goal for each of the terms above? (LO 1.1.1)
Answer: A SMART goal is a goal-setting framework that is Specific, Measurable, Achievable, Relevant, and
Time-bound. This method ensures that goals are clearly defined and attainable, making tracking progress and
achieving desired outcomes easier.
3. What is meant by a Plan B? Why is it important? (LO 1.1.1)
Answer: Describe what you would do if your job ended. It is important to plan for the unexpected so that
you can move forward without serious financial consequences.
4. What are the three types of small businesses? Describe each of them. (LO 1.1.2)
Answer: Side Business
Owners pursue their passions and hobbies. The owner will pursue this in their spare time and often run the
business from home.
Lifestyle Business
It provides a good income and allows them more freedom to meet a personal need or goal. Typically, it is a
full-time job, but the owner usually keeps the business small.
Venture Business
It may turn into a corporation with many employees. This business will have an “exit plan” so others can
continue and operate the business if the owner decides to leave.
5. What are the advantages and disadvantages of self-employment? (LO 1.1.2)
Answer: Advantage: You decide how you want to run your company. This includes hours of operation,
prices, and consumer base.
Disadvantage: Most funding will be from the owner; if the company doesn’t succeed, money will be lost,
and the owner is personally responsible for all losses.
Apply Your Understanding
1. Develop a career plan for a career path you might wish to explore after high school. (LO 1.1.1)
Answer: Answers will vary. Look for thoughtful responses.
, 2. If you are considering becoming an entrepreneur (owning your own business), what steps would you take
before you make that commitment? Outline how you would develop your business idea. Would you want a
side business, a lifestyle business, or a venture business? Explain. (LO 1.1.2)
Answer: Answers will vary. Look for thoughtful responses.
1.2 BEING SUCCESSFUL IN THE WORKPLACE
CONSIDER THIS
Read and Reflect
1. Why are more companies allowing employees to work remotely or have flexible schedules?
Answer: Since the pandemic, employers and employees have learned that remote work can be as efficient
and, at times, more productive than in-person work. Workers enjoy the flexibility of remote work. Some
jobs cannot be done remotely.
2. What are potential benefits and challenges of working remotely?
Answer: There are multiple correct answers to this question. What is an advantage to one student may be a
disadvantage for another. Look for thoughtful responses.
LO 1.2.1 COPING WITH CHANGE
Photo: Updating Your Skills Through Professional Development
1. Photo Caption: Why do employees need to update their skills through professional development?
Answer: The world is constantly changing. New technologies are introduced often. To stay current,
workers need to update their skills regularly.
Checkpoint
1. What are ways you can cope with change in the workplace?
Answer:
Stay positive, communicate openly, learn new skills, and stay informed.
LO 1.2.2 THE CHANGING WORK ENVIRONMENT
Checkpoint
1. How have different work models affected the workplace?
Answer: Remote work is a working model that allows employees to work offsite and remain in contact
with their employers through technology.
Flextime is a work schedule that allows employees to choose their working hours within a defined time
limit.
A compressed workweek is a work schedule that fits the standard 40-hour workweek into less than 5 days.
The typical compressed workweek is 10 hours a day for 4 days, followed by 3 days off.
Job rotation is a job design in which employees are trained to do more than one specialized task.
Job sharing is a job design in which two people share one full-time position. They split the salary and
benefits according to each person’s contributions.
Today’s labor force comprises more people who desire to work only part-time. Working part-time
generally means working 16 to 25 hours a week. Companies can reduce absenteeism and fatigue while
saving money on salaries and benefits by hiring part-time employees.
MANAGING YOUR PERSONAL FINANCES
8TH EDITION
CHAPTER NO. 01: MANAGING CAREERS AND MONEY
TABLE OF CONTENTS
Unit 1 Profile ............................................................................................................................................... 1
1.1 Career Exploration and Planning ....................................................................................................... 2
Consider This ............................................................................................................................................ 2
LO 1.1.1 Employee Career Planning ........................................................................................................ 2
Connections to Your World ................................................................................................................... 2
LO 1.1.2 Self-Employment ....................................................................................................................... 2
1.1 Lesson Review .................................................................................................................................... 3
1.2 Being Successful in the Workplace ...................................................................................................... 4
Consider This ............................................................................................................................................ 4
LO 1.2.1 Coping with Change .................................................................................................................. 4
LO 1.2.2 The Changing Work Environment............................................................................................. 4
LO 1.2.3 Professional Work Associations ................................................................................................ 5
1.2 Lesson Review .................................................................................................................................... 5
1.3 Career Outlook and the Job-Seeking Process .................................................................................... 6
LO 1.3.1 The Impact of Consumer Demand on Career Opportunities ..................................................... 6
Connections to Your World ................................................................................................................... 6
LO 1.3.2 Applying and Interviewing ........................................................................................................ 6
Sharpen Your Employability Skills ....................................................................................................... 6
Sharpen Your Employability Skills ....................................................................................................... 6
1.3 Lesson Review .................................................................................................................................... 7
1 Chapter Review ........................................................................................................................................ 8
UNIT 1 PROFILE
Connect and Reflect
, 1. In your own words, what do you think Cook meant when he said that if you get people, strategy, and
execution right, the world is a great place?
Answer: Answers will vary. Look for thoughtful responses.
2. Why do you think Cook places such importance on collaboration?
Answer: Answers will vary. Look for thoughtful responses.
3. What workplace skills do you think are most important, now and in the future? Explain.
Answer: Answers will vary. Look for thoughtful responses.
4. How can you incorporate the development of these skills into your career planning?
Answer: Answers will vary. Look for thoughtful responses.
1.1 CAREER EXPLORATION AND PLANNING
CONSIDER THIS
Read and Reflect
1. Do you agree that the advice that Carlos gave Emy is helpful?
Answer: Answers will vary. Look for thoughtful responses.
2. Is there any other advice you would give Emy?
Answer: Answers will vary. Look for thoughtful responses.
LO 1.1.1 EMPLOYEE CAREER PLANNING
Photo: Steps in Career Planning
1. Photo Caption: Why is self-analysis a necessary component of career planning?
Answer: Self-analysis forces you to think about your wants and needs. It also leads to self-reflection.
Accurate self-analysis can help a worker be more satisfied in their career choices.
Connections to Your World
Think Critically
1. Think about a goal that you may have achieved in the past. Did your goal contain one or more of the five
components of SMART goals? If so, do you believe that they contributed to your success in reaching the
goal? Why or why not?
Answer: Answers will vary. Look for thoughtful answers. The answer should refer to the principles of
SMART goals.
2. Think about a goal that you may have set for yourself that you did not achieve. Based on the SMART goal
format, is there anything you could have done differently to help you achieve your goal?
Answer: Answers will vary. Look for thoughtful responses.
Checkpoint
1. How do experience and education impact your career planning goals?
Answer: Education and experience both impact your career planning goals. Education provides
foundational knowledge, skills, and networking opportunities, while experience enhances your skill set and
professional competencies. They work together to shape your career trajectory, making you more
competitive for advanced roles and promotions.
LO 1.1.2 SELF-EMPLOYMENT
Photo: Disadvantages of Self-Employment
, 1. Photo Caption: Why do you think some people prefer to work for themselves?
Answer: Answers will vary and should include responses such as: flexibility and freedom
Photo: Business Planning
1. Photo Caption: Why do entrepreneurs need to keep good records to be successful business owners?
Answer: Recordkeeping is critical for financial success and submitting required documents to banks or the
IRS.
Checkpoint
1. Why is career planning important for people who want to be entrepreneurs or self-employed?
Answer: Career planning is crucial for many entrepreneurs or self-employed individuals because it helps
them set clear goals, identify needed skills, and create steps to achieve their business objectives. It allows
them to anticipate challenges, manage risks, and allocate resources effectively.
1.1 LESSON REVIEW
Check Your Understanding
1. Goals can be short-term, intermediate-term, or long-term goals. What do each of these terms mean, and why are
they important in career exploration and planning? (LO 1.1.1)
Answer: Short-term goals are usually set for a few days to multiple weeks, helping focus and motivation by
offering immediate, specific goals. Intermediate-term goals span from several months to a few years; they are
shorter than long-term goals and longer than short-term goals, ensuring continued progress and allowing for
strategic adjustments. Long-term goals, set for several years or more, offer a vision for the future.
2. What is a SMART goal, and why would you write a SMART goal for each of the terms above? (LO 1.1.1)
Answer: A SMART goal is a goal-setting framework that is Specific, Measurable, Achievable, Relevant, and
Time-bound. This method ensures that goals are clearly defined and attainable, making tracking progress and
achieving desired outcomes easier.
3. What is meant by a Plan B? Why is it important? (LO 1.1.1)
Answer: Describe what you would do if your job ended. It is important to plan for the unexpected so that
you can move forward without serious financial consequences.
4. What are the three types of small businesses? Describe each of them. (LO 1.1.2)
Answer: Side Business
Owners pursue their passions and hobbies. The owner will pursue this in their spare time and often run the
business from home.
Lifestyle Business
It provides a good income and allows them more freedom to meet a personal need or goal. Typically, it is a
full-time job, but the owner usually keeps the business small.
Venture Business
It may turn into a corporation with many employees. This business will have an “exit plan” so others can
continue and operate the business if the owner decides to leave.
5. What are the advantages and disadvantages of self-employment? (LO 1.1.2)
Answer: Advantage: You decide how you want to run your company. This includes hours of operation,
prices, and consumer base.
Disadvantage: Most funding will be from the owner; if the company doesn’t succeed, money will be lost,
and the owner is personally responsible for all losses.
Apply Your Understanding
1. Develop a career plan for a career path you might wish to explore after high school. (LO 1.1.1)
Answer: Answers will vary. Look for thoughtful responses.
, 2. If you are considering becoming an entrepreneur (owning your own business), what steps would you take
before you make that commitment? Outline how you would develop your business idea. Would you want a
side business, a lifestyle business, or a venture business? Explain. (LO 1.1.2)
Answer: Answers will vary. Look for thoughtful responses.
1.2 BEING SUCCESSFUL IN THE WORKPLACE
CONSIDER THIS
Read and Reflect
1. Why are more companies allowing employees to work remotely or have flexible schedules?
Answer: Since the pandemic, employers and employees have learned that remote work can be as efficient
and, at times, more productive than in-person work. Workers enjoy the flexibility of remote work. Some
jobs cannot be done remotely.
2. What are potential benefits and challenges of working remotely?
Answer: There are multiple correct answers to this question. What is an advantage to one student may be a
disadvantage for another. Look for thoughtful responses.
LO 1.2.1 COPING WITH CHANGE
Photo: Updating Your Skills Through Professional Development
1. Photo Caption: Why do employees need to update their skills through professional development?
Answer: The world is constantly changing. New technologies are introduced often. To stay current,
workers need to update their skills regularly.
Checkpoint
1. What are ways you can cope with change in the workplace?
Answer:
Stay positive, communicate openly, learn new skills, and stay informed.
LO 1.2.2 THE CHANGING WORK ENVIRONMENT
Checkpoint
1. How have different work models affected the workplace?
Answer: Remote work is a working model that allows employees to work offsite and remain in contact
with their employers through technology.
Flextime is a work schedule that allows employees to choose their working hours within a defined time
limit.
A compressed workweek is a work schedule that fits the standard 40-hour workweek into less than 5 days.
The typical compressed workweek is 10 hours a day for 4 days, followed by 3 days off.
Job rotation is a job design in which employees are trained to do more than one specialized task.
Job sharing is a job design in which two people share one full-time position. They split the salary and
benefits according to each person’s contributions.
Today’s labor force comprises more people who desire to work only part-time. Working part-time
generally means working 16 to 25 hours a week. Companies can reduce absenteeism and fatigue while
saving money on salaries and benefits by hiring part-time employees.
