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Personal Finance Ch 1 Study Guide
study guide for Chapter 1 test
33
Business
10th Grade
09/22/2009

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Cards

Term
What is the professions occupational group?
Definition
knowledge is the key job skill; includes doctors, lawyers, and accountants
Term
Describe service jobs
Definition
dominated by technology and information needs; employees use sophisticated information storage and retrieval devices
Term
What is a job analysis?
Definition
an evaluation of the positive and negative attributes of a given career choice
Term
What is a salary?
Definition
the amount of monthly or annual pay you will earn for your labor
Term
What are benefits?
Definition
company-provided supplements to salaries, such as sick pay and vacation time
Term
What is a promotion?
Definition
the ability to advance, accept more responsibility and move up to higher positions in your job
Term
What are employee expenses?
Definition
any costs paid by the employee that are not reimbursed by the employer
Term
What are work characteristics?
Definition
the daily activities at work
Term
What is an entrepreneur?
Definition
someone who organizes, manages, and assumes the risks of a business
Term
What is upgrading?
Definition
advancing to a higher level of skill to increase your usefulness to an employer
Term
What is retraining?
Definition
learning new and different skills to stay at the same level of employment
Term
What is an advanced degree?
Definition
specialized programs taken after a bachelor's degree that prepare students for higher level work responsiblities
Term
What is a placement center?
Definition
offers advice and counseling to help you determine a career direction
Term
What is a self-assessment inventory?
Definition
an analysis of your strong and weak points giving you an idea of how to prepare for a career
Term
What is a developing country?
Definition
nations that have little industry and a low standard of living
Term
What is a network?
Definition
informal groups of people with common interests who interact for mutual assistance
Term
What is lifelong learning?
Definition
actively seeking new knowledge, skills, and experiences that add to professional and personal growth
Term
What is e-business infrastructure?
Definition
hardware, software and telecommunication networks and human support services needed in electronic business
Term
What are e-business processes?
Definition
methods used to conduct business over a computer network; production, customer service, and management
Term
What is e-commerce?
Definition
any transaction completed over a computer network; purchasing from EBay
Term
Why are terms such as “information age” and “electronic era” used to describe today’s career environment?
Definition
All of these terms refer to technology and the rapid increase of knowledge that affects virtually all career choices.
Term
What are some positive features of employment?
Definition
Positive features of employment include salary, benefits, and the opportunity for promotion.
Term
What are some negative features of employment?
Definition
Negative features include employee expenses and various work activities.
Term
What steps can you take to deal with change and reduce uncertainty?
Definition
There are three things you can do about change: accept it, reject it, or ignore it.
Term
Why must individuals consider long-term planning, a world economy, and networking when making career plans?
Definition
A career choice is not a permanent decision. You need to understand changes in the world in order to determine how the job market will be affected.
Through networking, you can get inside information without being an “insider.”
Term
What do most occupations focus on today?
Definition
Information
Term
What is one of the highest paying career groups today?
Definition
The professions.
Term
Describe the types of information that would be listed on a job analysis.
Definition
A job analysis is an evaluation of the positive and negative attributes of a given career choice.
Term
List some employee expenses that you might expect to pay in your first career choice.
Definition
Employee expenses might include uniforms and cleaning, your own transportation, special clothing, and other expenses.
Term
What are the three things you can do about change?
Definition
You can accept, reject, or ignore change.
Term
List four ways you can keep up with new technologies and stay prepared for tomorrow’s career choices.
Definition
Read widely, be a lifetime learner, take classes, and complete a self-assessment on a regular basis.
Term
What is meant by world economy?
Definition
A world economy is one in which we are dependent on each other on a worldwide scale (global interdependence). Growth and survival will depend on competitiveness, productivity, and cooperation.
Term
Why is long-term planning necessary for individuals as well as for businesses?
Definition
Long-term planning is necessary for individuals because they also will be affected by rapid change and must plan for its consequences.
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