2. Money and Financial Mathematics 12

12. 1.Use this as a template to create your own financial plan to budget your pocket money. 2.Before entering amounts in the Income and Expenses columns, type in the formulas in the last row of each column to: find the sum of income find the sum of expenses find the weekly balance (difference between the income and expenses)* find the balance at the end of 4 weeks * * If this ends up being a negative number, it means you spent more money than you earned and you owe money! Reflection: How can we create a financial plan or budget? Investigation: Problem Solving Lola’s financial plan had a negative balance. What does this mean? Problem Solving This is Gina’s financial plan for 3 weeks: What is her total balance after 3 weeks? If Gina keeps saving at this rate, how much will her Week 4 balance be? Problem Solving This is Gina’s financial plan for 1 week: If Gina keeps saving at this rate, what will her balance be at the end of 4 weeks? If Gina keeps saving at this rate, how many weeks will it take her to save enough money to buy a $20 game? Money and Financial Mathematics 12

14. Investigation: 1.Bring in some receipts from retail stores. 2.Identify the GST component of the receipt. Reflection: How can we calculate the GST of purchases? Money and Financial Mathematics 12