FMST 201 Exam 2

Values

Values

Rank order of what's important, guiding principles of thought and behavior

Values as Morals

values in the context of religion

Family Values

selective, pertaining to certain family groups

(ex. homogamy)

the Value of Family

express external concepts, how larger social systems feel about family

values across lifespan

values develop slowly and resistant to change

attitudes

learned predispositions to respond in a consistently favorable or unfavorable manner to any given object

selective interpretation

understanding of certain information in ways that are favorable to the individual

selective memory

purposeful retrieval of information while ignoring other details that don't match the attitude/behavior

self-perception theory

develops attitudes by observing own behavior and concluding what attitude must have caused it, we learn about attitudes by observing our behaviors

cognitive dissonance theory

bring attitudes into alignment with behaviors when the disconnect causes personal discomfort

filter bubble

person's own unique information stored online, it depends on what you do and how you spend your time on the Internet

economics

study of how resources are expanded to fulfill the needs/wants of individuals

supply

amount of something available for use, controllable

demand

amount of something wanted at a specific price and time, fluctuates

(Shortages occur when demand is underestimates, surplus when overestimated)

pricing

providers determine price, increases as a result to demand

unemployment: frictional

workers leave one job to look for another

unemployment: cyclical

workers are without jobs because demand has dropped, the economy is negative, or business is restructuring

unemployment: structural

changes in economy bring about a loss of demand for certain types of jobs

inflation

a general increase in prices and fall in the purchasing value of money

An economy with an inflation rate of 2-3% per year is not problematic

Impacts some groups more than others

federal taxes

income tax, social security, and Medicare, used to finance government initiatives, deduction based on W-4

state/local taxes

pre-pay liability based on W-4, may also tax personal property, usually paid annually, have sales tax, tourism tax, fat tax, funds go to local improvements

social welfare programs: universal

available to everyone (social security), generally no stigma, tend to improve with time

social welfare programs: means-tested

eligibility criteria to receive benefits, paid from general tax revenue, lots of stigma

social welfare programs: concrete goods/services

tangible, lower income groups, food subsidies

Soft goods/services - intangible, higher income groups, counseling, mental health support, social welfare to support higher education

social welfare programs: social security

retirement benefit, disability benefit, survivor benefit

social welfare programs: medicare

federal health insurance program for 65+ that provides almost universal health coverage, taxed evenly across incomes

social welfare programs: medicaid

health coverage to 50+ million kids/families/pregnant women/elderly/disabled, not universal

social welfare programs: unemployment insurance

paid when jobless through no fault of own, must met certain criteria like actively looking for a job

Department of Health and Human Services

finance programs focuses on disease, safety, disasters, child and family care, and aging services

Department of Agriculture

food assistance programs (food stamps)

Food and Drug Administration

product safety, food labeling

Bureau of Consumer Production

provides consumer protection against unfair, deceptive, or fraudulent practices

goals

An end one tries to attain: short term, intermediate, long term

objective

specific subset of goals, measures progress toward goal

standards

perceived acceptable levels of adequacy, develop slowly over time

directional plan

move people toward completion of a goal

adaptive plan

flexible

contingency plan

alternative plans created simultaneously with original plan

proactive and emergency action plan

avoid surprises/crises

reactive plan

spontaneous w/o forethought

strategic plan

incorporates directional, contingency, and proactive planning

family plan schedule

who is required to be where, when, and how often?

family plan budgeting

income, expenses

Family Financial Planning Stage 1: Early Adulthood to Middle Age

Relationship/family choices

Planning career

Make future goals, begin saving for long-term

Family Financial Planning Stage 2: Pre-Retirement

Evaluate/adjust retirement and insurance plans

Establish living plan

Family Financial Planning Stage 3: Retirement

Reap retirement finances accumulated

Adjust to family/contextual changes

Consider eligibility to social/public program benefits