chapter 1 personal finance

What are the benefits of a cooperative work experience?

A cooperative work experience is where students attend classes part of the day and then go to a job that provides supervised work. The benefits of this is that students receive credit for the on-the-job skills they learn.

Describe the contents of a job description.

A job description describes what a job would be like, including the tasks performed and skills needed. It also contains the education required, the hours worked, etc.

What is a job scout? What is the advantage of using a job scout?

A job scout is a computer program that searches the internet to find job listings based on rules or options that you set. The advantage of using a job scout is that you can find jobs that are perfect for you and based on your rules. For example, if you want a job in a certain area, a job scout will find that for you.

economy

All of the activities related to making and distributing goods and services in a geographic area or country

What is meant by business verbal etiquette and dining etiquette?

Business verbal etiquette is being attentive, and polite. You have to be able to respond with clear, thought out answers. Dining etiquette is when you are at a business dinner, you should avoid controversial topics, know which fork to use, avoid speaking with food in your mouth, and be courteous.

What information is found in the Occupational Outlook Handbook?

In the Occupational Outlook Handbook, you can start researching job markets. You can find information about the nature of work, working conditions, training and education, earnings, and job outlooks for many different types of occupations.

what is meant by informal education? Give two examples of it.

Informal education is having student interests within a curriculum in a regular classroom but can be in other places as well. Examples include, coaching, or self-directed learning.

Why is it important to attend an accredited college?

It is important to attend an accredited college because you want to make sure it is certified to meet educational quality standards.

Explain why it is important to have cash (spending power) in a recession.

It is important to have money in a recession because when the economy is declining, less money is available to the employees, meaning you would most likely want to save your money for your life necessities. You wouldn't want to go spending money when you don't have much in the first place.

Explain how job choices affect income.

Job choices affect income because certain jobs pay a lot more than others. Some jobs are also greater in demand in others. There are careers that don't have high education requirements and can provide job satisfaction and income. The more experience you have in your skill set, the more you can expect to earn.

Explain why lifelong learning is important to your career plans.

Lifelong learning is important to your career plans because it will help you prepare to be a killed worker and an informed consumer. It will also keep you prepared as changes will occur before they negatively impact you.

Why is networking important when looking for job prospects and opportunities? How can you build your social network?

Networking involves building relationships and exchanging information with people who can help you improve your career prospects. Networking is important to job seekers because many job openings are not advertised. You can build your social network by joining student groups and community organizations.

How can securing a good job play a role in developing your finances?

People are going to look at your credit score. If you have a good job, you can have more experience and get a higher chance of getting a promotion. Also, with a good job, you can have a higher salary to invest/save or spend on things you want/need. A good job can also give you insurance and other benefits.

Explain why people tend to spend more money during economic growth.

People tend to spend more money during economic growth because more money is available to them. Economic growth is when the economy is doing great which means their employees are being paid more.

Explain why some career choices require little formal education, whereas as others require a master's degree or more.

Some career choices require little formal education because some jobs are more complex than others. You need a certain level of education in order to do that job. If you are under educated, you might not know enough information on the topic you are applying for and therefore, cannot get that job.

What are some testing and certification requirements that must be met when seeking a job?

Some jobs require pre-employment testing as a way to screen job applicants. For example, personality tests help determine if a job prospect's prospect traits will be a good match with the job environment.

List ways that students can pay for their post-secondary education.

Students can pay for their post-secondary education with a financial aid, which is money you receive from an outside source to help pay for education. You could also use a student loans, which is money that you borrow and must repay with interest. You could also use grants or work-study programs.

How does the business cycle affect you as an individual?

The business cycle affects you as an individual because you need to be able to recognize these stages and determine what you can expect the economy to do next. These stages can also affect your choices that allow you to spend money when you can get the greatest value and save money during the bad times.

What is the business cycle? List the four stages of the business cycle.

The business cycle is the alternating periods of growth and decline in the economy. The four stages of the business cycle are recovery (growth), peak, recession (decline), and trough.

tuition

The expense paid by students for the instruction at a school

When it comes to owning your own business, what factors might affect your profit, revenue, and expenses?

The factors that might affect your profit, revenue, and expenses may include decreased revenue resulting in a slow economy and loss of sales, or rising costs related to business expenses that will also reduce profit.

How is tuition different from fees?

Tuition is the expense paid by students for the instruction at a school. Fees are charged to cover special expenses of education programs, such as technology, equipment, or supplies.

List three guidelines for preparing a good resume. What kinds of information should not appear on a resume?

When preparing a good resume, proofread thoroughly, keep the resume simple, attractive, and easy to read, and keep each tailored resume on one page. You should not talk about your weaknesses on your resume.

what is retraining?

When the demand for products or services that are produced by your employer is very low, this may cause your job to be in danger. This causes some people to decide to learn new skills to prepare for a new career field and this process is called retraining.

What job opportunities are available to those in the U.S military?

You can get a job that requires discipline and responsibility since that is what you learn in the military. An example could be construction.

Explain how to properly prepare for a job interview.

You can properly prepare for a job interview by reviewing your resume before the interview, practice you interviewing skills, do company research, arrive on time, think before you speak, be attentive, etc.

When filling out a job application, what should you remember to do?

You should remember to answer every question, be truthful, have with you all information that may be requested on the application, proofread carefully, and keep a copy for your own records.

Give an example of how a person's values and goals may affect his or her career choices.

Your goals affect your behavior and your values define who you are. An example of a value is if you think honesty is important. AN example of a goal would be eating healthy. These can all affect your choices including career choices depending on what you think is important in life.

Scholarship

a cash allowance awarded to a student to help pay for education

goal

a desired outcome, based on one's values, for which a plan of action is developed and carried out

Job interview

a face-to-face meeting with a potential employer to discuss a job opening

Job application

a form that asks basic questions about the applicant's background, such as work history, education, skills, and references.

social network

a group of friends and acquaintances who keep in contact and share information

cover letter

a letter that accompanies a resume, introducing the applicant to a prospective employee

Subsidized student loan

a loan on which the student pays no interest until he or she has graduated or is no longer in school

Unsubsidized student loan:

a loan that starts charging interest from the time the loan is made

Entrepreneur

a person who takes the risks of being self- employed and owning a business

contact

a person you know

value

a principle that reflects the worth you place on an idea or action

ethics

a set of moral values that people consider acceptable; the study of what is right versus wrong

resume

a summary of your work experience, education, skills, interests, and other qualifications (your skill set) that qualify you for a job opening

market economy

an economy based on the laws of supply and demand

Temp agency:

an employment agency that provides part-time and full-time jobs on a temporary basis

follow up

contact with a prospective employer after the interview but before hiring

job description

describes what a job would be like, including the tasks performed and skills needed

on-the-job training

learning as you do the work

self-training

learning new skills from reading and practicing on your own

hard skills

measurable physical and mental abilities that allow you to complete a job (Microsoft, excel, language)

Grant

money given to pay for educational expenses that does not have to be repaid

financial aid

money you receive from an outside source to help pay for education, loans

soft skills

nontechnical skills needed by most workers for success on the job communication, leadership, responsible

Job shadowing

spending time observing a worker in a type of job that interests you

business cycle

the alternating periods of growth and decline in the economy The four stages of the business cycle are recovery (growth), peak, recession (decline), and trough.

job market

the job openings that are available when you are ready to go to work

supply

the quantity of goods and services that producers are willing and able to provide

skill set

the unique skills (leadership, responsibility, organization)and abilities that you bring to the job market

demand

the willingness and ability of consumers to buy goods and services