1. AGENDAS OUT! WRITE THE FOLLOWING: EXIT TICKET FAMILY BUDGET DUE TOMORROW, SEPT. 14 IF WE DO NOT FINISH IN CLASS. QUIZ ON KEY CONCEPTS OF WHAT ARE SOCIAL STUDIES FRI. SEPT. 16

2. YOUR EXIT TICKET/HOMEWORK Answers are to be done in complete sentences when appropriate. Questions 1a and part three of 2 should be completed this way.

3. WRITE THE FOLLOWING ESSENTIAL QUESTION FOR THIS LESSON ON THE FRONT OF TODAY’S PACKET: HOW DOES A PERSON DETERMINE AN ECONOMIC BUDGET THAT IS FINANCIALLY RESPONSIBLE?

4. IT’S LIKE MONEY IN THE BANK: HOW WE SPEND AND SAVE IN AMERICA “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” - Will Smith

5. BEFORE WE BEGIN: WHICH ONE FITS? 1.Which expense for the average American family is the highest: Transportation or Housing? 2. How much does it cost to raise the average American child to the age of 18 years? a. $100,000 b. $200,000 c. $300,000 3. Which of the following represents the average amount of money an American family puts away for retirement each year? : a. $1,000 b. $750 c. $400 4.What is the total amount of debt that is owed by Americans in the form of credit cards? a. $800 billion b. $1.5 trillion c. $2.4 trillion ANSWERS: 1.Housing: Averages about $1,300 per month OR $15,600 per year. 2.b. $200,000. ($222, 360 to be exact) By the way, that does not include college! 3.c. $400 per year. That means in 25 years, they will have $10,000 to live on. 4.a. $800 billion. Good news, sort of! Credit card debt has gone down a bit in the last three years. Bad news: We still have $800 billion dollars worth of debt just on our credit cards!

6. FAMILY BUDGET EXERCISE

7. THE MAGIC AMOUNT: $3,708.00

8. AN ECONOMIC REALITY CHECK