Chapters 1-3 Flashcards
Cost benefit analysis
A method to evaluate a situation in advance by comparing the expected costs with the expected positive results
Wants
Goods and services that an individual would like to obtain
Ex) an upgraded computer, sports training
Job analysis
An evaluation of the positive and negative attributes of a given type of work
Salary
The amount of monthly or annual pay that you earn for your labor
Benefits
Company-provided supplements to salaries, such as sick pay, vacation time, and health insurance
Promotion
The ability to advance, accept more responsibilities, and work your way up a company
Entrepreneur
One who organizes, manages, and assumes the risks of a business or enterprise.
Why take classes after you have a job?
To embrace the rapid change of technology and keep yourself up to date
Networking
Interacting with groups of people with common interests who interact for mutual assistance. Helps you get a job and opportunities
Values
The ideals in life that are important to you
Aptitude
A natural physical or mental ability that allows you to do certain tasks well
Interests
The things you like to do
Goal characteristics
Specific, measurable, attainable, relevant, and time bound
Short term goal
One you expect to reach in a few days or weeks
Intermediate goal
Wish to accomplish in next few months or years
Long term goal
Wish to achieve in a five to ten year frame or longer
Resume
A summary of work experience, education, abilities, interests and other information that may be of interest to an employer
Parts of a resume
Personal information, career objective, education, experience, additional qualifications, references
Abraham Maslow
Hierarchy of human needs Esteem Belongings Safety Physiological
Frederick herzberg
Motivation-hygiene theory
Determine which factors in an employees work environment caused satisfaction or dissatisfaction
Satisfiers
Achievement
Recognition
Responsibility
Dissatisfiers
Salary
Work conditions
Company policy
Before the interview
Research the organization
Prepare questions to ask
Prepare proper dress and grooming
During the interview
Answer questions completely and calmly
Ask questions to help you better know the organization
After the interview
Write notes on how you can improve
Spend thank you letters
Common benefits from an employer
Health dental and eye care insurance
Paid vacations
Life insurance, disability insurance
Progressive tax
Effective tax rate increases as the amount to which the rate is applied increases
Federal insurance compensation act
The official name for social security and Medicare taxes
Social security
Tax rate is 6.2% on gross income, but amount is limited and stop after reach certain income (social security wage base)
State and local income taxes
The tax rate ranges from 0% to close to 10% depending on the state and town in which you live
Tax free and tax deferred benefits
US government provides plans that allow an employee to save for certain life events with pre tax dollars (retirement, health care, child care, etc)
Net pay
Remaining amount you get to keep after all deductions are removed from your gross(total) pay
Money
Anything that serves as a medium of exchange, a store of value, and a unit of measure
