1. Personal Finance
Chapter 2

2. What do you think? Discussion
Are these statements fact or fiction? Explain your answers.
If you are clean and well groomed, your supervisor will probably assume your work is reliable.
Legal immigrants don’t need a Social Security card to work in the United States.
People get fired for using work computers for personal use.
Generally, state-supported colleges and universities are less expensive to attend than private colleges.
Most entrepreneurs hold other jobs while starting their businesses.
© EMC Publishing, LLC
© EMC Publishing, LLC

3. Starting a Job First Day
First impressions (dress nicely)
© EMC Publishing, LLC

4. Starting a Job First Day
First impressions (dress nicely)
Form W-4 (advance to see sample)
© EMC Publishing, LLC

5. Starting a Job Form W-4 Or leave blank 1 1 - - - -
Manually advance through each line to see sample entries - 2
© EMC Publishing, LLC

6. Starting a Job Form W-4 123 45 6789 Today’s Date x 2 5.00
John A Smith x
1315 Main Street
Friendly, MA 2
5.00
Manually advance through each line to see sample entries
John A. Smith
Today’s Date
© EMC Publishing, LLC

7. Starting a Job First Day
First impressions (dress nicely)
Form W-4
Social Security card
© EMC Publishing, LLC

8. Starting a Job First Day
First impressions (dress nicely)
Form W-4
Social Security card
Work permit
© EMC Publishing, LLC

9. Starting a Job First Day
First impressions matter (dress nicely)
Form W-4
Social Security card
Work permit
Company policy handbook
© EMC Publishing, LLC

10. Develop Good Working Relationships Tips
Treat others with respect.
Honor commitments.
Support others in achieving success.
Provide clear, realistic, and timely proposals to management and supervisor.
Report problems to supervisor.
© EMC Publishing, LLC

11. Expectations Employer
Follow the rules.
Develop a good work ethic and a positive attitude.
Accept criticism.
Admit your mistakes.
© EMC Publishing, LLC

12. Expectations Employee
Receive a paycheck.
Receive fringe benefits.
Receive training.
Receive accommodations for disability.
Be told of changes in responsibilities.
Receive evaluation of work performance.
© EMC Publishing, LLC

13. Take-Home Pay Where Did My Check Go?
Gross pay (including overtime)
Deductions
Net pay
Paycheck Stub
Animation is in sections tied to bullets – last math problem will be last click
$830.00
-$154.28
$675.72
© EMC Publishing, LLC

14. Alternative Work Arrangements
Flextime
Job sharing
Telecommuting
© EMC Publishing, LLC

15. Which of the following is not a requirement for starting a job?
Fill out a Form W-4.
Have a Social Security card.
Obtain a work permit if your state requires one.
Review the company policy handbook.
All of these are needed to start a job.
© EMC Publishing, LLC

16. Which of the following is not a requirement for starting a job?
Fill out a Form W-4.
Have a Social Security card.
Obtain a work permit if your state requires one.
Review the company policy handbook.
All of these are needed to start a job.
© EMC Publishing, LLC

17. Earning a Promotion Positive Evaluation
Jane L. Smith
Clerk
George Jones
May 1, 2008
Earning a Promotion Positive Evaluation  
Help coworkers.
Take the initiative.
Find a mentor.   
Evaluation will fill itself out after last bullet    
© EMC Publishing, LLC
EXCELLENT: Give her a promotion & RAISE!

18. Improving Your Skills Training and Education
© EMC Publishing, LLC

19. Improving Your Skills Training and Education
In-service training sessions
Colleges and universities
Community colleges
Trade schools
Apprenticeships
Nontraditional programs
© EMC Publishing, LLC

20. What do you think? Discussion
How do you plan to improve your skills after high school?
Should everyone go to college? Why or why not?
What alternatives does your community offer for young people who do not go to college?
© EMC Publishing, LLC
© EMC Publishing, LLC

21. Entrepreneurship Owning Your Own Business
Advantages of entrepreneurship
Be your own boss
Set your own hours
Make all the decisions
Possibly gain financial security
Create something you can pass on to children or others
© EMC Publishing, LLC

22. Entrepreneurship Owning Your Own Business
Disadvantages of entrepreneurship
Work long hours to succeed
Take a big financial risk
Risk high chance of failure
Only 20% of new businesses last more than four years.
© EMC Publishing, LLC

23. You have to work long hours to succeed. You are your own boss.
Which of the following is not an advantage of starting your own business?
You have to work long hours to succeed.
You are your own boss.
You receive all the profits from your work.
Success brings financial security.
You set your own hours.
© EMC Publishing, LLC

24. You have to work long hours to succeed. You are your own boss.
Which of the following is not an advantage of starting your own business?
You have to work long hours to succeed.
You are your own boss.
You receive all the profits from your work.
Success brings financial security.
You set your own hours.
© EMC Publishing, LLC

25. Entrepreneurship Sole Proprietorship
Advantages of sole proprietorship
All profits to single owner
No boss
Easy start-up
Simple tax filing
© EMC Publishing, LLC

26. Entrepreneurship Sole Proprietorship
Disadvantages of sole proprietorship
Limited resources
Capital ($)
Expertise (skills)
Limited life of business (ownership not transferable)
Unlimited personal liability of owner
© EMC Publishing, LLC

27. Entrepreneurship Partnership
Types of partners
General
Limited
Secret
Silent
Dormant
Nominal
General Partnership – each partner carries unlimited liability
Limited Partnerships – some partners have limited liability – one has to be a general partner
Secret – play an active role but not identified to public
Silent – not active in operation but share in profit
Dormant – not active and not known to public
Nominal - not really a partner but allow public to believe they are by actions and works
© EMC Publishing, LLC

28. Entrepreneurship Partnership
Advantages of partnership
More resources than sole proprietorship
Capital ($)
Expertise (skills)
Easy start-up
Limited sharing of profits and decision making
© EMC Publishing, LLC

29. Entrepreneurship Partnership
Disadvantages of partnership
Fewer resources than corporation
Capital ($)
Expertise (skills)
Possible disagreement between owners
Unlimited personal liability of owners
© EMC Publishing, LLC

30. Entrepreneurship Corporation
Advantages of corporation
More resources
Capital ($)
Expertise (skills)
Transferability of ownership
Limited involvement of owners if desired
Limited personal liability of owners
© EMC Publishing, LLC

31. Entrepreneurship Corporation
Articles of
Incorporation
Disadvantages of corporation
Lack of control
Several owners
More difficult start-up
Charter or articles of incorporation
Double taxation
Corporate and personal
Stock
Stock
Stock
TAX
TAX
Stock
Stock
© EMC Publishing, LLC

32. Entrepreneurship Limited Liability Company (LLC)
Unlimited
Liability
Limited personal liability of owners
Simpler tax situation than corporation
Easier start-up than corporation
Management flexibility
© EMC Publishing, LLC 32

33. Limited personal liability of owners No boss Double taxation
Which of the following is an advantage of both a corporation and an LLC?
Unlimited capital
Easy start-up
Limited personal liability of owners
No boss
Double taxation
© EMC Publishing, LLC

34. Limited personal liability of owners No boss Double taxation
Which of the following is an advantage of both a corporation and an LLC?
Unlimited capital
Easy start-up
Limited personal liability of owners
No boss
Double taxation
© EMC Publishing, LLC

35. What do you think? Discussion
Which form of business would best suit someone who likes to work alone?
Which form of business would best suit someone who is very skilled at making things but is not very skilled at bookkeeping and marketing?
Is it worth the risk and headaches to start your own business?
© EMC Publishing, LLC
© EMC Publishing, LLC

36. The End
© EMC Publishing, LLC