Using the form provided, ask teams of students to shop for three credit cards (two major credit cards and one from a local department store). NGPF. It would not provide the decision-maker a view of the entire financial condition of its business. Analyze 3 interactive graphs provided by the Federal Reserve Bank of New York to answer questions about household debt in the US, historically and currently, Answer the question, “Are debt and delinquency a problem in America?” based on their findings, Use an online loan calculator to determine the total interest paid and the monthly payment for an auto loan and a mortgage for individuals with varying credit scores, Understand the impact and importance of credit score when it comes to borrowing for major purchases, Decide how to pay for an unanticipated expense, using various options available to them, Note any additional questions they should ask before making that decision, Use an online calculator to “pay off” a hypothetical portfolio of debts using both Highest Interest Rate method and Debt Snowball method. Answers to Discussion Questions 577 Numeracy refers to the ability to accurately calculate mathematical problems. rules when making risky decisions, and that they often make decisions by intuition or on “a hunch” that seems correct. process is Time can be a futile friend. Use an online FICO credit score estimator to compare the credit scores of three hypothetical college students and offer them advice on improving their credit. When decisions have to be made, there are several stages that you should go through to reach a practical solution: Step 1: Identifying the problem, opportunity or challenge. Also called group decision making or collaborative decision making. It is at best a good intention’ [Drucker, 1967]. Sometimes it is good, and sometimes it is not. The lessons, activities, projects, case studies, and video resources can be a stepping off point or the entire lesson depending on the depth necessary for the curricular needs. Terms and Test how candidates analyze data and predict the outcome of each option before making a decision. A credit review would not be complete without an equally significant emphasis on the qualitative issues such as the ability of management, the competitive business environment, and the economic issues relating to the business. Step 3: Evaluating the benefits and any associated costs with the implementation of each solution. The following is a generic sample answer. But it's important to compare all the features of any instant decision credit card and check eligibility requirements before applying. Instant Decision Credit Cards Many providers will make an almost immediate decision and respond to an online application within minutes. We read the first scenario as a class and students worked through the first option by discussing it with their partner for approximately three minutes. It may take a couple Doing so would be too time consuming and hurt productivity. NGPF Fellow Amanda Volz took a fairly basic activity from our bank — COMPARE: Making Credit Decisions — and made it her own. As a personal finance instructor, how do you engage students in the material so it is engaging, relevant, and will stick with them into early adulthood? Making Wise Decisions Note Taking Guide 1.1.2.L1: 4. theResults‐‐thiswill help in making better decisions in the future. Conditions, Battle their way to the perfect credit score through an online interactive game, Understand what causes credit scores to increase or decrease, Examine a number of cartoons about the value of a high credit score and choose one to explore in more depth, Explain the cartoon's key message and analyze how it depicts that message, Reinforce their understanding of the five components of a credit score and how credit scores are calculated, Move around the room to kinesthetically model how financial decisions can impact their score, Use an online interactive game that simulates the process of paying off mountains of debt, Think about the strategies they used to "pay off" or "minimize debt", Reflect on how a heavy debt burden can impact one's emotional state. review your account and send you a follow up email within 24 hours. While educators continually encourage students to keep pushing the boulder up the hill, NGPF is circling the square and making the task for teachers a more level playing field in teaching the concepts of personal finance. Conducting the activity/worksheet this way allowed students to move around the room, get out of their seats, work with various classmates, freely brainstorm, and collaborate as a class. Terms and The rate of change in the business world today is unprecedented and increasing exponentially. Discuss how costs and features can vary between credit cards, and have students apply their findings by making a decision about which kind of card they would use to purchase a popular electronic device. Compare the cost and time for both methods and investigate the impact of making larger monthly payments overall. Once you submit this form, our team will Students had three minutes to discuss the pros and cons with their partner and then we discussed as a class. address by clicking the link in the email we just sent you. The most common major decision that must be made is the daily division of labor. The correct answer is A.Yes, it is a good approximation for the best decisions people make.. Read a brief overview of areas where financial accounting helps in decision making for investors, lending institutions, and business managers. The descriptive theory gives us some explanations why people make decisions the way they actually do and why the suggested normative rules for decision-making under risk and uncertainty are not followed [1, 2]. ‘Unless a decision has ‘degenerated into work’, it is not a decision. Their resources are varied and can be adapted for multiple teaching and learning styles. 2. complete. Employers may then ask you how you make quick decisions, in order to see: That you can make decision quickly. team will review your account and send you a follow up email within 24 hours. When making major decisions, it beneficial to take your time in order to make the best … Students then had to implement the Kagan strategy and stand up, put their hand up, and walk around the room until they found a different partner they had not yet worked with. NGPF creates resources that put the real world first. Discover it® Student Chrome: Best if you want to prequalify for student credit cards; Deserve® EDU Mastercard for Students: Best student credit cards with no deposit Questions include the following: technical skills (finance and accounting), social skills (communication, personality fit, etc). Imagine you are trying to encourage a teenager to push the boulder. 1 business day for your Teacher Account to be activated; we will notify you once the take up to Credit evaluation and approval is the process a business or an individual must go through to become eligible for a loan or to pay for goods and services over an extended period. To get access to NGPF answer keys, assessments, and teacher-only resources: create a FREE Teacher Account. There is no doubt that financial literacy education is important, if not essential. The optimum decision is not exactly the best decision. Use the internet to research answers to specific questions regarding the Fair Credit Reporting Act, thereby expanding their knowledge of FCRA. Recently, I implemented the Compare: Making Credit Decisions activity into my classroom. Log Our To receive full credit, your answers must be well thought out and well-written. With this Fine Print students will be able to: Before your subscription to our newsletter is active, you need to confirm your email The Lending Decision Process offers a sound foundation in the basics of commercial lending and credit. Medical decision making skills. An example of how to best answer this question for entry level candidates: "My hardest decision was changing majors to my current major in my Sophomore year. Already a member? The US Army uses this distinct seven-step plan to make operational decisions. As adults, we realize the importance of not only understanding the concepts of personal finance, but being able to behaviorally implement this knowledge in everyday life. “Stand Up, Hand Up, Pair Up.”  Students started in partner groups facing each other. Through Web-based, audiovisual features, these 17 courses (or six separate series) present the analytical and decision-making techniques needed to make sound credit decisions using financial accounting, financial statement analysis, and cash flow analysis. We read the first scenario as a class and students worked through the first option by discussing it with their partner for approximately three minutes. This can be challenging, as students often come with oversimplified preconceptions based on little first hand knowledge of how the finance industry works. Team decision-making skills. Credit analyst interview questions and answers. In. minutes to arrive, and we suggest checking your spam folders just in case! Decision-making interview questions will help you identify potential hires with sound judgement. Called the five Cs of credit, they include capacity, capital, conditions, character, and collateral. Use the internet to find tips for how they can improve their credit score. When answering this question, there will be certain aspects that are specific to your situation. 1 Yet the process of decision making has not materially changed, causing organizations to struggle to keep up or make rushed decisions that turn out poorly. A student credit card provides financial freedom so you can make your own decisions on what you want to spend your money on. Although I put a tiny twist on this resource to further engage the learner, it shows how versatile their materials are. Rising prices causing lower buying power is referred to as an inflation risk. Also, keep in mind that in some cases a creative decision that breaks from the norm could prove to be innovative and more effective than a traditional approach. With very few changes to the document, I implemented this activity in a jigsaw format using the Kagan strategy “Stand Up, Hand Up, Pair Up.”  Students started in partner groups facing each other. This guide focuses solely NGPF Fellow Amanda Volz took a fairly basic activity from our bank — COMPARE: Making Credit Decisions — and made it her own. “The wrong ones.” The best way to impress an employer that asks you a question about your abilities is to come up with an answer that they can relate to, and present it in a way that makes them believe you can still do it. Answer ALL 4 requirements below: complete. For anyone with an interview for an analyst position in the credit department of a bank, this is a guide to ace it! However, decision making is not just about selecting the right choices or compromises. By continuing to use our site, you acknowledge that you have read, understand, and accept our. If the job you are interviewing for requires you to be decisive and quick on your feet, you will need to be able to provide examples of how you have done these things in the past. New Account Philosophy • The Role of Credit is to Support Sales • The Role of the Credit Manager is to Protect Company Assets (A/R) • The key is to find a way to make the sale Conducting the activity/worksheet this way allowed students to move around the room, get out of their seats, work with various classmates, freely brainstorm, and collaborate as a class. This is only one example of how I have integrated the NGPF materials into my classroom. Types of Decision Making Skills with examples. OWN YOUR DECISIONS: Explain the rationale behind your past choices calmly, owning your ability to make difficult decisions with thoughtfulness and objectivity. review your account and send you a follow up email within 24 hours. The way you answer this question will give them a good idea of your level of experience, seniority, and ability to handle the decision-making requirements in this possible position. Our By continuing to use our site, you acknowledge that you have read, understand, and accept our, activity into my classroom. This site uses cookies to deliver our services, to understand how you use our site and to improve your experience. Your new account will provide you with access to NGPF Assessments and Answer Keys. Decision making is the way toward settling on decisions from the accessible options dependent on the convictions and inclinations of the person. Home > Money > Compare Credit Cards > Instant Decision . • Making credit decisions using limited customer information • Conducting reviews of credit limits. Deciding where each employee is best suited is a big part of the job. A decision should never be based on information found on one lone financial statement, because one financial report will not provide the complete information needed to make the best decision possible. Take the quiz to quickly find the best resources for you! Best Student Credit Cards in 2021 At A Glance. This ability may reduce the time cost and increase the quality of decisions that require knowledge of percentages, the ability to compare a value today with Activity, Credit Cards, Lesson Idea, NGPF Fellows, This site uses cookies to deliver our services, to understand how you use our site and to improve your experience. 1 business day for your Teacher Account to be activated; we will notify you once the Now, she’s sharing the strategy, guaranteed to liven up your classroom, with you. We may need As an added bonus, the activity she’s referring to is now available in Spanish, too, so some of your English Language Learners can participate fully in this discussion-based fun. additional information to verify your teacher status before you have full access to Credit decisions should not be made on financial statement analysis alone. 3. The interviewer is probing for your ability to make difficult decisions in relation to the needs of the role. 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