Name:



Name: _______________________________ Date: _____________

Mrs. Tschan Economics

Final Project ( Living in the Real World

This project will count as 50% of your final exam. You cannot pass the final exam if you do not complete this project. You cannot graduate without passing this class.

The project must be completed in this packet and must be handwritten. Anything not in this packet or typed will not be accepted.

This project is due on ____________ _____________ ______, ___________.

There are seven (6) steps to the project and all must be completed. In order to begin, you must choose a career and get it approved by Mrs. Tschan.

Career Chosen ( _________________________________________________________

Approved by Ms. Tschan ( _________________________________________________

Once you have chosen a career and it has been approved, you can turn to the next page and begin your project! Have fun and good luck!

PLEASE BE ADVISED THAT NO MATTER WHAT CAREER YOU HAVE DECIDED ON, YOUR BIWEEKLY PAYCHECK WILL BE $1700, MAKING YOUR MONTHLY SALARY $3,400.

Part I ( Career Information (8 points)

Use or a simple Internet search to find the following information.

Answer the following questions in the space provided:

1. What are the responsibilities and duties of your position? What do you do everyday?

2. What training is required for this career?

3. Do you need to go to college?

4. Do you need a master’s Degree or PhD to advance? Explain.

5. Is there hands-on training required? Explain.

6. Are there any mandatory tests you must pass? What are they?

7. What is the average starting salary?

8. What is the maximum position you can attain or is it a “dead end” job? What is the maximum salary?

**Reminder**

PLEASE BE ADVISED THAT NO MATTER WHAT CAREER YOU HAVE DECIDED ON, YOUR BIWEEKLY PAYCHECK WILL BE $1700, MAKING YOUR MONTHLY SALARY $3,400.

Part II ( Apartment Hunting (6 points)

In order to plan your budget, you must find housing that is affordable to you based on your monthly income ($3,400). In order to do this you can use the Internet and the Classifieds in the newspaper to find an apartment. Make sure you attach the ad in the correct space below. You must live on Long Island or in New York City.

Hint: Your rent should not exceed 50% of your monthly income.

1. Cut the ad from the newspaper or website and staple it to the back of this packet.

2. How much does this apartment cost per month?

3. Are utilities included? (If not, budget approximately $200 when completing Part IV)

4. Describe the apartment.

5. Where is it located?

6. Why did you choose this apartment?

Part III ( Monthly Bills (8 points)

In order to plan your budget, you must determine your fixed monthly expenses. You have determined one (your rent) on the previous page.

Car Insurance

Use the following resource to find a car insurance quote that works for you. If you already have your own insurance you may use that price.

Car Insurance Company: ______________________________

My car insurance will cost me $_________________ per month

Cell Phone

Use the following resources to find a cell phone plan that works for you. If you already have your own plan, you may use that price.





Company: __________________________________________

My cell phone bill will cost me $________________ per month

Food

Use this space to determine approximately how much you will have to spend on groceries a month. Hint: Shop for the week and then multiply by 4 to get a monthly number.

Enter your zip code and go! – Stop and Shop



My groceries will cost me approximately $_______________ per month

Cable

Use this space and these resources to determine your cable bill. If you are on Long Island you will be using Optimum. If you are in the city, you will be using Time Warner.



OR



My cable with cost me $_____________ per month

Part IV ( Monthly Budget (12 points )

Create a budget for the month ( Make sure that your “total” budget is equal to your net income. You cannot be over or under. If you are over you must cut your expenses somewhere, if you are under you can always save more!

|Expenses |Amount Budgeted for this Expense |

|Rent | |

|(Part II) | |

|Utilities (electric water, heat, or is it included in the rent?) | |

|(Part II) | |

|Car Insurance | |

|(Part III) | |

|Gasoline (for car) | |

|(Hint: determine weekly cost and then multiply by 4 four monthly | |

|cost) – No car? How much would an unlimited Metro card cost for | |

|the month? | |

|Cable | |

|(Part III) | |

|Cell Phone | |

|(Part III) | |

|Food (Groceries) | |

|(Part III) | |

|Entertainment (money to go out – this can include dinner out) | |

|Miscellaneous (gifts, vacations, clothes, etc.) | |

|Saving/Investment Money | |

| | |

| |Total = $ 3,400 |

Does your salary allow you to live the kind of lifestyle you would like to have? Why or why not?

What are some strategies you can use that might enable you to have the type of lifestyle you want? (If you are happy with your current lifestyle, indicate the types of things you can do to save/invest more money)

Part V ( Choose a credit card (4 points)

You now must choose a credit card that would best fit your needs. You must choose a credit card; you do not have the option of not having one. You can use the resources below.





Which credit card did you choose?

What is the APR on purchases? (Make sure you indicate if they offer a different APR in the beginning and then it changes)

Is there a rewards program? If so, what does it entail?

What made you choose this card? Why?

Part VI ( Writing Checks (12 points)

On the next couple of pages, you must keep track of your expenses by keeping a check register, depositing your paychecks, and writing checks to pay your bills. You will be writing 4 checks and one deposit slip as you are keeping a record in your register (SHOW ALL MATH). Follow the directions below to successfully become in charge of your finances.

• Write the beginning balance in your check register by recording your two week net salary number in the appropriate space ($1,700).

Check # |Date |Transaction |Payment | |Deposit |$ | |022 |

| | | | | | | | |

| | | | | | | |

| | | | | | | |

| | | | | |023 | |

| | | | | | | |

| | | | | |024 | |

| | | | | | | |

| | | | | |025 | |

| | | | | |

| | | | | | | |

• Write a check to your landlord to pay your rent (see part II for this information). Then record that check in your register. Make sure you then subtract that amount and get a new balance.

• Deposit a paycheck in your account using the deposit slip. Record your paycheck in your check register and get a new balance.

• Write a check to the cell phone company to pay your phone bill (see part III). Then record that check in your register. Make sure you then subtract that amount and get a new balance.

• Write a check for your car insurance bill (see part III). Then record that check in your register. Make sure you then subtract that amount and get a new balance.

• Write a check to pay your cable bill (see part III). Then record that check in your register. Make sure you then subtract that amount and get a new balance.

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_______/ 50 pts.

This page is due at the end of

DAY 1

This page is due at the end of

DAY 2

This page is due at the end of

DAY 2

This page is due at the end of

DAY 3

This page is due at the end of

DAY 3

This page is due at the end of

DAY 4

023

024

025

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