30% of final grade based on Exam CFM FINAL EXAM REVIEW 30% of final grade based on Exam

THIS WEEKS SCHEDULE Monday-Wednesday: Exam PowerPoint Review Wednesday: Make-up time possible Thursday: Mock trial (Report to library) Friday: Exam in class 30% grade based one exam, 70% on binder checklist

BINDER You MUST have 75% of binder completed or better to get credit All materials are set, except the car purchase part which goes into last section

Money Management Control your expenses! Income is something that can change, but expenses are things you have control over Career planning is good but once you graduate, control expenses

Resumes

Resumes PURPOSE: To get an interview, NOT to get a job A bad resume means you cannot even get to the interview to attempt to get the job A GOOD resume means you get to the interview and have a chance

Resume Goals NO errors at all Reverse Chronological order Describe each skill past tense, using action verbs Structure/Continuity FULL PAGE

Resume Objective Section Used to explain long term goal to employer Only use if you have limited experience Goals: Position advancements within the next 3-5 years, not longer or beyond your reach

Cover Letter

Cover Letter Purpose of a cover letter is to Request an interview Resume is a listing of skills and the cover letter is a formal request for an interview Tell employer where you learned of job opening and why you are a good fit in a general sense..

SCREEN Interviews Purpose is to test your ability to fit into company and see if your resume skills can be explained Screen interviews take 100’s of candidates and only move on 10-20 Screen interviews are usually 5-15 minutes, use resume and review strengths and weaknesses

Interview Tips “Tell me about yourself” is the intro question to make the interview go in a positive direction for the interviewee Have a story to answer this question (Goals, why you entered your profession)

Interview Rules Get to interview site 10-15 minutes early Have a notepad with you and 5-10 extra resumes Sit up straight Eye contact ALL answers must be positive Ask a question or more at the end

Banking Rules

Banking Rules

Banking Rules

Banking Rules W-4 is a Withholding Certificate (Means how much is taken from your paycheck in federal and state taxes) W-2 is a yearly income statement (Means a summary of your income from a job and all taxes taken out) ** Legally, a W-2 must be provided for you by end of January

Gross vs. Net pay Gross pay is the amount of your total paycheck “Before” taxes and deductions are taken out Net pay is the amount of your actual paycheck after all taxes and deductions are taken out

Pay periods Weekly Bi Weekly which means every other week Bi monthly which means paid every 15 days Monthly

TAXES

A 1040 EZ is a Federal tax form used when you first start to work Compare your taxes taken from your check with what you actually owe If you owe taxes, you must pay by April 15th If you over paid, you get a tax refund

TAXES Dependents: Anyone YOU are responsible for, including yourself (Spouse, children or even elderly parents) Deductions: Anything that gets subtracted from your yearly total pay to lower your amount of tax owed

Cash vs. Credit If a loan is taken out for something like a car payment, focus on the TOTAL AMOUNT of payments, not the monthly payment amount Ex) If a car salesman tells you “I can lower your monthly payment from $400 a month to $300 a month, would that help you?” Research the total amount of the loan because even though the payments are lower, the total cost of the car is higher

Credit Example A car loan with a $400 month payment made over 3 years would be 400x36 with payments which would equal $14,400 total (Car price would likely have been $12,000, meaning $2,400 in interest) A car loan with a $300 a month payment made over 5 years would be 300x60 with payments which would be equal to $18000, or $3,600 more in interest, or a total of $6000 in interest The 3 month payment is higher per month, but overall lower and a much better offer…

Personal Budget Budgets are a comparison of expenses and income to see where you are spending your money and saving your money Goals are a part of it, but the main purpose is to layout your expenses so you do not overspend and save properly

ZERO based Budget A “Zero” based budget is a budget where you show a usage for all income you have for a month In other words, you should have $0 left over after you lay out all your income and expenses Money should go to savings, investments and retirement planning

Fixed vs Variable Expenses Fixed expenses are things you pay each month, same amounts… Examples are car payments, rent, insurance Variable expenses are things that can change each month Examples are things like Utility bills (Gas/Electric), entertainment expenses, unexpected bills

Expenses Rules… Know your fixed expenses and plan around them Lower your variable expenses (If possible) Plan for 10% or more in savings DO NOT overspend!

Savings Goals 10% or more in emergency savings (Unexpected things like loss of job, roof repairs, etc) Up to 15% in 401K (Retirement planning) Extra savings goals (Holiday/Vacation planning, house buy planning)

Checking and Savings Checking accounts are used to pay bills Savings accounts are safe ways to save (No risk, set-interest) Checking and savings accounts can be linked for overdraft protections Savings earn interest (Small) and checking usually does not

Car Insurance

Car Insurance Comprehensive and Liability is required (Property or personal damage based on accident) Collision is also required if you are making car payments (Collision covers Car repairs from accidents)

Questions??? Exam is in class Friday (Must be present) All Binders due by end of day Friday (75% or more complete) Review is online