Unit 03: Personal Finance Performance Indicator 1) Mark has opened a snow cone stand on property he recently purchased. The following information needs to be recorded in his financial records for the business.

His starting balance $150 – you will need this information LATER On June 5 th, he purchased 2 ice blocks for $23.50 each (work out how much money he spend on ice) On June 7 th, he purchased 12 syrups for $3 each (work out how much money he spent on syrup) On June 8 th, he purchased 2 packages of 500 cups for $5.25 (work out how much money he spent for cups) After one week, he sold 148 snow cones for $2.00 each (work out how much money he spent on snow cones) Calculate his total EXPENSES? Calculate his total income so far.

a) Create a plan that will help Mark keep track of how much money he has earned and spent in his snow cone business. (4 to 5 sentences) __________________________________________________________________ Word Box expensestransactions income register

b) Using the plan, calculate Mark’s available balance for his business considering his starting balance, income, and expenses. debits

c) Describe what actions Mark will need to take if he realizes that he must purchase a new shaving machine for $375. __________________________________________________________________ Word Box Save Credit card Budget Plan

2) There are several ways Mark’s customers might pay for their snow cones. a) Describe 2 ways Mark’s customers might pay for their snow cone. b) Compare and contrast the advantages and disadvantages of each payment type. Type of Payment:__________

3) After starting his business, Mark decides to make an appointment with a financial accountant to discuss his finances and taxes that he may have to pay. a) Write a short definition for each of the following terms and predict if Mark will have to pay any of these taxes for his business: income tax payroll tax sales tax property tax What taxes will Mark mostly probably have to pay with his business? and WHY?? __________________________________________________________________

4) Mark decides that he needs extra help on the weekends and hires a part-time employee. Mark agrees to pay the employee $7.00 per hour. After working 10 hours, Mark writes the employee a paycheck for $ How much did the employee earn? Calculate how much the employee Earned over the weekend. a. Write your explanation on why the pay check is NOT the same as how much he earned. Use gross income and net income. _________________________________________