Unit 4 Flashcards
Why do we have a test today? :(
Wages
a fixed amount of money paid to an employee on a regular basis such as weekly, bi-weekly or monthly
Salaried
an employee is paid a set amount for a specific period of time (weekly/monthly/annually, etc) regardless of the number of hours they work; sometimes this type of position is referred to as “exempt” because this type of position does not regularly pay overtime
Hourly
employee is paid a set rate according to the number of hours they work; some employers will refer to this type of position as “nonexempt” because hourly employees qualify for overtime rate increases
Commision
a fee that a salesperson receives upon completion of a sale
Freelance
a self-employed individual not usually connected with an employer
Apprenticeship
a position in which someone learns an art, trade, or job from someone else
Undergraduate degree
A bachelor’s degree
Graduate Degree
A Masters or doctorate degree
Professional License and Certification
a regulated and official process for ensuring individuals meet the necessary skills and knowledge for a particular job or field
Tuition
the sum of money charged at an institution for instruction; it is not the only cost for attendance (sticker price for an education)
GI Bill
GI Bill benefits help you pay for college, graduate school, and training programs. Since 1944, the GI Bill has helped qualifying Veterans and their family members get money to cover all or some of the costs for school or training.
Gap Year
a year taken between high school and college to pursue career-related training or experience
Student Loans
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources.
Scholarships
based on achievements and help pay for educational expenses, some scholarships may have specific requirements of how the money may be applied such as toward tuition only
Grants
a tax-exempt financial aid that may be given for many purposes, not necessarily for education
Co-signing loans
puts the consignor equally responsible for paying back debt under the credit terms
Fellowships
a merit-based scholarship for advanced education in a specific field; many are competitive, but can help fund advanced degrees and requirements vary widely
Economic Sustainability
college degree holders are less likely to be unemployed and are more likely to have a higher earning potential
Economic Mobility
holding a college degree can offer many the opportunity to make more than earlier generations of their family
Trends in the workplace since 2020
many employers have begun to focus on the well-being of their employees, employers are also more willing to address social issues, Remote and hybrid work has increased in white collar fields , Many employers hold a favorable bias toward in-office employees when hybrid work is an option , Concerns over employee flexibility in not just location, but time will continue to be a debate
Education Options
college/university, Trade school, Technical school, Military, Work
General Career Option Categories
Military, Corporate business, Non-profit, Service industry, Manufacturing industry, Tech Industry, Academia, Research, Entrepreneurship, Fortune 500, Public Service, Skilled labor, Unskilled labor
In-state tuition vs. Out of state tuition
public institutions offer lower tuition rates for in-state students; individual states have different requirements to prove residency in-state
Vocational Training Programs
the entire cost is generally the same as the average cost of one year of college expenses; it usually takes less time to complete this course of study, getting attendees into the workforce sooner
Community College
these institutions have some of the lowest tuition costs and many students are able to live from home while attending, saving additional money
Tuition and Fees
these college-related costs are standard for all students attending an institution (with a few exceptions); tuition rates vary widely
Books/Supplies
these costs add up and the average expense is over $1200/year; buying used books, comparison shopping, and borrowing books can save you money
Housing
the cost of living arrangements vary considerably; on campus housing is usually a more expensive option for housing, but is more convenient. Some colleges will require new students to live on campus unless they live within a certain radius of a school. Renting an apartment can be less expensive, but comes with more work. Living at home is the cheapest option.
Campus Meal Plans
colleges offer meal plans to full and part time students who live on and off campus; the price per meal is relatively expensive compared to carefully budgeting your food expenses and cooking yourself; many offer different dining options
Return on Investment
as a general guideline your monthly loan repayment should be around 10-15% of your expected income at the time you are expected to begin repayment on your loan
529 College Savings Plan
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.
529 Prepaid tuition plan
Prepaid tuition plans allow parents, grandparents and others to prepay tuition at today’s tuition rates at eligible public and private colleges or universities, helping them manage future tuition costs.
Education Savings account
often a supplement plan; this program allows savings for educational expenses from kindergarten through college; savings are tax-deferred as long as finds goto educational expenses
Uniform Gifts to Minors Act
allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states. The donor or a custodian manages the property for the minor’s benefit until the minor reaches a certain age.
Roth Individual Retirement Account
families can use their Roth IRA’s to save additional money for college; these can count as income when taken out for college and could alter financial aid packages or eligibility and the limit on contributions is low for this type of savings
AP
a highly rigorous course, students take the annual Advanced Placement Exam which determines if students will be awarded college credits; different colleges have different policies on required scores on these exams to count toward college requirements; the cost is much lower that the tuition for these credits in college and these courses look good on a college application due to their rigor
IB
students commit to taking a minimum number of courses for the diploma distinction and credit is granted by universities based on exam scores; these programs tend to be smaller than AP and are not as common throughout the country
Early College
students can earn an associates and high school diploma in 4-5 years; costs are covered for tuition, expenses, and textbooks provided guidelines are followed; offer preferential admission to state colleges and universities, dependent on GPA
Dual Enrollment
courses that grant high school and college credit; many of the courses taken at MCC are considered this
Transfer Process
Early College students will not apply to college as a transfer; some students can find their college is not a good fit for them, do not feel their program is strong enough, or were rejected from their first choice school; each college has a different process, so do your research and keep deadlines in mind; you will need recommendations from your college professors and keep costs in mind
Free Application for Federal Student Aid (FAFSA)
this form determines eligibility for post-secondary financial aid; some scholarships may require you to complete this form for disbursement of funds (especially federal and state-sponsored scholarships and awards)
Scholarships vs. Loans
scholarships are awards that do not need to be repaid, they are based on achievements and help pay for educational expenses, some scholarships may have specific requirements of how the money may be applied such as toward tuition only; loans require repayment
Federal subsidized loans
a need-based loan from the federal government; the interest is paid by the government while a student is enrolled, during grace periods, and deferment periods
Internships
sometimes internships offer stipends or payment which help offset expenses; they offer on-the-job training and allow for individuals to be mentored and make connections with people in the job field
Grants
a tax-exempt financial aid that may be given for many purposes, not necessarily for education
