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Ashlee HamblinUnit OutlineUnit: Personal Finance in the EconomyTextbook: Economic Education for ConsumersObjectives: For students to understand income taxes and how their pay will be taxed. The students will be able to create a budget for their income and expenses. Students will understand banking systems; checking, savings, loans, and certificates. Students will learn the importance of savings and investments. Introduction: Students will have the opportunity to pick a career and research what they career pays. They will figure out income taxes and know what their take home income is. Throughout the unit they will use their jobs and income to create a budget and plan for expenses. They will be able to apply for banking services and figure loans and certificates with interest and dividends. They will also learn about different types of investments.SubunitsSection 1: Income Tax and BudgetsFind career and gross income. Calculate income tax and figure net income. Research expenses and plan a budget for expenses. Complete Budget sheet; play mad money.Section 2: Banking ServicesHave a guest speaker from a local credit union of bank come in and speak to the kids about the different services a bank offers. Have the students “create” a savings and checking account to keep their money. Practice balancing a checkbook and debit purchases. Calculate a loan payment and the interest paid throughout the life of the loan. Learn how credit cards work and to be cautious with credit card debt.Section 3: Importance of Savings and Types Investments Students will learn why to save; see different types of certificates, bonds, and securities; calculate simple and compound interest. Investments; Risk and rate of return; Corporate, mutual, research, and retirement investments.Pretest(10 points)Circle oneTrue or FalseWhen I take out a loan from the bank for a new car, I am just paying back the amount I borrowed.True or FalseYou can have long-term and short-term financial goals.True or FalseHaving an IRA is not and investment.True or FalseEveryone has to pay taxes when they have a job and get paid.Banks offer savings accounts and?LoansStock investmentsChecking accountsBoth a&bIf you have a checking account with checks or a debit card, you can track you money by?I don’t need to track my money.A check registerPrinting off my balance when I go to the bank.The best way to know how much money I can spend is to?Plan a budgetCash my check and spend it, when it’s gone it’s goneHide my paycheck in my sock drawerShort AnswerWhy have money in savings?____________________________________________________What is interest?___________________________________________________________Name one type of investment?____________________________________________________Answer Key:PretestOne point eachFalseTrueFalseTrueDBA8-10) Various answers acceptedUNIT TestNORQDMGEBLPAHJICKFFTFTFCBBDCUNIT TestMatch vocab word to definition (1pt each)Internal Revenue Service ____Net income____Taxable income____Sales tax____Budget____Fixed Expense____Flexible Expense____Check____Check Register____Endorsement____Payee____APY____CD____Dividend____Compound Interest____401K plan____Gross Income____APR____Annual Percentage Yield; The actual interest rate an account pays per year.A booklet provided by your bank for recording your checking account transactions.A tax-deferred retirement plan offered to employees by their employer.A plan for dividing your income among spending and saving options. An order to a bank to pay a specified sum to the person or business named on the check.Annual Percentage Rate; The finance charge calculated as a percentage of the amount borrowed.Amounts that you can choose to spend or not spend.Certificate of deposit; a deposit in a bank or credit union that earns a fixed interest rate for a specific time period.Interest paid on the principal and also on previously earned interest.Portion of a company’s profits paid to the owners.Amount you earn before taxes are withheld.The signature on the back of a check, acknowledging receipt of the funds.Amounts you have already committed to spend.IRS; Federal agency responsible for collecting income taxes.Amount you receive after withholdings are subtracted from your pay.The person or business the check is written out to.Tax added to the price of goods and services at the time of purchase.All the wages, tips, and interest on which you pay taxes. TRUE/FALSE (Circle one, 1 point each)True or FalseBeing Self Employed means you don’t have to pay income tax.True or False On a budget worksheet you can record your actual income and spending.True or FalseAll banks and credit unions are insured by FDIC.True or FalseDirect deposit is when your employer deposits your paycheck into your account.True or FalseThe best investment to make is in collectables. Multiple Choice (choose one, 2 points each)Which of the following is NOT as investment?StocksBondBrandReal EstateWhat is the name of the system we buy and sell stock on? AMEXNASDAQIBMUSNYSEWhich type of interest will give you the largest profit?Simple InterestCompound InterestWhich of the following is NOT a part of a check?EndorsementDatePayeeStatementCheck NumberWhich is a step in the budget process?Spending all your paycheckGiving your paycheck to your momTracking your income and expensesNever looking at your budget again.SourcesBibliography BIBLIOGRAPHY Stafford, M. (2006). Economic Education for Consumers. Mason, Ohio: Thompson South-Western. ................
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