Chapter Assessment - Financial Literacy - أول ثانوي

وزارة التعليم 36 Financial Literacy Chapter 1 Assessment SUMMARY 1.1 . The job market refers to the job openings that are available when you are ready to go to work. It is constantly changing according to employers' needs. Both hard skills and soft skills are necessary for career success. The career that you choose will affect your income over your lifetime. ⚫ Decisions and choices that you make, both personal and career related, are based on your values and goals 1.2. Different levels of education are required for different jobs and careers. ⚫ Education can be formal and informal and each have benefits and drawbacks. ⚫ On- and off the job training are methods of workplace educa tion which can help you to develop your skills. It is also possible to self-tram. ⚫ All of your skills and experience should be listed on your résumé to help find employment. ⚫ The more formal education you gain, the more you will probably earn over your lifetime. • Different levels of experience access different salary scales. . It is important to start planning your education journey now. 1.3 Entrepreneurs are self employed. It is often useful to gain experi- ence before starting your own business. ⚫ Business owners can keep the profits, but if revenues decrease and expenses increase, the business may fail. . It is important to write business plans, prepare, and be ready to work hard if you start your own business. ⚫ There is lots of support in Saudi Arabia for entrepreneurs to achieve the goals of Saudi Vision 2030. • Entrepreneurship is not always the right choice for a person. 1.4. Sources of earned income include wages, salaries, tips, commissions, and net earnings from self-employment. ⚫ There are benefits and drawbacks to each source of earned income. ⚫ Each source of income is often suited to specific jobs, careers, and industries.

KEY TERMS For each lesson. match the terms listed with their definitions. Write the letters of the correct definitions. Lesson 1.1 Term 1 Gual 2 Hard skills 3 Income 4 job description 5 Joli maket 6 Job life 7 Nonverbal communication 8 Skill set 9 Soft skills 10 Value 11 Verbal communication Your choice Definition a the unique skills and abilities that a person brings to the job market b using spoken and written language to transmit a message ca name given to a particular that may describe the main duty or task of the jou d the nantechnical skills needed by most workers to be suc cessful at work, such as behavioral and interpersonal skills e a punople that reflects the worth you place on an idea or астой f the measurable physical and mental atlities that allow a person to complete a job g a desciption of the tasks, duties, and responsibilities of a role h the job openings that are available when you are ready to go to work i a desired outcome, based on one's values, for which a plan of action can be developed and carried out jwing body language to convey emotions, attitudes, and thoughts without the use of words k the money that a person er company eams or receives Lesson 1.2 Term Your choice Definition Pormal education 2 Informal education 3 Off-the-job Training 4 On-the-job Training 5 Salary scale Raspme 7 Self-training وزارة التعليم 4127-1585 a to have training away from the workplace b learning new skills from reading and practicing an your unplanned and unstructured leaming which not part of a curriculum d a summary of your education, skills, and experience to be Used winen applying for joss e involves atrending classes and often, earning a dieloma aru degree f Training that a person receives while they are working and getting paid g the different levels and the range of pay for a particular job, based on level of skill or experience CHAPTER 1 Assessment 37

Lesson 1.3 Term 1 Budget 2 Business plan 3 Entreprene 4. Expenses 5 Gross domestic product (GDP) 6 Insolvent 7 Productivity 8 Profi 9 Revenue 10 Micro-mail-or medium-sized enterprise (MSME) Your choice Definition a the income of a business made liem the sale of goods al services b the measure of how much is produced fautput for every unit of input (eg labor capital, or raw inaterials) ca.company with fewer than 250 full-time employee and annual revenue below SAP 200 million d the difference between the income (amoun earned) and expenditure (money spell when operating a business e the cost of operating the business in order to make profit f a person who sets up a business, taking on financial risks in the hope of profit g a plan to show how much money will be eaued and spent within a time penod h the total value of all the finished goods and services produced within a country's borders i when someone has bonowed money from others and cannot pay il back j a document that describes the steps that will be taken to open and operate a bus Lesson 1.4 Term 1 Commission 2 Minipuin salary 3. Overtime pay 4 Private Sector 5 Public sectar 6 Salary Wage Your choice Definition a pay received for hours worked in addition to regular hours b pan of the economy owned or conpolled by pivate individuals or enterprises € a gift of money usually paid as a percentage of your bill. given to a person for performing a service d a fixed amount of payment earned for labor for a determined time period e a fixed amount received each month regardless of how many lidurs are worked fase fee or percentage of a sale paid to an employee instead of, or in addition to, salary or wages g the lowest amount of pay per time period allowed by law h part of the economy owned or compulled by the government حرارة التعليم 38 Financial Literacy

PROBLEMS 1. Explain ane major skill a job applicant must have which is required in today's workforce. 2. Why does the job market change over time? 3. Explain one reason why some jobs pay more than others. 4. Why is it important to read a job description carefully? 5. Why is education now an investment into your future? وزارة التعليم 427-1985 CHAPTER 1 Assessment 39

وزارة الصليح 40 Financial Literacy 6. Explain one benefit of off-the-job training. 7. Why is it important to keep self-training? 8. What is the most important skill an entrepreneur needs? 9. What is the biggest challenge of owning your own business? 10. Explain the main purpose of a business plan.

11. Why is there often a pay range for each salary scale? 12. How is being paid a salary different from being paid hourly wages? 13. What is a benefit of commission-based pay? EXERCISES Choose the correct answer. 1. Which of the following is NOT a positive value? a. honesty b. loyalty c. manipulation d. integrity 2. A job description describes the tasks a person is required to do as part of their job. a. true b. false 3. Which of the following is NOT a business or employment goal? a. develop a network br.go home early every day c. become an expert of get promoted التعليم 27-1985 CHAPTER 1 Assessment 41

وزارة التعليم 42 Financial Literacy 4. On the-job training is not a valuable form of education. a. true b. false 5. Which of the following is NOT a valid reason for the salary being high compared to the education required? a. a high level of experience required b. skills cannot be taught at university c. being friends with the CEO d. lots of practice required 6. It is not a good idea to start planning for your future too early. a. true b. false 7. An entrepreneur wants to work in a large organization as a manager. a. true b. false 8. Which of the following is NOT an advantage of self employment? a. choosing the products or service offered b. deciding when to open and close your business c. deciding the prices to charge d. having to work long hours in the first years 9. Small or medium-sized organizations have fewer than 500 staff members and annual revenue below SAR 350 million. a. true b. false 10. A benefit of wages is that you have a regular income. a. true b. false 11. Which of the following is often true for salaried workers? a. are paid for hours worked b. are usually paid weekly c. have fixed working patterns d. are usually entitled to overtime pay

12. A tip is usually a percentage of a sale paid to an employee in addition to a salary. a. true b. false MINI CASE Yasser's Vehicle Leasing Business Yasser leases vehicles to large business organizations. A normal order from an organization is to lease between 50 and 100 cars for a three- year period. Yasser's business has been successful in Jeddah and he now plans to expand into Riyadh. Yasser needs to hire a manager and a salesperson in Riyadh, 1. Choose the best method of payment for each role and explain your choice: a. manager b. salesperson 2. Explain why soft skills will be very important for the salesperson. 3. Explain which hard skills may be important and highlighted on the manager's job description. وزارة التعليم 427-1985 CHAPTER 1 Assessment 43