1. Which is defined as a financial plan that allocates income towards expenses, savings, and debt?

A. PortfolioB. InsuranceC. BudgetD. Savings account 2. Wendy has $30 taken out of each paycheck that is directly deposited into her savings account.

What advantage does she gain by doing this? A. She will be able to work more hours.B. She will be able to deal with unexpected emergencies.C. Her social security benefits at retirement will decrease.D. Her mandatory retirement age will decrease. 

3. Which is usually the largest expense in a family budget? A. CarB. Health careC. HousingD. Food

 

4. Which personal budget item would most likely be classified as fixed expenses?

 

A. Monthly car paymentB. Class ringC. Utility bill

D. Plumbing repair

Hand back & go over test Journal: Oprah’s Debt Diet-When

budgeting, how much do you think you should allocate to each area? (These are just recommendations)

  Expenses: Housing, Debt, Transportation, Savings, Other Living Expenses

  Allocations: 10%, 15%, 15%, 25%, 35%

Tell me about an experience that you or someone else had with money that had a negative effect on a relationship.Video 1: Mom That Shopped Her Family BrokeVideo 2: Lending Money to Family & Friends (3.5 mins)

How many of you guys have any experience with budgeting. What strategy do you use?

 

Chapter 7 :  Budgeting 101- Video: Part 1 and 2

How to Create a Budget for Teens Worksheet

1. Which term is defined as payment for insurance coverage? A. AssetB. DeductibleC. PremiumD. Rollover 2. Which best describes income received through wages, salaries, bonuses, tips, or

commissions? A. dividendsB. earnedC. interestD. capital gains/losses 3. Which best defines gross pay? A. Wages before deductions are taken outB. Wages before commissions on salesC. Wages before overtimeD. How many hours you work

Review Game: Taboo Battle of the Sexes (Review Unit 7 vocabulary words for 5 minutes-6 Words)

Journal: “Budgeting Basics-What is Budgeting?” K-Knew (list something that you already knew) W-Want to know (list something that you want to

know more about) L-Learned (List one thing that you learned)

*Someone read the last sentence of the first paragraph under “Getting the Most Out of Your Money”…make sure your actions line up with your goals*

Dave Ramsey Chapter 7 Budgeting Videos (Workbook notes)-Part 3, Part 4, Bonus Checking

Activity: DR-Student Budget Worksheet (Work in pairs-find someone who you have never worked with before) Use Oprah’s Debt Diet recommendation (put up on board) Use Dave Ramsey’s Baby Steps No two budgets will be the same Do your best Make sure staple your work and put both names on your

papers. You may create your own personal budget using your current

income or you can use a predetermined amount such as $400 monthly gross income (a realistic amount of money for a high school student).

1. I am a Financial Genius Journal Questions (10 mins)

I. Which advantage does Billy have when he starts his own business instead of working for someone else?

A. Being your own boss B. Guaranteed paycheck C. Steady wages D. Elimination of taxes

II. Bob has no savings for a college education and does not want to go into debt through student loans. He

decided to join the army after graduating from high school. What explains the financial aspects of this decision?

A. His parents recommend he serve his country B. He will receive training and education grants C. He will get a bonus D. He will never have to work again

III. Which means of profiting from an unsuspecting consumer is legal?

A. Financial aid scam B. Payday loan C. Pyramid scheme D. Credit repair scheme

I. Budgeting is something that you do when you are short on cash. II. A budget will help you plan for short-term expenses, like your monthly bills, and mid-term expenses, like

vacations, as well as long-term expenses, like buying a house, paying for a child's college education and putting money away for retirement.

III. Preparing a budget will let you know when you need to cut back on spending.

I. If you budget isn’t working for you, you shouldn’t change it. II. Budgeting helps you prepare for unexpected expenses.

III. A budget can help you get the most out of your money.

I. A budget helps you track all of your expenses. II. You owe it to yourself to make sure your money is going to the things that are most important to you.

III. Budgeting is a financial tool for creating debt.

Is budgeting a proactive or reactive way of handling your finances? Why?

How To Get Friends To Pay You Back & Other Financial Tips

Dave Ramsey Scholarship Opportunity

Dave Ramsey Chapter 7 Budgeting Part 4 & Part 5

How To Write a Check Worksheet *Do not start new activity on the back*

I. Amount: $300 Date: 4/11/13 Pay To: Sunny Day ApartmentsI. Amount: $75 Date: 4/12/13 Pay To: Ameren UEI. Amount: $25 Date: 4/13/64 Pay To: (A person or place of your choice) Keeping a running balance Worksheet

1. Which law protects credit customers against discrimination on the basis of sex or race? A. Equal Credit Opportunity ActB. Fair Credit Billing ActC. Fair Credit Counseling ActD. Credit Customers Act 2. Which will Bob most likely do with a resume? A. Use to determine his skillsB. Fill out during an interviewC. Review it for job openingsD. Submit it to potential employers 3. Which term or phrase is defined as a general increase in the overall price of goods and services? A. Market value B. InflationC. Corporate profitsD. Wealth  

Journal: Budgeting Basics-Budget Bootcamp Read article and tweet about 3 of the 6 things to

know (TWEET on PAPER use Microsoft word-140 Characters, clever, witty, informational, and opinionated) 3 TWEETS Total- Print

Turn in homework from last class Video: A 20-Something's Financial Wake-Up Call -

Oprah's Lifeclass Activity: Reading a bank statement Partner Activity: Reconciling an account

Today I learned… I don’t understand… I would like to learn more about… A question I have is… Please explain more about… The most important thing I learned today is… Three things I learned today are… The thing that surprised me most today was… I wish… The best part of class today was…  (Submit)

1. Which information appears on a W-2 form? I. Income earned from an employer for the year II. the number of exemptions claimed for the year III. Interest earned on a savings account for the year IV. total hours worked during the year 2. John’s health insurance premiums are deducted from his paycheck on a pre-tax basis. How does this affect his income tax? I. the deductions are not subject to income tax II. 40 percent of deductions are subject to income tax III. Interest earned on a savings account for the year IV. total hours worked during the year 3. Which payment method results in the removal of funds from an individual’s checking account at the time of the transaction? I. using a credit card II. writing a check III. using a debit card IV. paying with cash

Chapter 7 Quiz Journal: Discussion Questions

1. Have any of you used the “walk-away” technique when negotiating a purchase? How did the salesperson respond? 2. How does the power of cash affect the sales process? Does anyone have a story about getting a deal with cash? 3. Would you feel comfortable negotiating on prices? Explain. 4. What is the biggest bargain you’ve ever negotiated? Identify

which technique you used. 5. Why would a “win-win” deal be important when making a purchase?Find someone that is wearing a color that you’re wearing and share one of your discussion answers with them.

Turn In homework DR Video: Bargain Shopping Part 1 & Part 2

Explain why you should be honest when negotiating: ~Integrity matters. Be truthful and create a “win-win” deal.

Analyze and use the three keys to getting a bargain:~Negotiate everything. ~You must have patience.~You must know where to find the deals.

Describe the seven basic rules of negotiating:1. Always tell the absolute truth.2. Use the power of cash. It is emotional, visual and has immediacy.3. Understand and use “walk-away power.” Do not get attached.

4. Shut up. Saying less is better.5. Say, “That’s not good enough!”

6. Use the “good guy, bad guy” method.—7. The “If I” take-away technique; get the seller to throw something -- additional into the deal.