The goal of this unit is to understand the importance of earning an income and explain how to manage personal income using a budget

 For the 2 weeks, write everything you spend down?  Can you see a pattern in your spending habits?  What did you need?  What did you want?  Categorize how your money is currently spent.  What are your financial goals?

 Deductions: Anything subtracted from your gross income.  Gross income: Wages or salary before deductions for taxes and other purposes.  Your net income is commonly called your “take home pay;” it is your income after all deductions and exemptions.  For example, if your supervisor said you would earn $10 an hour and you worked 20 hours, your gross income would be $200 (that’s $10 x 20 = $200).

 Health, dental, and eye care insurance  Life insurance  Disability insurance  Pension plan  Registered retirement savings plan  CPP/QPP  OAS  Income TAX

 ■ Paid vacation days  ■ Paid sick days  ■ Health, dental, and eye care insurance  ■ Life insurance  ■ Disability insurance  ■ Pension plan  ■ Registered retirement savings plan  ■ Parental leave  ■ Stock purchase plan  ■ Employee assistance plans  ■ Employee fitness programs  ■ Employee discounts

 Scenarios

 Answer questions pertaining to pay stubs.

 Navine Nesrallah has worked for nine years in retail sales. She is considering going back to school to change career fields. What factors should be considered before making this decision?