Final Exam Review

Final Exam Review Business Dynamics II Mrs. Thomas Business Dynamics 2 Final Exam Thursday and Friday (June 7th andYour Role in the Workplace & Laws 8th) 20% of your Final Class Average Quarter 3 = 40% Quarter 4 = 40% Final Exam = 20% 80 multiple choice questions, 40

per day Labor Unions - 3 Consumerism - 10 Finance/Credit - 24 Saving/Investing - 16 Taxes 13 Budgets - 5 Unit 2 Laws to Protect Workers Unit 1 Your Role in the Workplace

Rights and Responsibilities of employees and employers Chain of command / organizational chart Resolving workplace conflict Federal Labor Standards Act Minimum wage

Discrimination Employee evaluations Workers Compensation OSHA Unemployment Insurance Social Security Units 1 and 2 Locate and Review: Units 1&2 Quizzesread each question and the answer

Unit 1&2 Notesgather each page/packet and re-read Unit 1&2 Activitiesgenerations, cause and effect On Mrs. Ts website (study at home): Unit 1&2 Review Keys Unit 1&2 Power Points 5 minutes Units 1 & 2 What You Need To Know Evaluating job offers Take into account salary, fringe benefits, and distance from home

Examples of fringe benefits: company car, health and dental insurance, retirement plan, paid time off, etc. Fringe benefits are often offered to attract the best workers, help employee morale, and are optional Units 1 & 2 What You Need To Know Who is eligible to receive. Disability Benefits: People who cannot work due to a serious medical conditions Workers Compensation: workers injured or become ill on the job

Social Security: retirees who paid into it, widows and children Unemployment Insurance: laid off from your job Units 1 & 2 What You Need To Know Workers Protection Equal Employment Opportunity Commission (EEOC) Protects from workplace discrimination based on age, race, religion, creed, gender, disability, color Occupational Safety and Health Administration (OSHA)

Regulates job safety and health conditions in the workplace Units 1 & 2 What You Need To Know Organizational Chart/Chain of Command A visual representation of the chain of command Shows who reports to who, who to contact when you have a problem Two factors that determine what it looks like: Size and nature of operations

Business Dynamics 2 Final Exam Thursday and Friday (June 7thYour and Role 8th) in the Workplace & Laws Labor Unions - 3 20% of your Final Class Average Consumerism - 10 Finance/Credit - 24 Saving/Investing - 16 80 multiple choice questions, 40 per dayTaxes 13 Budgets - 5 Quarter 3 = 40% Quarter 4 = 40%

Final Exam = 20% Unit 3 Labor Unions An organization of workers formed to further workers interests Purpose: To bargain for better working conditions of workers. They ensure that the rights of workers in places of work are not violated and contracts are upheld Strike: employees refuse to work Scabs are the workers that replace the striking employees Collective Bargaining: negotiating differences between employees and employers in which employees are represented by the union

Unit 4 Consumerism Topics: Product information and resources for consumers BBB and Consumer Organizations Recalls, redress, fraud, warranties, usury laws Who should you contact first if you are dissatisfied with a product? The manufacturer or seller Unit 4 Consumerism Warranty - The guarantee (usually written) from the manufacturer or distributor of a product that specifies the conditions under which the product can be returned,

replaced, or repaired Redress when a consumer gets satisfaction from making a claim relateing to a purchase Lemon Law protects buyers of new automobiles if one has chronic, or repeated problems that the auto dealer will not fix Unit 4 Consumerism Fraud A company deliberately/knowingly lies about a product or service to make a profit Usury Laws sets maximum interest rates that lenders

may charge Recall - the manufacturer stops production and refunds items previously sold or fixes them so they are no longer hazardous Unit 4 Consumerism Better Business Bureau Main purpose: protect consumers Nonprofit, business sponsored agency with local offices Educates, compiles consumer complaints and info, promotes honest business practices Consumer Product Safety Act

Protect against unsafe products/services Issues recalls if a product is found to cause danger or illness Business Dynamics 2 Final Exam THIS Thursday and Friday (June 7th and 8th) 20% of your Final Class AverageYour Role in the Workplace & Laws Quarter 3 = 40% Quarter 4 = 40% Final Exam = 20% Labor Unions - 3 Consumerism - 10 Finance/Credit - 24 80 multiple choice questions, 40 per day

Saving/Investing - 16 Taxes 13 Budgets - 5 Unit 5 Banking Forms & Credit Topics:

Checking Accounts Banking forms (withdrawal, deposit, reconciliation) Advantages and Disadvantages of credit Credit history, rating, limit, pitfalls The 4 Cs of credit (capacity, capital, collateral, character) Evaluating credit offers (down payment, annual fee, APR Unit 5a Banking Forms Debit card linked directly to your checking account Three types of check endorsements Blank only your signature Full Pay to the order of Restrictive For deposit only Record all transactions in your check register!

Deposits, withdrawals, checks, online payments, direct deposits Overdrawing your checking account When you write a check for more money than you have in your accountnot good!! Unit 5a Banking Forms Deposit Slip what you fill out when you want to put money into your account Complete a bank reconciliation every month Compare your bank statement and your check register Look for outstanding checks and deposits Which are checks or deposits that you have made and recorded in your register, but the bank does not have record

of yet Cancelled check one that has been cleared (paid out) by your bank Unit 5b Credit Advantages of credit Able to buy needed items now Dont have to carry cash Creates a record of purchases Disadvantages of credit Interest (higher cost of items) May require additional fees Financial difficulties may arise

Impulse buying Unit 5b Credit Credit History indicates how a person has borrowed and repaid money When you first start establishing a credit historystart small, have an adult co-sign Credit Report - collection of information about your credit use, based on your Credit History Included on report: contact information, current credit card debt, past loans, current balances of loans, collection info

How can you protect your credit rating? Pay your bills on time (and in full if possible) Unit 5b Credit Evaluating Credit Card Offers: Grace Period Its the period of time between your purchase and when your payment is dueyou can make purchases interest free! Credit Limit maximum amount you can charge on your credit card Annual Fee an amount you must pay each year Annual Percentage Rate (APR) the interest rate you pay for

borrowing money Down payment - the initial upfront portion of the total amount due Unit 5b Credit 4 Cs of Credit Capacity do you have a steady job, any other loans, what are your other expenses? Collateral what can we take from you if you dont repay the loan? Ex can take repossession of your car if you fail to pay your loan payments Character do you repay your bills on time, what is your credit

history? Capital do you have a savings account, money for a down payment? Unit 5b Credit Bankruptcy legal process through which people and businesses eliminate or repay debts under the protection of U.S. bankruptcy court Its like a repayment plan when you are deeply in debt

Unit 6 Saving, Investing, and Insurance Saving vs. Investing Saving = short term goals and planning for unexpected expenses Investing = long term goals Pay yourself first Set aside money for savings before determining your other expenses to make sure that you save money every month How much money should you save?? Determine what your financial goals are!

Unit 6 Saving, Investing, and Insurance Types of investments Certificates of deposit, bonds, stocks (part ownership of a company), mutual funds Diversification Put your money into many different types of investments so if one does poorly, you dont lose everything Unit 6 Saving, Investing, and Insurance Insurance

Premium = amount of money you pay to have insurance Deductible = set amount you pay per loss. The higher the deductible, the lower the premium Claim = what you submit to the insurance company when you have a loss and want money to replace your loss Homeowners Insurance Protects the contents in your home Renters Insurance Protects your belongings in the apartment that you rent Unit 6 Saving, Investing, and Insurance Car Insurance

Liability Coverage provides protection for others injured in an accident you have caused Collision Coverage repairs to your own car as a result of a car accident Factors that impact the amount you pay: driving record, gender, type of car you drive Health Insurance Covers doctor office visits, X-rays, routine services, lab tests, etc. Business Dynamics 2 Final Exam

TOMORROW and Friday (June 7th and 8th) 20% of your Final Class Average Your Role in the Workplace & Laws Quarter 3 = 40% Quarter 4 = 40% Final Exam = 20% Labor Unions - 3 Consumerism - 10 Finance/Credit - 24 80 multiple choice questions, 40 per day Saving/Investing - 16 Taxes 13 Budgets - 5

Unit 7 Taxes Internal Revenue Service government agency that regulates the payment and collection of taxes Voluntary Compliance The theory that requires citizens to submit honest and accurate tax returns W4 vs. W2 W4 = form you fill out for a new job, indicating how many taxes to withhold from your paycheck W2 = statement given to you by employer that summarizes your

wages earned and taxes paid for the year Unit 7 Taxes Gross Income = amount of money you earn before taxes are deducted Salary is the fixed yearly amount of money Calculating Gross Pay Hourly wage = hours worked x wage Overtime = hours worked x wage x 1.5 Standard work week is 40 hours Commission = % of commission x Sales amount Unit 7 Taxes

Net Income = amount of money you receive in your paycheck (after taxes have been deducted) Payroll taxes Social Security (6.2%) funded by employee AND employer Medicare (1.45%) Federal Taxes State Taxes Unit 7 Taxes Calculating Taxable Income (adjusted gross income) 401(k) or 403(b) = Tax-deferred retirement

accounts Ex: Annual Salary = $60,000 $60,000 x .04 = $2,400 $60,000 2,400 = $57,600 401(k) = 4% Unit 8 Budgets Budgets help you allocate your money more effectively and become financially aware Helps you project income and allocate expenses Your income should be more than your expenses!

Fixed vs. Variable Expenses Fixed = rent/mortgage, student loan, car loan Variable = groceries, entertainment, gas

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