Test Out for Decisions

Encoding (sender) → medium of transmission (message) → Decoding (receiver) → feedback.

Four parts of the communication cycle

Noise, distractions, environment, physical/emotional state, intellect.

Interference in the communication cycle

1: Nonverbal

2:Verbal

3: Written

4: Visual

4 Types of Communication

Nonverbal Communication

This type of communication is achieved through facial expression, posture, gestures, physical touch, eyecontact.

Verbal Communication

This type of communication is achieved through pitch, tone, and content of what is being said.

Written Communication

This type of communication is influence by structure, clarity, and content.

Visual

This type of communication is influenced by content and tone-can the audience follow what is being portrayed.

Communication Blocks

Cultural differences (different languages), inability to listen to others, lack of transparency and trust, differing communication types, conflict in the workplace, disinterest in one’s job.

Intrinsic motivation

The act of doing something without any external reward - ex. reading a book because you enjoy reading.

Extrinsic motivation

Reward-driven motivation/behavior - ex. getting a job for the money you make.

14 years old

What is the minimum age of employment in Michigan for most jobs?

True

True or false: When wanting to do any sort of job any person under the age of 18 must have a work permit before beginning any sort of employment.

School district/administrator

Whose approval is needed for a minor to start a job.

Around $8.59 per hour. 85% of the minimum wage an adult would make.

What is the minimum wage for 16-17 year olds in Michigan?

False, minors under 18 cannot drive any motor vehicle for an occupation.

True or false: Minors can become delivery drivers with parent approval.

24 hours per school week

What is the total number of hours a 16-17-year-old can work while school is in session

48 hours per non-school week

What is the total number of hours a 16-17-year-old can work while school is NOT in session?

5 hours

How many hours can a minor work before getting a 30-minute rest/food break?

6 am to 10:30 pm

On Mondays-Thursdays, what times can minor start work and have to end working?

A minor can never work over 10 hours a day and should work 8 hours a day on average each week.

Can a minor ever work more than 10 hours in a day?

True

True or false: minors age 14 and 15 years old combined hours of school and work cannot exceed 48 hours in a workweek.

Yes with permit from local school district

Can homeschoolers work during the day?

Use blue or black ink, read the entire application before filling anything out, use “n/a” when not applicable, spell correctly, be honest, be prepared to fill out an application on the spot, have all information handy.

Job Applications Do’s

Never use a friend for reference, have bad grammar, when unsure lie.

Job Applications Don’ts

Applicable skills, education, experience and an explanation of any relevant training.

What are the 4 areas that resumes need to summarize?

One page

How long should a high school resume be?

Buzzwords

These are often action verbs, words or phrases you can use to describe a certain requirement for a job and show hiring managers what credentials you have.

Example: Equipped, Initiated, Completed.

Arranged the travel plans for the CEO and his assistant.

Be friendly, show enthusiasm, maintain eye contact, be aware of body language, be a good listener.

Ways to improve interviews

Hourly wage employee

An employee paid a wage for each hour worked.

Salary employee

An employee paid a flat rate regardless of how many hours were worked in the workweek.

Gross pay

An individual’s total earnings throughout a given period before any deductions are made.

Net pay

An individual’s earnings after deductions are made.

gross pay - deductions (percentage x gross pay) = net pay

Net Pay formula

Withholding

The amount an employer withholds from the employee’s wages and pays directly to the government or to predetermined accounts.

Deductions

Wages withheld from an employee's total earnings for the purpose of paying taxes, garnishments and benefits, like health insurance.

Money taken out of pay check to put towards savings accounts or other accounts the employee puts money towards periodically or may owe money to. 

Withholdings vs Deductions

Withholdings are amounts taken out of every employee's paycheck to pay their income taxes for that pay period. Deductions are amounts taken out for benefits and donations the employee has chosen, such as retirement, healthcare, or special funds.

Interest

Money paid regularly at a certain rate for the use of loaned money.

Savings account

A type of bank account that allows you to add and withdraw money, all while earning interest.

Certificate of deposit

A type of savings account that restricts your access to the account, but has a higher interest rate.

Bonds

A fixed-income instrument that represents a loan made from an investor to a borrower.

Stocks

Securities that represent ownership of a part of a company.

Real estate

Land and any tangible improvements that might rest upon it or be installed in it. Can be purchased as an investment that can be sold when the housing market changes and the value of the house or property increases.

Retirement accounts

A tax-advantaged investment account individuals use for retirement savings. Social security, 401k plan, etc.

0-3 years; Savings account

What is the length of a short term savings goal and what types of accounts are best for a short term goal.

3-7 years; Certificate of deposit

What is the length of a medium term savings goal and what types of accounts are best for a medium term goal.

Beyond 7 years; bonds, stocks, or real estate

What is the length of a long term savings goal and what types of accounts are best for a long term goal.

Fixed expense

Any expense that does not change from period to period; mortgage, rent, utility bills, loans

Occasional/periodic expense

Any expenses that occur on an irregular basis; holiday gifts, books for classes, tuition

Variable/flexible expense

Any expense that does change from period to period; grocery, clothing, car maintenance.

Planned expense

Money an individual intended or expected to spend like a vacation or even just routine expenses someone is planning for.

Unplanned expense

Expenses an individual did not plan for/did not see coming such as hospital bills or funeral expenses.

To pay oneself first

To build one’s money habits around savings goals and to put money aside into savings accounts before making any other payments.

Balanced Budget

When an one’s revenues either meet or exceed its projected expenses in a given financial cycle.  When you only spend as much money as you earn. You don't incur any debt or have any bills that go unpaid. At the end of each month (or year, depending on how you track your budget), you have spent no more than your income.

Steps to Balancing a budget

1\. Gather financial statements and determine beginning balance

2\. Calculate income: paychecks and other

3\. Create a list of planned monthly expenses: a) determine the amount invested or saved b) include fixed expenses c) other planned expenses

4\. Determine unplanned and variable expenses

5\. Total monthly income and expenses

6\. Make adjustments to expenses so that total income exceeds expsenses.

Credit card

A card issued by a bank or company that allows users to take out loans and buy on credit with the promise of paying the money back (typically monthly), debt accrues interest, builds credit history, can lead to debt.

Debit card

A card issued by the bank where the user accesses their checking account directly and buys items with money from their own savings account, avoids debt, has fees, and won’t build credit however a downside is that there is more danger of fraud.

Interest rate

The accumulated cost of borrowing money increases at a constant rate; the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Annual fee

A yearly charge from banks and financial institutions for use of their credit cards.

Balance

The amount due on an account, a figure representing the difference between credits and debits in an account; the amount of money held in an account.

Annual Percentage Rate (APR)

The yearly rate of interest that an individual must pay on a loan or receive in a deposit account.

Outstanding balance

The remaining amount you owe on any debt that charges interest.

Credit limit/line

The maximum outstanding balance you can have on a credit card without being penalized.

Finance charge

A fee charged for the use of credit or for the extension of existing credit.

Grace period

A set length of time after a due date during which payment can be made without penalty. 

Cash advance

The use of your credit card to get a short-term cash loan.

Transaction fee

An expense a business or person must pay every time it processes an electronic payment.

Minimum Payment

The smallest amount of money you need to pay each month in order to keep your account in good standing. May be wise to pay more than the minimum payments in order to prevent interest from accruing.

Late fee

An amount consumers have to pay when they fail to make a payment on a debt in a punctual manner.

Rewards card

A credit card that offers you some type of "reward"—typically cash back, points, or travel miles—for every dollar you spend, sometimes up to certain limits. Rewards cards make the most sense for consumers who pay their balance in full each month. Otherwise, the interest charges could easily exceed your rewards.

College, military, or gap year (working year)

What are the three main choices students have after they graduate high school?

FAFSA (Free Application for Federal Student Aid)

The form you need to fill out to get any financial aid from the federal government to help pay for college. Completed by current and prospective college students in the United States to determine their eligibility for student financial aid like loans, grants, and work-study.

Loans, Grants, and Work-study

What three types of financial aid does FAFSA provide?

Loans

Money is given to an individual in exchange for repayment plus interest.

Grants

Money that is given by the federal government to students attending college or career school; generally do not have to be repaid.

Work-study

Part-time jobs given to students in financial need, allowing them to earn money to help pay college expenses.

Scholarships

Financial aid awards usually given by colleges or universities to help students pay for their undergraduate degrees

Federal Pell Grant

Grants usually awarded to undergraduate students who display exceptional financial need.

Federal Student Loans because they have low fixed rates and payment assistance programs.

Are private bank student loans or federal student loans better?

Subsidized loans

Loans for undergraduate students in financial need, as determined by the cost of attendance minus expected family contribution and other financial aid. Interest not charged while in school.

Unsubsidized loans

Loans for both grad and undergrad students that are not based on financial need. Determined by attendance minus other financial aid,  interest charged during school, and grace periods.

PLUS loan

Loans used to cover some of the expenses not covered in financial aid; grad and professional students eligible, and parents of dependant undergrad students.

Perkins loan

Loans for grad and undergrad students with exceptional financial need

6 months

What is the grace period for federal student loans?

10 years

How long is a standard repayment period of a federal student loan?

Income-based repayment plan

A payment plan for federal student loans is based on the repayment of student loans based on the income you make from working.

Graduated repayment plan

A payment plan for federal student loans where you pay off student loans within ten years but the payments gradually increase.

Extended Repayment Plan

A payment plan for federal student loans that extends the payment time to 25 years and allows you to repay your loans over an extended period of time. Payments are made for up to 25 years however the interest on the loan keeps accruing throughout the extended period. This increases the amount of the loan significantly.

Negatives of federal student loan payment plans.

Con: The interest of the loan continues to accrues over time.

Consolidate student loans

To combine all federal student loans into one loan, resulting in a single monthly payment instead of multiple.

Student loan forgiveness

When a former student no longer has to pay off loans as the amount owed is waived; can be received if you become disabled or die (L), if you are employed by a government or not-for-profit organization. PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Switch repayment plans, consolidate loans, get loan forgiveness, postpone payments

What are options for a person who cannot make payments on their student loans because of financial hardship?

Forbearance

When you won't have to make a payment, or you can temporarily make a smaller payment however, you probably won't be making any progress toward forgiveness or paying back your loan. Loan forbearance, you can stop making payments or reduce your monthly payments for up to 12 months.

Deferement

This enables you to temporarily stop making loan repayments.

Health Triangle

You need to keep a healthy balance of mental health, social health, and physical health.

Mental Health

A person’s condition based upon their psychological and emotional well-being.

Contributing factors to mental health issues

Childhood neglect or abuse, social isolation, experiencing discrimination, poverty, and severe or prolonged abuse.

Mental health continuum

A range of wellbeing having mental health and mental illness at the two extreme ends.

Healthy Stage

Normal functioning stage of the mental health continuum. Characterized by normal mood fluctuations, take things in strides, consistent performance, physically/socially active, self confidence and comfortable with others.

Reacting Stage

Stage of the mental health continuum where there is common and reversible distress. Characterized by being irritable, impatient, nervous, sad, worry, procrastination, forgetfulness, distressed social activity, trouble sleeping etc.

Injured Stage

Stage of the mental health continuum where there is significant functional impairment. Characterized by being angry, anxious, lingering sadness, tearfulness, feelings of hopelessness, worthlessness, preoccupation and decreased performance, significantly disturbed sleep, and withdrawal from society.