1. Factors That Affect Your Earnings Potential Include

Chapter 1 Study Guide

Directions: Complete this study guide within your base group. This study guide is part of your grade and is due on the day of the quiz. You may use the textbook and PowerPoint notes to complete this guide.

1. Factors that affect your earnings potential include: Auantrl teanlt: Natural Talent Lkisls: Skills Dctoeuain: Education 2. What are hard skills? List the definition and examples. Specific technical skills that are measurable physical and mental abilities that allow you to complete a job

Installing a faucet, preparing a spreadsheet, operating a machine, driving a vehicle

3. What are soft skills? List the definition and examples.

Non-technical skills needed by most workers for success on the job.

Leadership skills, effective communication, teamwork, problem-solving, time-management

4. What does job shadowing involve?

Spending time observing a worker in a type of job that interests you so see how activities are performed in a typical day

5. What is a resume? List examples of what should be included in a resume.

A summary of your work experience, education, skills, interests

One page, proof-read, important info on top, simple and attractive, same font, tailor to match job opening, have a “master resume”, name, address, phone number, email address, education, work experience, skills, references

6. What does it mean to follow-up after an interview?

Thank you letter or email for the interview

7. What should be included in a cover letter?

Short and direct, First paragraph: why you are writing, Second paragraph: qualifications, Closing paragraph: ask for an interview, A cover letter introduces you to a prospective employer.

8. Define ethics.

A set of moral values that people consider acceptable; the study of what is right versus wrong

9. Why is it important to be truthful when completing financial aid forms, scholarship applications, job applications, cover letters, and resumes?

It is always important to be truthful when completing paperwork. If it is found that something is not truthful, you could lose your financial aid, scholarship, and job.

10. Scholarships are available to students based on what? High grades or test scores, strong athletic skills, need

11. What is a grant?

Money given for educational expenses that does not have to be paid back.

12. What is a subsidized student loan?

A loan on which interest is not charged until after your graduate

13. Describe the business cycle and list the four stages. What happens at each stage?

Alternating periods of growth and decline in the economy

Peak(at its best) – plenty of jobs, money, and shopping, Recession(decline) – jobs, money, and shopping start to decline, Trough (at its worst) – the bottom of the scale (high unemployment, low spending), Recovery(growth period)– jobs start being created again and people have more money to shop.

14. What happens when the economy is growing?

People buy goods and services, Jobs are created, Businesses are hiring

15. What happens when the economy is slowing?

People buy fewer goods and services, Fewer people are hired; there are layoffs, Businesses are not growing

16. How can the economy affect your future income?

If the economy is not doing well, it will be harder to find a job and a salary that you would find if it was growing or at the peak

17. What is informal training? List some examples.

Usually does not happen in classrooms; it is often a part of working

On-the-job training, self-training, job shadowing

18. True or False, today’s most popular careers often require a bachelor’s degree or more.

19. Define the following terms: value, goal, need, want

Value – a principle that reflects the worth you place on an idea or action (belief or practice about what is desirable, worthwhile, and important), Goal – the end result or accomplishment, Need – items necessary for survival, Want – items desirable but not needed for survival

20. What is formal education? List some examples.

Involves attending classes and often, earning a degree.

College, University, Certificate Program

21. Explain the difference between “tuition” and “additional fees”. What are some examples of additional fees? Tuition is the expense paid by student for the instruction at a school

Additional Fees are charged to cover special expenses that are not covered in tuition (technology, specialized equipment, supplies, textbooks)

22. List the following in chronological order: Master’s Degree, Bachelor’s Degree, Doctorial Degree

Bachelor’s Degree, Master’s Degree, Doctorial Degree

23. What should you bring to an interview? What should and shouldn’t you do before the interview?

Question 1: Notebook, Pen/Pencil, Resume, Cover Letter, Job Application, References

Question 2: Avoid eating or drinking prior to the interview, except water if it helps keep you calm

24. What is a job description? List some of the items typically included on a job description.

Describes what a job would be like, including tasks performed and skills needed. It may also include the job title, education required, years of experience required, the hours worked, or details about the work site or location.

25. Define what the term “economy” means.

All of the activities related to making and distributing goods and services in a geographic area or country.

26. What type of economy is the U.S.? Define what this type of economy means.

Market Economy – the price for an item is set at a point that consumers are willing to pay and sellers are willing to accept (low government involvement)

27. List the following in chronological order: Follow Up, Job Application, Job Search, Interview

Job Search, Job Application, Interview, Follow Up

28. List advantages and disadvantages to using social media websites

Advantages include a wide-range of sources for job information and a rapid response to job openings, up to the minute

Disadvantages: the information listed is public information

• Don’t post anything that could lead others to think poorly of you.

• Don’t complain about your job, brag, criticize or swear (this may lead to you losing your job)

29. What is human capital and how can you increase this?

Human Capital is the skills acquired through a process of self investment

What are examples of things you can do to increase human capital?

– Summer jobs – Volunteer – Extra-curricular activities