Decisions

ahhh

4 parts of communication

sender, message, receiver, feedback

3 examples of interference in communication cycle

sound, not listening, message not arriving

4 types of communication

nonverbal, verbal, listening, observing

3 blocks of communication

distractions, emotional blocks, planning response

Intrinsic motivation (definition and example)

Doing something for satisfaction or personal reward or fun; being the best version of myself for myself; ex. when you clean your room because it makes you feel motivated to do other tasks

Extrinsic motivation (definition and example)

Doing something for an outside reward or fame or money or praise or to avoid punishment; ex. your mom will pay you if you clean your room

Minimum age of employment in Michigan

14

When do teens have to have a work permit?

before they start the job

Do you need school district's approval before starting a job?

yes!

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

$8.39

Can a minor be a delivery driver?

no!

Total number of hours a 16-17 year old can work while in school?

24 hours

Total number of hours a 16-17 year old can work when school isn't in session?

48 hours

Number of hours a minor can work before getting a 30 minute rest/food break?

5

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

6am-10:30pm

Can a minor work over 10 hours a day?

no!

Can homeschooled/online students work during the day?

no!

3 Do's on a job application?

spelling, neatness, no friends as references, no speeding through the creation process, no lying

4 areas that resumes need to summarize on job application?

work experiences, skills, achievements, and interests

How long should a high school resume be?

1 page

Should resume use sentences/paragraphs/phrases with verb driven bullet points?

yes!

3 buzzwords for a resume

achieved, employed, organized, skilled, improved, passionate

3 interview tips

dress well, make eye contact, no too long of answers

hourly-wage employee

someone who is paid by the hour

Salary employee

someone who is paid a stable yearly salary despite how much they work

Gross pay

the amount of money you get paid before deductions

Withholding

partial payment of annual income taxes that gets sent directly to the government

Net pay

the amount of money you get paid after deductions

Deductions

an expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation

Savings account

an account you can put money in for long term and can get a small interest

Certificate of deposit

a certificate issued by a bank to a person depositing money for a fixed length of time

Bonds

"IOU" certifying that you loaned money to a government or corporation and outlines terms of agreement; has fixed interest rate for a fixed time; when time is up, bond has matured and the buyer may redeem the bond for the full face value including any interest

Stocks

represent ownership of a corporation; stockholders own a share of a company and are entitled to a share of the profits

Real estate

houses, buildings, land, etc.

Retirement accounts

specific plans that help people set money aside for retirement and can be made up of stocks, bonds, or other investments depending on the account. Types include individual retirement account (IRA), 401(k), 403(b), etc.

How long is a short term saving goal?

fewer than 2 months

Best accounts for short term goal?

savings account

How long is a medium term savings goal?

2 months - 3 years

Best accounts for medium term goal?

Bonds and CD

How long is a long term savings goal?

+3 years to achieve

Best accounts for a long term goal?

retirement account

Fixed Expense (definition and example)

expenses that remain the same from month to month; ex. rent, mortgage, car payment

Flexible expense (definition and example)

a discreditable purchase that can be altered or eliminated w/o a significant downside; ex. latest video game

Occasional/periodic expense (definition and example)

expenses that occur once or a few times a year; ex. car maintenance, medical care, dental care, birthday, Christmas

Planned expense (definition and example)

expenses that are expected or planned for; ex. birthday gifts, new furniture

Unplanned expenses (definition and example)

urgent or impulse purchases; ex. unplanned car repairs, home appliance breaking

In terms of budgeting, what does it mean to pay yourself first?

it means making sure that you have enough money for bills and other expenses before you buy something that isn't necessary. This can mean building up a retirement account or creating an emergency fund/savings account for long-term goals like buying a house or necessary purchases.

Credit cards vs Debit cards

they're are alike in appearance, but:

Interest rate

the price a lender charges for loaning money

Annual fee

an annual fee a credit card company may charge for using a credit card, but not all credit cards charge an annual fee so it's important to check if there is a fee before signing up

Balance

the amount of money owed; when a consumer doesn't pay the monthly payment owed in full, the money that is still owed is called a balance

Annual Percentage Rate (APR)

the interest rate charged on credit card balanced and it's applied each month that an outstanding balance occurs; it may increase if a person DOESN'T make regular payment

Credit limit/line

amount of money that can be charged to a credit card

Finance charge

The total cost of using credit including interest and fees

Grace period

the time allowed to pay your credit card bill without having to pay interest; most credit cards don't give a grace period for cash advances and balance transfers; if there's no grace period, the interest charges start right away

Cash advance

A cash loan from a credit card; the interest rate on a cash advance is significantly higher than on purchases or balance transfers; a transaction fee is usually also charged

Transaction fee

A fee charged when transferring or completing a transaction; the fee is a percentage of the charge

Minimum payment

the lowest amount of money that you are required to pay on your credit card statement each month

Late fee

a fee charged to the borrower who misses paying at least their minimum payment by the payment deadline

Reward card

A credit card carrying an incentive or "reward" for use, typically involving cash back, merchandise discounts or frequent flyer points

3 main choices after high school

trades, military, college

When filling out FAFSA, 3 types of financial aids you're applying for?

grants, work-study, loans

Loans

borrowed money for college or career school; you must replay your loans with interest

Grants

financial aid that doesn't have to be repaid

Work-study

a work program through which you earn money to help you pay for school

Scholarships

a grant or payment made to support a student's education, awarded on the basis of academic or other achievements

Federal pell grant

a federal pell grant doesn't have to be repaid; awarded only to undergraduate students who haven't earned a bachelor's degree or professional degree

Why is it better to use federal student loans instead of a private bank student loan?

it doesn't have to be rapid and doesn't collect interest

Subsidized loans

loans backed by the government and will not accrue interest until you graduate and start making payment.

Unsubsidized loans

loans will start accruing interest from the time the loan is taken out; you must reapply for the loan each year, and the terms may change each time

PLUS loan

A student loan offered to parents of students enrolled at least half time, or graduate and professional students, at participating and eligible post-secondary institutions. "Parent Loan for Undergraduate Students."

Perkins loan

a need based student loan to assist American college students in funding their college education

What is the grace period for federal student loans?

6 months

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

10 years

Income-based repayment plan for federal student loans

payments based on income, not amount owed

Graduated repayment plan for federal student loans

initially low payments that increase every 2 years

What's bad about using an extended/income-based/graduated repayment plan?

they're the lowest payment for borrowers

What does it mean to consolidate your student loans?

get a new student loan that pays off all existing student loans

What is a student loan forgiveness and who can receive it?

a program by the federal government to encourage young people to consider giving back to society by performing public service

2 options for someone who can't make payment on their student loans because of financial hardship?

deferment or forbearance

Health triangle

physical, social, and mental health

Mental health

emotional, psychological, and social well-being; affects how we think, feel, and act; helps determine how we handle stress, relate to others, and make choices

3 factors contributing to mental health problems

biological factors, life experiences, family history of mental health

health continuum-examples of behaviors at the healthy state, reacting stage, injured stage, and ill stage

performing well, normal sleep, nervousness, sadness, anger, anxiety, depression, constant fatigue

2 types of stress

distress and eustress

2 types of distress

chronic and episodic

2 stress hormones released during stress response

adrenaline and cortisol

Why physiological stress was important years ago, but negative now

they needed it for their flight or fight response for hunting

2 physical effects of stress

headache, fatigue

2 mental effects of stress

anxiety, restlessness

2 physical effects of stress

oversleeping, drug abuse

Explain "It's more about HOW you deal with STRESS than if you have A LOT of STRESSORS"

if you realize what's causing the stress, then you can fix the problem

2 examples of how to cope with stress that can relieve tension or provide relaxation

yoga or music

Schizophrenia (overview, symptoms, causes, diagnosis, and treatments)

you hear voices in your head; hard to focus on one thing; isolating yourself and increased thoughts that are unusual; medical help; variety of causes

Anxiety (overview, symptoms, causes, diagnosis, and treatments)

you can't calm yourself down; you worry about daily tasks; you think, behave and react differently; variety of causes

OCD (overview, symptoms, causes, diagnosis, and treatments)

feel like you need everything perfect or right; see nightmares or think bad thoughts; have different types of obsessions have compulsions to try and stop obsessions; variety of causes

Depression (overview, symptoms, causes, diagnosis, and treatments)

uneasy sleep, changes in appetite, loss of energy, suicidal thoughts; variety of causes

Bipolar disorder (overview, symptoms, causes, diagnosis, and treatments)

fluctuating between many feelings (between high and low); variety of causes

ADHD (overview, symptoms, causes, diagnosis, and treatments)

easily distracted, bored quickly, losing things, non-stop talking

PTSD (overview, symptoms, causes, diagnosis, and treatments)

caused by traumatic events; creates avoidance, cognitive and mood symptoms