1. Which is defined as a financial plan that allocates income towards expenses, savings, and debt? A. Portfolio B. Insurance C. Budget D. Savings account.

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Presentation transcript:

1. Which is defined as a financial plan that allocates income towards expenses, savings, and debt? A. Portfolio B. Insurance C. Budget D. 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. Car B. Health care C. Housing D. Food 4. Which personal budget item would most likely be classified as fixed expenses? A. Monthly car payment B. Class ring C. Utility bill D. Plumbing repair

Hand back & go over test Journal: Oprahs Debt Diet-When budgeting, how much do you think you should allocate to each area? (These are just recommendations)Oprahs Debt Diet 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 BrokeMom That Shopped Her Family Broke Video 2: Lending Money to Family & Friends (3.5 mins)Lending Money to Family & Friends How many of you guys have any experience with budgeting. What strategy do you use?

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1. Which term is defined as payment for insurance coverage? A. Asset B. Deductible C. Premium D. Rollover 2. Which best describes income received through wages, salaries, bonuses, tips, or commissions? A. dividends B. earned C. interest D. capital gains/losses 3. Which best defines gross pay? A. Wages before deductions are taken out B. Wages before commissions on sales C. Wages before overtime D. 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?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 Oprahs Debt Diet recommendation (put up on board)Oprahs Debt Diet Use Dave Ramseys 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).

How To Get Friends To Pay You Back & Other Financial Tips 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* How To Write a Check Worksheet I. Amount: $300 Date: 4/11/13 Pay To: Sunny Day Apartments I. Amount: $75 Date: 4/12/13 Pay To: Ameren UE I. 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 Act B. Fair Credit Billing Act C. Fair Credit Counseling Act D. Credit Customers Act 2. Which will Bob most likely do with a resume? A. Use to determine his skills B. Fill out during an interview C. Review it for job openings D. 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. Inflation C. Corporate profits D. Wealth

Journal: Budgeting Basics-Budget BootcampBudgeting 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 LifeclassA 20-Something's Financial Wake-Up Call - Oprah's Lifeclass Activity: Reading a bank statement Partner Activity: Reconciling an account

Today I learned… I dont 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)

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 youve 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 youre 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, Thats 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.