H & R BLOCK:

  1. Riptide Loan Monthly Loan Payment
  2. Survey Quiz Starting Quiz Week 8–Tax Forms & Taxes A: Quiz on Tax Forms & Taxes
  3. Paycheck Widget Engineering and Design

WHAT TO DO DURING THE GAME:

  1. Reconcile daily
  2. Check your email daily for communications from vendors.
  3. Log in every 5 days to stay engaged.
  4. Take ALL quizzes/surveys.
  5. Pay all bills on time.
  6. Stay engaged in your finances by updating and using your CFS and actively managing your 401(k) contribution and your bank account type.

IMPORTANT: At the end of every class, please email me describing how far you got today and what you learned. This will be graded periodically. Use 3-5 sentences.

TODAY:

  1. GOAL: Before you leave today you will learn about budgeting & saving.
    1. Budgeted Income:
      1. How do you figure gross pay? If you work 40 hours per week and you earn $8.25 per hour, what is your gross pay?
      2. What is a deduction from your paycheck? If 16% of your gross pay from above was deducted, what would be your net pay?
      3. What is take home pay? If you are paid 4 times per month, what would be your take home pay for 1 month, using the information from above.
    2. Budgeted Expenses:
      1. Rent–fixed or variable (flexible)?
      2. Electricity–fixed or variable (flexible)?
      3. Renters Insurance–fixed or variable (flexible)?
      4. Food–fixed or variable (flexible)?
      5. Bus Tokens–fixed or variable (flexible)?
    3. What is Actual Expenses & Actual Income?
    4. Get into the Virtual Business Personal Finance game on your desktop
    5. Click on LESSONS & Open the Lesson 3 Budgeting & Saving handout
      1. PART A:
        1. #1–MAKE SURE YOU DO THIS!!!
        2. #2–from the FILE menu, choose OPEN LESSON, then choose LESSON 3
        3. #3–you will need to calculate:
          1. your MONTHLY GROSS INCOME and then write it in the BUDGETED AMOUNT column on WORKSHEET 1
          2. your LESS 18% DEDUCTION for the MONTH and then write it in the BUDGETED AMOUNT column on WORKSHEET 1
          3. your  MONTHLY NET INCOME (TAKE HOME PAY) and then write it in the BUDGETED AMOUNT column on WORKSHEET 1
        4. #4–read and do it (read the HINT on the right side of your handout) and then in the BUDGETED AMOUNT column on WORKSHEET 1 record:
          1. RENT for the MONTH
          2. ELECTRICITY for the MONTH
          3. RENTERS INSURANCE for the MONTH
        5. #5–read and do it and then in the BUDGETED AMOUNT column on WORKSHEET 1 record:
          1. FOOD for the MONTH
          2. BUS TOKENS for the MONTH
        6. FINISH Worksheet 1 by:
          1. adding up the EXPENSES and writing that answer next to TOTAL EXPENSES on Worksheet 1
          2. calculating SURPLUS (NET INCOME)/DEFICIT (NET LOSS) by doing the following:
            1. MONTHLY NET INCOME – TOTAL EXPENSES
              1. It will be a SURPLUS or NET INCOME if the answer is POSITIVE
              2. It will be a DEFICIT or NET LOSS if the answer if NEGATIVE
        7. #6–Read and do it
        8. #7–Read and do it–These answers need to be recorded in the ACTUAL AMOUNT columns on Worksheet 1
        9. Answer question 2 in a Google Doc shared with me.
      2. PART B:
        1. Answer questions 3-5 in the same Google Doc shared with me.

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