Activity 8.1: Benefits of packaging
Advantages and Disadvantages of each benefit:
Health benefits
One of the advantages of health a benefit is that is essential because of the rising costs of healthcare bills and medicine. In the case of critical illnesses, health benefits are crucial in helping families not turn to their family savings. It is challenging for a family to swiftly arrange for huge sums of money required for treatment. Also, most of the family savings are in the form of fixed assets that cannot be liquidated quickly.
One disadvantage of having a family benefit is that the cost. Health benefits can be very costly. The costs can be so high that people struggle to make payments. Besides, people with pre-existing illnesses may have difficulty in enjoying these benefits. Such people have to undergo a waiting period lasting for four years.
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Pension plan
The advantage of having a pension plan is that it is an automatic long term savings. A pension plan also negates the effect of inflation. As a result, there is no risk of investment. Besides, a pension plan is a payment for life. When a person retires, they are assured of monthly earnings until they die.
On the downside, pension plans have no investment control. This means that a person’s pension will not grow with any market margins. Also, there is no early access of the pension money. If a person runs into a financial emergency, he/she cannot count on pension to meet the crisis.
Cafeteria plan
A cafeteria plan is advantageous in that employees pay less tax. They do not pay FUTA and FICA taxes on the salary deduction amounts. Employees also do not pay FICA tax, federal income, in many states such as Michigan. Besides, a Cafeteria Plan addresses employee needs. In this instance, employees can choose the benefits that address their individual needs, hence, adjusting the choices annually as their needs change. Also, a Cafeteria Plan helps employees control costs. It ensures that the money is not spent on the benefits that they do not want or need.
However, the downside of the Cafeteria Plan is that the employer is at risk in the case of uniform reimbursement. If an employee in a health FSA leaves prior to the contribution of the full amount, the employer may suffer in paying for him/her. Also, in the case of “use it or leave it,” an employee must lose the unused FSA contributions.
Sick time/vacation leave
Sick time/vacation leave gives the employer some control over cost for many, unscheduled absences, and a serious problem. Besides, an employee can take some time off at his/her own choice. It also benefits employee in that it gives them value to the flexibility of the vacation they are given.
The disadvantage of the sick time/vacation leave is that an employee views it as a benefit and uses all the time off; whereas he/she might not have done it before. Also, an employer might provide fewer overall days than he/she had done before. The new employees might accrue more leaves slowly as compared to the ones that have been employed for long; hence, creating unfairness.
Activity 10.1: Traits of a successful person
Name of Person : Bill Gates
Position of Person : Principal Founder of Microsoft Corporation
Traits Importance
Self-reliance - He trusts himself. This is shown in the way he expresses his ideas and managing the company.
Passion - This helps his desire to do achieve great things for the company. His actions are evident that he envisions the company to achieve more success in the future.
Integrity - Integrity is crucial in creating personal character. Honesty is needed in everything that one does.
Drive - Having the determination to work extra hard than others is a recipe for success. One should drive themselves with purpose, at the same time aligning them with excellence.
Self-confidence - One should trust his/herself if they want to succeed. Having self-confidence ensure that you believe everything you do will yield positive results.
Optimism - Optimism is being positive of everything. A successful person will always look at the positive side of any activity.
Resilience- One should not give up easily. Even in the case of serious challenges, a successful person should be persistent and stick to his/her dreams.
Patience - Success is not achieved overnight. Therefore, a leader should be patient for the results even if they will take long.
Willpower - This person has the required willpower for success. When he wants something, he makes it happen. He does not procrastinate or vacillate.
Self-discipline - Nothing is possible without self-discipline. For one to achieve something, he/she must stick to what is required of them to do.
Activity 11.1: Budget Planner
Fill out a monthly plan based on what you have learned about different types of careers in this course. Use income figures for a job in your chosen area. Your budget is for a family of three, including one child who requires daily care.
Future job - Financial Management
Future Career Position - Financial Manager
Estimated Annual Salary - 86,521
Source : https://www.ziprecruiter.com/Salaries/Finance-Manager-Salary
Estimated Total Monthly Cash Income- $7,210
Gross Annual Salary- $86,521
Gross Monthly Salary- $7,210
Net Monthly Salary- $5,768
Net (take home pay- $5,768
Other Income
Part-time job-$2,500
Total Monthly Cash Income-$8,268
Expenses
Rent- $300
Mortgage- $800
Utilities (heat, electric, water, etc.)- $180
Phone- $50
Food- $200
Personal Items- $80
Household Items-$100
Car payments-$350
Car Maintenance-$200
Installment Debt Payments (car loan, credit cards, etc.)-$100
Day Care-$150
Savings-$300
Other
Tithe- $50
Other
Social and entertainment- $30
Total Necessary Monthly Expenses- $2,890
Necessary Annual Periodic Expenses
Property Taxes- $7,400
Auto License and Registration-$5,000
Medical and Dental Bills- $7,450
(Co-pays, deductibles, and prescriptions)
Gifts and Special Expenses-$6,540
Major Car Repairs-$8,200
Renters/Homeowner’s insurance-$4,004
Car Insurance-$5,005
Other Insurance (health, earthquake, life, fire, flood) - $8,320
Other (specify)
Personal Care-7,802
Other (specify)
Transportation- $3,201
Total Annual Periodic Necessary Expenses-$62,922
Divided by 12 = Monthly Periodic Expense-$5,243.50
Take the yearly total of necessary periodic expense and divide by 12. This figure equals the minimum amount to be saved each month for periodic expenses.
Total Monthly Cash Income-$8,268
Less Necessary Monthly Expenses-$5,378
Less Monthly Periodic Expenses-$134.50
Equal Monthly Discretionary Income-$134.50
Activity 12.1: Exploring Education
Questions about a post-secondary school
What do you need to apply (be sure to note the school’s name and location in your answer.)
Good grades with an average of an A.
What are the costs for one year?
Annual cost per year for an undergraduate program is $52,857.
What are the costs to get a degree?
The cost to get a degree is $276,436.
What do you like about the school?
The best thing about this school is the people. One gets an opportunity to interact with students from many parts of the world.
What do you dislike about the school?
One thing I dislike is the cost of studying in this school. One has to pay a lot of money to get a degree.
What plans do you need to make right now so that you will be prepared to attend the school once you leave high school?
I am working hard to get an excellent grade. Besides, I am prepared to interact with people from all works of life by socializing with my schoolmates in high school.
Post-Test: My Vocational Situation
FIRST NAME AGE
Gender: Female Male
If you could have any job, what would it be? (Try to link at least 3.)
1. Computer and Information Manager
2. Financial Manager
3. Chief Executive Officer
Using how you feel right now, answer the following questions.
True False
True I feel confident that I know exactly what I want to do.
True I do not think my career choice will change.
True The amount of money that job pays is of primary concern.
False I feel that my interests will not change with time.
True I am well aware of my strengths.
True I need more information before I make a final decision concerning a career.
True I have spent a lot of time thinking about my future career.
True I feel I could make a wise choice of career if I had the decision right now.
False I am unsure of my weaknesses.
False I feel I may not have the required talent for the job I am interested in.
True I need more information about possible careers.
True I have always known what my career will be.
False I am constantly changing my mind about a career.
True I need more information about the career I am interested in.
False I have no idea what people do in the job I am interested in.
False I have no idea what I want to do in my life.
False I cannot afford to go to school to get the required education for the career I am interested in.
False No one at my age should know what he or she wants to do for a career.
True Some of my friends and/or family do not approve of the career field I would like to go into.
True I have a friend (friends) that currently work(s) in the career field I am interested in.
True I have done a lot of research on my intended career field.
True I am afraid I might make the wrong choice.
Please add any additional comments you would like to make concerning careers.
How do I ensure that I am getting out of my comfort zone more regularly?
What is driving me for the career I want?
What have I learned about myself especially from the above questions?
Comparison of results with the ones provided at the first activity:
What similarities do you see?
One of the similarities between the two activities is the choice of careers. There is a clear connection between the two in that they insist on the significance of choosing the right career. Besides, both activities revolve around future careers that are related to what we are learning in class now.
What differences do you see?
In the first activity, we did more on various careers that are available in the market today. However, this activity is about the personal choice of the career that wants to be in future.
On what careers have you decided to focus?
I have focused mainly on management. My choices include financial manager, chief executive officer, and computer and information manager.
What is your plan of action to reach your career goals?
Working hard
Staying positive
Being consistent
Accepting criticism
Setting deadlines
Follow my heart
Having fun at the end of each day
