Farmer's Personal Finance Chapter 2
Terms in this set (47)
work you do mainly to earn money (usually hourly)
commitment to work in a field you find interesting and fulfilling (salaried)
standard of living
measure of quality of life based on the amounts and kinds of goods and services a person can buy
developments that mark changes in a particular area
potential earning power
the amount of money you may earn over time
natural abilities that people possess
tests that help you identify activities you enjoy the most
stages of career planning
1. assess personal goals, abilities and interests; research careers. 2. identify job opportunities in chosen field. 3. develop a resume and cover letter; apply for jobs. 4. interview for available positions; improve skills; 5.consider job offers & accept job. 6. plan for career development
tendencies of people grouped by age, ethnicity, education, or income that change over time
tendencies of people moving from one area of the country to another as financial centers shift location
businesses that provide services for a fee
position in which a person receives training by working with people who are experienced in a particular field
program that allows students to enhance classroom learning with part-time work related to their majors and interests
an IRS (Internal Revenue Service) form that one would complete upon taking a new job (also should be reviewed yearly)
a way of making and using contacts to get job information and advice
a meeting with someone who works in your area of interest who can provide you with practical information about the career or company you are considering
a 1-2 page summary of your education, training, experience, and qualifications
the personal letter that you present along with your resume
cafeteria-style employee benefits
programs that allow workers to choose the benefits that best meet their personal needs
a retirement plan that is funded at least in part by an employer
an experienced employee who serves as a teacher and counselor for a less-experienced person
True/False. You will need to know your social security number to complete a form W-4
True/False. A person could be exempt from having withholding taken from his/her pay.
True/False. You would not need to know your social security number to complete a job application.
List 5 ways you can increase your potential earning power
1. educate yourself 2. train for the position you are applying for or are working. 3. make contacts. 4. do your research (shop around). 5. look for "in demand' jobs
What are some of the qualities of a successful person?
works well with others, strives to do their best, does not allow conflict with other employees, keeps work/home activities separate, solves problems creatively, is a good communicator, is flexible
True/False. Your school counselor would be able to administer an aptitude test for you to take to see what your interests and abilities are.
3 external factors that effect job opportunities
1. Social influences. 2. Economic factors. 3. Trends
social influences that effect job opportunities
demographic and geographic trends
economic factors that effect job opportunities
interest rates, inflation, consumer demands
trends that effect job opportunities
foreign competition, changing and expanding technology, best places to live
more working parents, more leisure time, more elderly, greater need for on-going training
tendencies to move to another part of the country as financial centers change
best US city to live in 2013
How can one gain employment experience?
1. part-time work 2. internships 3. volunteer work 4. class projects 5. after-school activities 6. job shadow
Where would one identify job opportunities?
1. job fairs 2. employment agencies 3. temporary agencies 4. advertisements 5. contacts
2 types of resumes--which would students make?
chronological and skills; students would make a skills resume
What would one consider when considering a job offer?
work environment, salary, benefits, is it a "good fit" for me?
On what does salary depend?
education, experience, location and size of company
How can you increase your salary?
research to make sure what you are offered is fair; ask for evaluations
4 types of worker benefits
1. cafeteria-style 2. pension plans 3. tax exempt plans 4. tax deferred plans
cafeteria-style benefit plans
employee chooses benefits that meet their needs; usually includes: medical, retirement, child care
pension plan benefit plans
fixed amount, profit sharing (buying stock in the company you work for), 401K (retirement plan)
Ex: medical insurance, dental insurance, day care (do not pay any taxes)
Ex: retirement plans (pay taxes when you retire)
What are your rights as an employee?
1. employer cannot discriminate 2. you must earn minimum wage 3. business must pay their share of social security, unemployment insurance and compensation for work related injuries
When should I change careers?
bored, job adversely affects you emotionally or physically, poor evaluations, little chance for promotion, don't get along with co-workers