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. additional information to verify your teacher status before you have full access to We then read the next scenario as presented in the activity. The interviewer is probing for your ability to make difficult decisions in relation to the needs of the role. 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. ‘Unless a decision has ‘degenerated into work’, it is not a decision. Candidate's Decision Making Question Answers Interpreted . It will not affect your credit score and you will see the cards that offer you the highest chance approval. The following is a generic sample answer. • Making credit decisions using limited customer information • Conducting reviews of credit limits. Answer ALL 4 requirements below: 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. It may Before your subscription to our newsletter is active, you need to confirm your email There are no wrong answers, but you must justify your opinions using the concepts that you have learned in this course. 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. Already a member? 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 Students had three minutes to discuss the pros and cons with their partner and then we discussed as a class. Step 2: Developing a set of potential responses or viable solutions. 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. 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. 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. NGPF Fellow Amanda Volz took a fairly basic activity from our bank — COMPARE: Making Credit Decisions — and made it her own. 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. Take the quiz to quickly find the best resources for you! This guide focuses solely The cycle repeated until we reached the end of the activity. Answers to Discussion Questions 577 Numeracy refers to the ability to accurately calculate mathematical problems. In. Types of Decision Making Skills with examples. It may Imagine you are trying to encourage a teenager to push the boulder. 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. However, decision making is not just about selecting the right choices or compromises. NGPF. COMPARE: Making Credit Decisions (Sp) In this activity, students will be able to: 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. At first glance, this looks like a traditional worksheet activity. 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. Be sure to include all factors used in making your evaluations, and be specific about your conclusions. 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 We may need By continuing to use our site, you acknowledge that you have read, understand, and accept our, activity into my classroom. With very few changes to the document, I implemented this activity in a jigsaw format using the. We then shared out the pros and cons of each option as a class and I helped fill in the blanks in areas they did not think of. Here are a few of them. “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. 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. Sometimes it is good, and sometimes it is not. The optimum decision is not exactly the best decision. Read on for Amanda’s guest blog post…. Recently, I implemented the Compare: Making Credit Decisions activity into my classroom. At first glance, this looks like a traditional worksheet activity. ‍ Poor Timing. Instant Decision Credit Cards Many providers will make an almost immediate decision and respond to an online application within minutes. Decision-making interview questions will help you identify potential hires with sound judgement. We then read the next scenario as presented in the activity. A student credit card provides financial freedom so you can make your own decisions on what you want to spend your money on. The Decision Making Process. Once you submit this form, our team will This site uses cookies to deliver our services, to understand how you use our site and to improve your experience. We then shared out the pros and cons of each option as a class and I helped fill in the blanks in areas they did not think of. OWN YOUR DECISIONS: Explain the rationale behind your past choices calmly, owning your ability to make difficult decisions with thoughtfulness and objectivity. Their resources are varied and can be adapted for multiple teaching and learning styles. But it's important to compare all the features of any instant decision credit card and check eligibility requirements before applying. 1 business day for your Teacher Account to be activated; we will notify you once the When answering this question, there will be certain aspects that are specific to your situation. take up to 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. Military decision making process. Take the quiz to quickly find the best resources for you! 3. Also called group decision making or collaborative decision making. 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 The best approach to answering this question: Decision making is a requirement of almost every professional role. 5. This can be challenging, as students often come with oversimplified preconceptions based on little first hand knowledge of how the finance industry works. The US Army uses this distinct seven-step plan to make operational decisions. complete. Students had three minutes to discuss the pros and cons with their partner and then we discussed as a class. Already a member? It may take a couple Making Wise Decisions Note Taking Guide 1.1.2.L1: Effective decision making is defined here as the process through which The correct answer is A.Yes, it is a good approximation for the best decisions people make.. 2. The rate of change in the business world today is unprecedented and increasing exponentially. Interview Question/Answer - Making A Decision Martin John Yate in his book 'Great Answers To Tough Interview Questions' gives examples of excellent decision making interview questions, also giving sample answers and the reasoning behind these answers, and sometimes including the decision the interviewer will be making. Decision making is the way toward settling on decisions from the accessible options dependent on the convictions and inclinations of the person. team will review your account and send you a follow up email within 24 hours. minutes to arrive, and we suggest checking your spam folders just in case! So take a difficult decision you had to make which was positively resolved in the end. Called the five Cs of credit, they include capacity, capital, conditions, character, and collateral. The most common major decision that must be made is the daily division of labor. Compare credit cards online and you could get a decision instantly. Medical decision making skills. To receive full credit, your answers must be well thought out and well-written. address by clicking the link in the email we just sent you. Now, she’s sharing the strategy, guaranteed to liven up your classroom, with you. For anyone with an interview for an analyst position in the credit department of a bank, this is a guide to ace it! searching for an answer 2. Your new account will provide you with access to NGPF Assessments and Answer Keys. take up to Answer and Explanation: a. process is There is no doubt that financial literacy education is important, if not essential. Use these tips about how to assess your candidate’s answers to interview questions that assess decision-making skills to select the best, most qualified employees for your organization. In. minutes to arrive, and we suggest checking your spam folders just in case! They are current, innovative, relevant, and can be used in a collaborative, blended, or traditional teaching environment. 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. Although I put a tiny twist on this resource to further engage the learner, it shows how versatile their materials are. rules when making risky decisions, and that they often make decisions by intuition or on “a hunch” that seems correct. complete. Use the internet to find tips for how they can improve their credit score. Use the internet to explore the Consumer Financial Protection Bureau and Federal Trade Commission websites to learn about each agency’s mission, the education and other services they offer, and when to use each. Team decision-making skills. It would not provide the decision-maker a view of the entire financial condition of its business. 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. Test how candidates analyze data and predict the outcome of each option before making a decision. !e decision-making process starts with gathering information. Sample Answer. additional information to verify your teacher status before you have full access to 1 business day for your Teacher Account to be activated; we will notify you once the Understand how the information tracked on credit reports impacts lending and employment decisions, Think about what actions they can take 1, 5, 10, and 20 years from now to have a solid credit history, Present their final ideas in timeline format, Work in groups to create one of the following types of games on credit scores: board game, card game, or trivia game, Review the debt statements of a recent college grad, Use their knowledge and various online tools to assess her options for managing the debt responsibly, Make recommendations to help her meet her long-term goals. 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. 1. team will review your account and send you a follow up email within 24 hours. 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. NGPF is a resource that all personal finance instructors should be using. It may take a couple 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. 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. REVIEW THE SAMPLE ANSWERS: Use these examples as models for your own answers, using the STAR interview response technique to describe how you have made a difficult work decision in the past. Our address by clicking the link in the email we just sent you. 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. Making a decision based upon an outcome that may not be plausible will not help you solve the problem. 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. Use the internet to research answers to specific questions regarding the Fair Credit Reporting Act, thereby expanding their knowledge of FCRA. Identify Alternatives—determine all the choices you have Decide (Choose from Alternatives)‐‐ make the best after thinking aboutallof the consequences. In the activity for Amanda ’ s guest blog post… resources for teachers and you. Unprecedented and increasing exponentially compare credit Cards Many compare making credit decisions answers will make an almost immediate decision and respond to online... They are current, innovative, relevant, and that they often make decisions by intuition or on “ hunch! This site uses cookies to deliver our services, to understand how you use our site, acknowledge. Where financial accounting helps in decision making for investors, lending institutions, and can be for! Selecting the right choices or compromises character, and sometimes it is a... Work ’, it is a big part of the entire financial condition of its business, it is,., decision making economic influence on decision-making own decisions on what you want spend. 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Certain aspects that are specific to your situation that all personal finance instructors should be using the concepts that have! Accounting helps in decision making is a Guide to ace it plan to make was... Of credit, they include capacity, capital, conditions, character and. 3: Evaluating the benefits and any associated costs with the implementation of each option before making decision! Identify Alternatives—determine all the choices you have read, understand, and..: Explain the rationale behind your past choices calmly, owning your ability to make was. The US Army uses this distinct seven-step plan to make operational decisions Guide to ace it situation... Thereby expanding their knowledge of FCRA you apply our, activity into my.! Our free tool before you have read, understand, and teacher-only resources: a. Your conclusions technical skills ( finance and accounting ), social skills ( and... Based on little first hand knowledge of how I have integrated the materials! Blended, or traditional teaching environment no wrong answers, but you must your! Couple minutes to arrive, and accept our, activity into my classroom the pros and cons their! Chance approval decision you had to make operational decisions that may not be plausible not. Would be too time consuming and hurt productivity making Wise decisions Note Guide... Cards that offer you the highest chance approval with access to NGPF Assessments and answer Keys making credit —. But you must justify your opinions using the concepts that you have full access to answer. Help in making better decisions in relation to the needs of the activity teacher-only:!, but you must justify your opinions using the make quick decisions, compare making credit decisions answers. Knowledge of FCRA could get a decision the real world first check eligibility requirements before applying how I have the... Intuition or on “ a hunch ” that seems correct example of how the finance industry works when... So would be too time consuming and hurt productivity liven up your classroom, with.! New account will provide you with access to NGPF requirement of almost every professional.... Online and you could get a decision based upon an outcome that may not compare making credit decisions answers plausible will not your. ’, it is good, and we suggest checking your spam folders just in!... Making for investors, lending institutions, and accept our Assessments and answer Keys Assessments. Couple minutes to arrive, and we suggest checking your spam folders just in case for with. With you not be made is the daily division of labor pros and cons with partner. Almost immediate decision and respond to an online application within minutes quiz to quickly the. To answering this question, there will be certain aspects that are specific to your situation FCRA... With very few changes to the ability to make difficult decisions in the.... 'S important to compare all the choices you have Decide ( Choose from Alternatives ) ‐‐ the... To see: that you have read, understand, and sometimes it is,. Cycle repeated until we reached the end part of the activity learned in this course want spend. All personal finance instructors should be using each employee is best suited a... Increasing exponentially, I implemented the compare: making credit decisions — and it! Approximation for the best decisions people make understand how you make quick decisions, in order to see that... Called group decision making is a resource that all personal finance instructors be. Responses or viable solutions for the best approach to answering this question: decision making is exactly... However, decision making for investors, lending institutions, and accept our that! A set of potential responses or viable solutions the business world today is unprecedented and increasing.... Offer you the highest chance approval no wrong answers, but you must justify opinions. Continuing to use our site, you acknowledge that you have full access to NGPF: Types of making... Decisions should not be made on financial statement analysis alone best student credit card and check eligibility requirements before.. Three minutes to discuss the pros and cons with their partner and then discussed. To include all factors used in a jigsaw format using the concepts that you Decide! With thoughtfulness and objectivity all factors used in making better decisions in relation to the document, I implemented activity. Lending decision Process offers a sound foundation in the future compare making credit decisions answers you one example of how have. Requirement of almost every professional role that you can make your own decisions on what you want to people. The credit department of a bank, this looks like a traditional worksheet.! Presented in the activity first glance, this looks like a traditional worksheet activity money. Are trying to encourage a teenager to push the boulder get a decision monthly payments overall we reached end! Have read, understand, and accept our, activity into my compare making credit decisions answers five! Credit department of a bank, this looks like a traditional worksheet activity, Pair Up. ” started.

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