Semester Budgeting Project

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Reginald Dean
5 years ago
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1 Semester Budgeting Project Name: Student Background Information What career are you interested in? If this career requires a college degree, where would you like to go? What degree will you seek? Ten years from now, how much would you plan on having saved? What items() would you like to own. 1) 2) 3) 4) 5) 6) Five Items or Services you must () have in the future. 1) 2) 3) 4) 5) Student Loan Degree Annual Payment # of Payments Associate s (2 year) $1, Bachelor s (4 year) $3, Master s (4 years Plus) $4, Doctorate (6+ years) $10, Starting Salary: (Teacher will give you your salary) Vehicle Make and Model: Year: Cost: Cost: Vehicle Payments Years

2 Motor Cycle. or Moped Vehicle Insurance Student Work Sheet Family Cars $0 to 35,000 SUV/Trucks $0 to 35,000 Luxury Vehicles $36,000 and up Basic= 200 Basic = 700 Basic= 800 Basic = 1,900 Full = 350 Full = 900 Full = 1000 Full = 2,400 2 bikes = cars = 1,400 2 Vehicles = 1,600 2 Vehicles = 4,500 Credit Card/Loan Worksheet Balance Payment New Balance Y4 Y5 Y6 Y7 Y8 Y9 Tax Brackets Stock Purchases Company: Initial Price: Shares Bought: Total Investment: End Value: Company: Initial Price: Shares Bought: Total Investment: End Value: Rate Single Filers Married Joint Filers 10% $0 to $8,925 $0 to $17,850 15% $8,925 to $36,250 $17,850 to $72,500 25% $36,250 to $87,850 $72,500 to $146,400 28% $87,850 to $183,250 $146,400 to $223,050 33% $183,250 to $398,350 $223,050 to $398,350 35% $398,350 to $400,000 $398,350 to $450, % $400,000 and up $450,000 and up Rent Payments Mortgage Payments Cost of Home:

3 Find the cost for each Item: Grocery-Shopping Cart Water - Cheese - Soda - Hamburger Meat - Hot Dogs - Potato Chips - Salsa - Frozen vegetable - Can Vegetable - Ice Cream - Steak - Chicken - Lettuce - Can Beans - Rice - Cereal - Mustard Juice - Frozen Pizza - Shampoo - Bag of Apples - Bread - Butter - Hand Soap - Hair spray - Toothpaste - Qtips - Conditioner - Band aids - Mouth wash - Floor cleaner Scented Candle - Laundry detergent - Aspirin - Windex -

4 ITEMS AND SERVICES ACQUISITION FORM ITEM 1 ITEM DESCRIPTION Purchase: Cost: ITEM 2 ITEM DESCRIPTION Purchase: Cost: ITEM3 ITEM DESCRIPTION Purchase: Cost: ITEM 4 ITEM DESCRIPTION Purchase: Cost: ITEM 5 ITEM DESCRIPTION Purchase: Cost: ITEM 6 ITEM DESCRIPTION Purchase: Cost: Item 7 - Where you would like to go on a Dream vacation and it's Cost.

5 Salary Taxes ( %) =. x Salary Savings from Previous Year Year One Taxes = (salary multiplied x your tax rate) Take-home pay = (Salary minus - Taxes) Balance = ( + Savings from Previous Year) n/a Rent Vehicle Payment Electricity ($50/month) Water ($30/month) Cable/Internet ($50/month) Phone Bill ($50/month) Grocery Bills ($200/month) Spending Cash ($200/month) *Deduction Balance* --- End Balance Year 1 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

6 Year Two Salary = Taxes ( %) =. x Salary = End Balance from Year 1 Take-home pay = (Salary - Taxes) Balance = (Take Home Pay + Savings from Previous Year) Rent Vehicle Payment Electricity ($50/month) Water ($30/month) Cable/Internet ($50/month) Phone Bill ($50/month) Grocery Bills ($200/month) Spending Cash ($200/month) *Deduction Balance* --- End Balance Year 2 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

7 Year 2 Salary & Raise Year Three New Salary = Taxes ( %) =. x Salary = End Balance from Year 2 New Raise Take-home = (Salary - Taxes) Previous + Raise = Balance = (Take Home Pay + Savings from Previous Year) Rent Vehicle Payment Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Services - Vacation *Deduction Balance* --- End Balance Year 3 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

8 Year 3 Salary & Raise New Salary = Taxes ( %) =. x Salary = End Balance from Year 3 New Raise Take-home = (Salary - Taxes) Year Four Previous + Raise = Balance = (Take Home Pay + Savings from Previous Year) Rent Vehicle Payment Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Services - Vacation Credit Investments Card/Loan *Deduction Balance* --- End Balance Year 4 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

9 Year 4 Salary & Raise New Salary = Taxes ( %) =. x Salary = End Balance from Year 4 Year Five Previous + Raise = Balance = (Take Home Pay + Savings from Previous Year) Take home pay = (Salary - Taxes) New Raise Rent or Mortgage Vehicle Payment Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Services - Vacation Credit Investments Card/Loan *Deduction Balance* --- End Balance Year 5 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

10 Year 5 Salary & Raise Year Six Previous + Raise = New Salary = Taxes ( %) =. x Salary = - Credit Rebate = New Tax End Balance from Year 5 New Raise Take-home = (Salary - Taxes) Balance = (Take Home Pay + Savings from Previous Year) Rent or Mortgage Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Services - Vacation Credit Card/Loan Investments *Deduction Balance* --- End Balance Year 6 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

11 Year 6 Salary & Raise New Salary = Year Seven Previous + Raise = Taxes ( %) =. x Salary = - Credit Rebate = New Tax End Balance from Year 6 New Raise Take-home = (Salary - Taxes) Balance = (Take Home Pay + Savings from Previous Year) Rent or Mortgage Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Services - Vacation Credit Card/Loan Investments *Deduction Balance* --- End Balance Year 7 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

12 Year 7 Salary & Raise Year Eight Previous + Raise = New Salary = Taxes ( %) =. x Salary = - Credit Rebate = New Tax End Balance from Year 7 Take-home = (Salary - Taxes) Balance = (Take Home Pay + Savings from Previous Year) Rent or Mortgage Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Services - Vacation Credit Card/Loan Investments *Deduction Balance* --- End Balance Year 8 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

13 Year 8 Salary & Raise Year Nine Previous + Raise = New Salary = Taxes ( %) =. x Salary = - Credit Rebate = New Tax End Balance from Year 8 Take-home = (Salary - Taxes) Balance = (Take Home Pay + Savings from Previous Year) Rent or Mortgage Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Vacation - Wedding Credit Card/Loan Investments *Deduction Balance* --- End Balance Year 9 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

14 Final Year 9 Salary & Raise Previous + Raise = New Salary = Investment = Taxes ( %) =. x Salary = - Credit Rebate = New Tax End Balance from Year 9 Take-home = (Salary - Taxes) Balance = (Take Home Pay + Savings from Previous Year) Rent or Mortgage Electricity Water Cable/Internet Phone Bill Grocery Bills Spending Cash Items - Vacation - Wedding Credit Card/Loan Investments *Deduction Balance* --- End Balance Year 10 (Deduction balance multiplied by.02 = interested earned) (End Balance = Deduction Balance + Interest Earned)

15 A Full-page response Part I - What did you Learn? Project Reflection Items to think about: - Career choices - Education - Taxes - Stocks - Unexpected expenses Part II How close did you come to your 10 years saving plan? Explain Why

16 FINAL CHECKOUT RUBERIC Section 1: Student Work Sheet 1. Did you identify a career, degree & school & a salary? 10/5 2. Did you identify 11 items you would like to purchase? 5 3. Did you identify a student loan amount properly? 5 4. Did you identify the make, model, and costs for vehicle? 5 5. Did you Fill out your Items/Services Acquisition form properly? 10/5 6. Did you fill out your grocery-shopping cart? 10/5 Total: Section 1 Section 2: Budget Management 7. Did you buy a House (Unless bankrupt)? 5 8. Did you calculate the correct amount of Taxes? 5 9. Did you calculate the correct Yearly? Did you deduct expenses correctly and show work? Did you calculate the correct End of year Balances? 5 Total: Section 2 Section 3: Clerical Management 12. Did you have good attendance during the project? Did you write your project reflection? 15/10/5 14. Did you fill out everything completely and properly? 10/5 Total: Section 3 Total: Sections Extra Credit for never going bankrupt and no mistakes on your budget = 5

2013 CH 11 sample questions

Class: Date: 2013 CH 11 sample questions Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The budget line shows a. the person's lifetime earnings. b. a