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This 7 page Study Guide was uploaded by Ember Woolwine on Tuesday January 13, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 84 views.
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Date Created: 01/13/15
HD 320 Study Guide Ch 9 10 12 Chapter 9 Goals an end that one tries to attain m shortterm sleep more go to gym more intermediate less than a year Graduate find a real job longrange over a year societal goals have to do with rules and expectations within larger social groups Family goals are goals that every shares Personal goals are specific to the individual Qualitiescharacteristics of goals reasonable understood measurable specific challenging Objectives subsets of goals the steps you take Measurable benchmarks to gauge progress toward goal Standards perception of levels of adequacy what is acceptable in terms of quantity and quality Family standards re ect the multi generational development process The Planning Process initiated by a decision that is made Objective or key events are plotted in terms of time and difficulty and tasks are assigned and agreed on by those involved 1 Identify a situation that needs action 2 Formulate a plan 3 Implementation of the action 4 Evaluation of plans success or failure A plan is a course of action schedules emerge when plans come together lists timetables Sequencing the layout of the plan basically the order and how much time energy and thought are needed independent activities unrelated to one another in the morning you can brush your hair teeth and dress in any order interdependent activities time and sequence dependent must be completed in order you have to get a license before you can drive multitasking homework quality is questioned intuition if decisions have been repeated many times or little risk is involved brainstorming develop possible course of actiondiverse possibilities and creative options not very efficient use when time is available and risk is high Types of plans 16 directional move along a path ex career adaptive unexpected and uncontrollable events change the plan or abandon the plan most common contingency plans created at same time as original plan anticipating possibility of problems proactive attempt to avoid surprises and crisis controlling situation by calling something to happen rather than waiting to respond to it after it happens reactive spontaneous created quickly in response to unwelcome event losing job strategic directional purposeful planning need info from other sources Schedules formal description of who what when where Budgeting another form of planning very useful an important type of plan for families Income salary wages that member collect on regular basis Gross family income money earned before deductions are subtracted Expenses variable change from period to periodgroceries fixed stay the sameinsurance surplusdeficit total income compared to total anticipated expenses to determine a surplus or not What to do if there is a surplusdeficit know where to allocate the funds Family Financial Planning American social needs acquisition of assets Management of those assets is key to financial success We need things that require monetary resourceshouses possessions cars etc Family financial life cycle stage one early adulthood to middle age plan career buy car start family Stage two preretirementcreate estate plan adjust retirement planning Stage 3 retirementreap retirement finances accumulated adjust to family change widow Important aspects of creating a financial plan management for worst case scenarios expected expensescollege travel longterm care unexpected expensesunemployment illness death The foundation should be built on family goals and it is common to have multiple goals Information and skills are needed exibility liquidityemergency funds protection tax efficiency Plans need to be exible Examples of common financial goals accumulation of emergency fund eliminating current debt creating college fund funding home improvements Emergency action plans strategy identify all possible disasters conduct family discussion on possible responses identify and acquire supplies This is not just financially but other plans such as disaster plans Chapter 10 Elements of the communication process there is a sender and a receiver when communicating There is a message that is given and the encoding is done by the sender The decoding is done by the receiver The medium the format of communication speaking texting television It can be verbal written or visual Noise sound Feedback given by the receiver to the sender Intersubiectivitv the element of communication that involved shared meanings Interactivity the way people within a group interact with each other Filters convince sender or receiver that the message was not intended in its true formdidn t mean it like that Distorters convince the sender or receiver that the message has a hidden meaning Report talk vs rapport talk Report talk men do this more and it is more factual Rapport talk descriptive emotional and building relationships Family communication patterns Conformitv orientation common attitudes beliefs and values are expected Conversation orientation related to 4 types of families freedom to express opinions open and freely 4 types of families consensual families high in conversation and conformity able to communicate with each other and desire to have agreement Pluralistic families high in conversation and low on conformity good at communication but everyone is not expected to agree Protective family low in conversation and high on conformity expects everyone to follow the rules with no need to communicate about them Laissez faire family low on conversation and conformity family doesn t communicate very much and family members often carry on their own lives outside the family Communication and family power withdrawal guilt induction etc EXPLAIN Power bases power bases are linked to individual family members age financial resources expertise Balance of power in family is re ected in relationships between and among family members Resource theory of family power Blood and Wolfe more power is given to the family member with the most resources The person gaining the most from the relationship will be most dependent on other family member think about young kids 5 tvpes of resources family members may use resources to increase control within the family 5 types of resources normative cultresociety identifies who should have the power economic monetary more more power affective relational resources withhold affection if behavior isn t approved of personal based on personality or appearance outgoing youngest child who charmscons other into doing things and cognitive gain power because of intelligence child who works parents against each other Principle of Least Interest the partner with the lest interest in continuing the relationship or has the least to lose has the most power Power dynamics Power dynamics and communication of adult relationship are symmetrical Competitive symmetry both partners view situation as a competition defeat each other Submissive symmetry neither accepts responsibility for making or implementing a decision Nuetralized symmetry desire for winwin outcomecomplementary interaction results when both individuals adopt different tactics Con ict a state of disagreement or disharmony Con ict resolution negotiation of con ict towards positive goal consensus or majority rules 3 outcomes of family con ict 1 Agreement members agree without coercion or threats based on perceived reciprocation at a later time 2 Bargaining equity is a goal family goals and relationship are focus points 3 Coexistence when differences can t be resolved they will be accepted agree to disagree Chapter 12 Implementation of decisionsplans Why do families create plans and fail to implement them when families or individuals have too many goals for their limited resources some goals are abandoned in the process of prioritizing Gresham s Law of Planning this occurs when short terms more immediate needs shift priorities and extend deadlines away from established plans and into these short term situations goal of redoing kitchen but you realize there is a water leak somewhere else in the house 3 groups of strategies Affect regulation deals with the emotional reactions experienced by family member sudring the implementation phase Goals are often blocked or threatened Interpersonal strategies incorporate assertive communication without dominance of other involved problem solving involve selfmonitoring and continual monitoring of the environment Delegation an opportunity for leaders to help develop the skills fo others involved in the implementation of a plan Some key points what requires your attention and what can others accomplish don t underestimate the ability of others focus on communication support and monitor others be fair and honest in the assessment of others work after completion Accountability balance between responsibility and authority Example of parenting children learn responsibility by watching older family members and completing supervised tasks requiring development Concept of empowerment two definitions delegating decision making within a clear set of boundaries and risktaking growth and change Motivation individual actions impact outcomes of the group Role of time longterm plans are vulnerable to delays and obstacles Strategies intrinsically beneficial to member convinced that goal is valuable to them and that it enhances their wellbeing and self extrinsically beneficial financial success power image Enhances their social image autonomy realize some self direction is possible and enabling or overprotecting has negative impact on individual s sense of responsibility locus of control belief that internal or self has some control over the outcome OR belief that external or other forces control outcome Estate planning distribution of accumulated assets to next generation Terms estate everything heshe has accumulated to date that has value net worth inheritance tax a tax levied on property received by inheritance or legal succession gift tax a graduated general tax paid by donors on gifts exceeding 10 grand a year per recipient m legal document that explains how na individual wants to distribut his or her assets on death Executor someone named in the will to handle the process of distribution Terms intestate individuals who die without legally qualified estate plans filed will be considered as intestateThere are complex legal steps that will be followed tosettle the estate of the deceased probate a legal procedure to validate and process a will durable power of attorney document that protects your estate if you cannot make decisions on your own behalf living will in the document is a health care proxy is designated ot make lifesupport decisions for the individual if they cannot Issues of ownership Joint ownership with right of survivorship no tax implications automatically transfers to surviving owner Community property anything acquired during a legal marriage survivor receives half other half is disbursed within the will or state inheritance laws Trusts a legal entity created by the grantor to hold and manage inheritance or property on behalf of someone else child This bypasses probate avoids legal challenges of wills provides for survivors with special needs for a child until age of maturity insure confidentiality wills are public record Risk management a systematic process of identifying assessing managing and monitoring risks 3 steps risk recognition risk prioritization and risk management 4 ways to handle unacceptable risk situation or behaviors can be terminated contingency plans accept the risk and live with the outcome and transfer the risk insurance Insurance based on the concept of risk pooling or the sharing of financial risks among many group member Those purchasing insurance pay premiums to companies and receive the promis of future payment if they experience a catastrophic situation that is covered by that insurance Terms deductibles amount the person is responsible for before insurance coverage will activate copay amount expected in addition to insurance payment stop loss limits total amount the person has to pay in a designated time period Health insurance combination of hospital surgical and physical expense coverage There are limits set on acceptable fees charged and specialized policies available at additional cost Managed health care medical providers are recruited who will agree to lower charges per visit or treatment volume numbers of patients there is a pre approved lists of physicians HMOsprepaid insurance plans that allow members to use the service of participating doctors and medical facilities and PPOS employers negotiate reduced rate with group of physician and facilities creating a list from which their employees can choose If they want to use other physicianshigher copay or penalty charge Life insurance provides protection against loss of income due to death Terms bene ciary who receives lump sum or payments Three types of life insurance 1 term pay a set premium based on your life expectancy determined by analysis of risk factors only for a certain term after 10 years Can usually renew but usually at a higher premium no benefits if you didn t die 2 whole life lifedeath benefits and a savings plan cash value savings account created with a small portion of each premium can borrow against it and retain insurance but at a lower level 3 universal combines term and cash value premiums divided in to 3 parts term insurance savings and administrative costs can raise or lower premiums alters amount to savings Auto insurance all states require proof of insurance to license for operation Terms two types of auto insurance liability protection from lawsuits from an auto accident collision if vehicle is stolen or damaged comprehensive fire storms major catastrophes discounts good driver multiple vehicles good student examples Uninsured or underinsured motorist protects victims if responsible driver didn t have insurance Wavs to decrease costs higher deductibles improve driving record choose vehicle wisely Premiums are based on type of automobile style power color use of automobile type of driving and frequency of use driver characteristics age sex marital status driver s past record geographic location dense population types of driving surfaces Home owners insurance homeowners are held responsible for injuries of all visitors occurring on their property Property coverage dwelling other structures personal property 80 rule carry 80 of homes full replacement cost Liability insurance protects if someone is injured on their property and sues Cost is dependent on location weather conditions levels of crime type of structure older structures durable materials level of coverage higher coverage higher premium Plans end when they are abandoned they are modified and recreated and they are completed The decision process doesn t stop upon completion
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