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Chap1 MM Study Guide

Study Guide for Chapter Test Money Matters

TermDefinition
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