mportant Words to Know… Word Definition Income money received, especially on a regular basis, for work or through investments. Expense the cost required for something; the money spent on something. Gross Income Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident. Net Income an entity's income minus cost of goods sold, expenses and taxes for an accounting period. Fixed Expenses those that do not fluctuate with changes in production level or sales volume. They include such expenses as rent,

Task due dates Task Date Completed Explore your occupation May 8, 2015 Create a budget (you will create 4 budgets) May 15, 2015 Determine your housing May 13, 2015 Determine your transportation May 13, 2015 Shop for your home May 21, 2015 Plan for a “Major Event” May 26, 2015 PowerPoint on Website May 28, 2015

My fixed expenses Expense Amount Monthly (include source also): Student Loan $2,000 ( wake forest ) Utilities (10% of your rent or mortgage) $ ( google.com) Rent or Mortgage 12,000 Car Loan $1,046 Health Insurance passed for free application with red cross Savings (5% of your net income) 3,000

My budget Budget number: Total income for the month: Expense Amount Budgeted Actual Amount All Fixed Expenses car 3,000 5,000 house 5,000 8,000 kids 10,000 13,000 pool 3,000 5,000 Total Expenses 21,000 31,000 Leftover Income Less expenses: Total amount in savings account:

Housing & Transpiration Monthly cost: 10,000 Percent of monthly income: 10% Cost of utilities: 7,000 Homeowners association fee or other expense: 5,000 nce you choose your transportation, fill in the information below: Monthly cost: 1, Gas (Only for cars): 960 two years

My room

My car

Shopping for my home Item to Buy Website Used Item Amount Washer and Dryer Bed Bedroom/ P/ 700 Couch Bedroom/ P/ 500 Dresser Bedroom/ P/ 600 Lamp Bedroom/ P/ 35 mirror Bedroom/ P/ 200

Major event In life, new things come into play. We may have to plan a wedding, plan for job changes, or plan a vacation. All of these things affect our financial world. You will randomly choose an event that will have an impact on you. Plan how this event impacts your budget below: Major Event: social media Cost: 10,000 Income – Event: 20,000 Do you have money left over, or will you be short on your budget? yes i have money left over How much money do you have in your savings? 30,000 and inhertaige Minus your savings, now determine how much more money you need or how much money you have left over ? alot of inherritiage Make any adjustments needed to your budget for the year.