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Chap1 MM Study Guide
Study Guide for Chapter Test Money Matters
| Term | Definition |
|---|---|
| Communication | One of the most important soft skills in today’s workplace. |
| On-the-job -training | Learning as you do the work |
| Hard skills | Specific measurable physical and mental abilities that allow you to complete a job. |
| Soft Skills | Nontechnical skills needed by most workers for success on a job |
| Value | A principle that reflects the worth you place on an idea or action |
| Skill set | The unique skills and abilities that you bring to the job market |
| Self -training | Learning new skills from reading and and practicing on your own. |
| Job market | The job openings that are available when you are ready to go to work |
| Job description | Describes what a job would be like, including the tasks performed and skills needed. |
| Goal | A desired outcome, based on one’s values, for which a plan of action is developed and carried out. |
| FAFSA | The largest provider of financial aid in the nation |
| Tuition | The expense paid by students for the instructions at a school |
| Grant | The money given to pay for educational expenses that does not have to be repaid. |
| Unsubsidized student loan | A loan that starts charging interest from the time the loan is made. |
| Ethics | Refers to a set of moral values that people consider acceptable. |
| Supply | The quantity of goods and services that producers are willing and able to provide. |
| Business Cycle | The alternating periods of growth and decline in the economy. |
| Demand | The willingness and ability of consumers to buy goods and services . |
| Market economy | An economy that is based on the law of supply and demand. |
| Subsidized student loan | A loan on which you pay no interest until you have graduated or are no longer enrolled in school. |
| Financial aid | The money you receive from an outside source to help pay for education. |
| Economy | Refers to all the activities related to making and distributing goods and services in a geographic area of country |
| Scholarship | A cash allowance awarded to a student to help pay for education (should not have to be paid back) |
| Contact | A person you know |
| Follow-up | The process of contacting the prospective employer after the interview, but before hiring occurs. |
| Job shadowing | Spending time observing a worker in a type of job that interest you. |
| Resume | A document that describes your work experience education, skills, interest and other qualifications that qualify you for a job opening. |
| 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 your background, work history, education, skills and references, |
| Social network | A group of friends and acquaintances who keep in contact and share information. |
| Temp agency | A job agency that provides part-time and full-time jobs on a temporary basis. |
| Entrepreneur | A person who takes risks of being self-employed and owning a business. |
| Cover letter | A document accompanies a resume and introduces you to a prospective employer. |
| Networking | involves building relationships and exchanging information with people who can help improve your career prospects. |
| Internet | A great tool for research and is very good to use when searching for a job. |
| Ways Applicants can find a Job | Networking, company websites, online career and employment sites, job scouts, job fairs, and employment agencies |
| Small Businesses | Contribute billions of dollars to the US economy |
| Forms of financial aid | Grants, Scholarship, and Work study programs |
| Post- Secondary Degree Plans | Associate’s degree, A bachelor’s degree, A master’s degree |
| Types of economic systems | Command economy, Traditional economy, and Market economy |
| Recovery | A stage in the business cycle when the economy is growing. |
| Peak | A stage in the business cycle when the economy is as robust as it can get |
| Recession | A stage in the business cycle when the people have slowed their buying unable to afford to pay high prices |
| Trough | A stage in the business cycle when the economy has reached it’s bottom and is at a standstill. |
| Forms of nonverbal communication | eye contact, facial expressions, and hand gestures |
| 2 Years | The amount of time it takes to earn an associate’s degree is generally earned from a Community college. |
| 4 years | The amount of time it takes to earn a bachelor’s degree from a college or university. |
| 6-7 years | The amount of time it takes to earn a master’s degree. |
| 8-10 years | The amount of professions that require a doctorate degree would usually take. |
Created by:
mrstephens
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