Day 37 (PF)

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: FINISH
  1. GOAL: Before you leave today you will learn about budgeting & saving.
    1. 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.
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.
Pit Stop Summary: A 401(k) plan allows an employee to contribute a portion of their gross wages into an investment account to save for retirement. Employers often match this contribution (up to a limit and sometimes with vesting requirements) to encourage employees to save. You can always contribute more than your employer match. Taxes on the contributions and the investment earnings are deferred until the money is withdrawn during retirement. In Budget Challenge, you should maximize your 401(k) contributions while maintaining enough liquid cash to pay current expenses and potential unexpected events. Navigation Tips:
  1. If your employer offers a 401(k), opt-in as soon as you are eligible.
  2. Maximize the employer match as much as possible.
  3. A 401(k) is for the long term. Withdrawing money early can be very costly.
  4. Consider an increase to your 401(k) contribution each time you receive an increase in pay.
Navigation Tips # 1:
  1. Select your 401(k) plan and contribution as a percent of your salary during “Vendor Selections.”
  2. The plan chosen determines the employer match, which is locked in for the duration of the simulation.
  3. During vendor selections, you can change your 401(k) percentage and plan choices on the Vendor Selections>Job tab.
  4. After the simulation begins, the only change you can make to your 401(k) is the contribution percentage at Student Home>401(k).
Navigation Tip # 2:
  1. It is important for you to understand you cannot withdraw money from their 401(k).
  2. The goal is to budget appropriately to keep enough money in your net pay to satisfy bills and even a bit more in case of any unexpected events.
  3. You can use the Paycheck calculator on the Job tab to view the Net Pay schedule as it relates to your 401(k) contribution percent selected.
  4. The system will highlight the row in the table that reflects your selection.
Navigation Tip #3:
  1. Throughout the Challenge, you can use the Budget and Cash Flow Spreadsheet to assess your cash and determine if your current 401(k) contribution leaves you with enough to pay bills on time.
OPEN THIS FILE AND READ AND DO IT–TOGETHER, ON YOUR OWN, OR WITH A PARTNER
  1. YOU WILL NEED THIS FILE TO DO THE HANDOUT ABOVE
  2. Answer the REST AREA FOLLOW UP QUESTIONS in a Google Doc shared with me.
NOW: Consider your other plans and estimate how much you will need to spend for all your other bills PER MONTH. Then you can decide how much to put away (which plan to pick) for the 401(K). GO TO STUDENT HOME AND TAKE THE PRE TESTS & SURVEY FOR POINTS!!! H & R BUDGET CHALLENGE BEGINS AT 9 PM TONIGHT!!! ALL VENDOR SELECTIONS (THEY ALL MUST BE GREEN) MUST BE MADE BY THEN H & R BLOCK CHALLENGE HOW TO MAKE VENDOR SELECTIONS–WATCH IT LOOK WHO IS IN FIRST PLACE!!! UNDERSTANDING INSTALLMENT LOANS GOAL: You will use your account information to populate your Budget and Cash Flow Spreadsheet
  1. Watch the Cash Flow Video
  2. Here is your Cash Flow Statement
  3. Go to Student Home> Info Packet.
  4. Find and enter the simulation start date in cell A9 and the beginning bank account balance in cell B9 of the spreadsheet.
  5. Read through the offer letter from ProperLiving Widget & Engineering Design found in the Info Packet. Notice that this is the letter you received prior to starting work (almost a year ago). It is included to provide context for the simulation scenario, however pay dates and specific net pay information are obtained from Student Home>Vendor Selections>Job tab.
  6. Go to Student Home>Vendor Selections> Job tab, select the 401(k) plan and contribution percent.
  7. Scroll down to find the Paycheck Calculator. Notice that the row for your selected contribution percent is highlighted in yellow. You may need to refresh screen if it does not happen automatically.
  8. From the Job tab, determine the number of days from the start date until the first payday. Paychecks arrive every two weeks going forward from that date.
  9. Your net pay is money remaining from your paycheck once taxes and pre-tax deductions have been taken out. Net pay is the amount your employer deposits into your checking account.
  10.  Using the Paycheck Calculator, enter the net pay in the column B cell for the day after you get paid. This is important because the bank has a one-day Funds Availability Hold. That means you can use the money the day after it is deposited.
  11. Now, using the information on the remaining Vendor Selections tabs, enter the bill payments due before your first paycheck. Make sure to enter the bill amount for each vendor in their respective column in the spreadsheet on the date it is due.
  12. Look at the Checking Account Balance Column (Column O, highlighted in yellow). Respond to the following:
    1. At any point did the numbers turn red?
    2. What does it mean when the numbers turn red in the balance column?
    3. Were you able to pay all of your bills in full and on time without going below the minimum balance requirement (for the checking account type you selected )or going negative?
      1. If you answered yes, what could you have done to prevent your account from going negative and/or going below your account minimum?
      2. Discuss methods you will use to remember to pay your bills and keep your Budget and Cash flow Spreadsheet updated.
  13. After building budgets with expected inflows (Credits) and outflows (Debits), you should ask yourself these questions:
    1. Is my bank account projected to be positive every day in the simulation based on the current budget?
    2. Will I be below my bank account minimum balance requirement?
    3. Do I have the right bank account type?
    4. Do have I enough Net Income allocated to allow for enough liquid cash flow to pay my bills on time?
    5. Should I change my 401(k) percentage?
    6. Should I pay more or less on my credit card to fit my budget?
  14. You should not wait until a bill is due to issue the check. In the H&R Block Budget Challenge, there is a two-day processing window for checks. Plan ahead and schedule checks to pay for bills on time.
  15. It is important to remember that entering a payment on your CFS (Cash Flow Spreadsheet) does not schedule the bill to pay–the CFS is for your records only so you can check the bank statement to be sure it is correct–this is called reconciling your bank statement. You must schedule bills to pay at Student Home>Bank.
  16. The CFS is a great tool to guide you through the simulation when it is reconciled regularly.
Reminders
  • You can change your vendor choices in Vendor Selections Tabs until the simulation starts. Once the simulation begins, you can only change your 401(k) contribution percentage (at Student Home>401(k)) and your bank account type (at Student Home>Bank).
  • Remember that entering the check amount in your CFS does not pay the bill. Once the simulation begins, go to Student Home >Bank to issue checks to vendors.
  • There is a one-day hold on deposits. Enter deposits into the CFS on the date the funds are available.
  • Determine the best time of day to dedicate 10-15 uninterrupted minutes to managing money in the simulation. Use this time to update your budget and schedule bills. You should use the first 10 minutes of every class to do this!
  • Actively manage your budget on a regular basis. BE SURE TO LOGIN TO YOUR ACCOUNT AND CHECK YOUR EMAIL ON A DAILY BASIS!!
  • Reconcile the CFS (Cash Flow Spreadsheet) to the bank account activity regularly to ensure it is accurate–DO NOT ASSUME THE BANK STATEMENT IS CORRECT!!!!
SUMMARY: The Budget and Cash Flow Spreadsheet is really two tools in one: Budget – A plan for your money (for projecting over a long term). Cash Flow – Tracks money going into and leaving your bank account (for balancing and projecting cash position on a daily basis).
  1. DO THE H & R BLOCK QUIZ WEEK 1–QUIZ ON BANKING
  2. PAY YOUR RENT BILL
  3. CHECK YOUR SURGE CREDIT CARD FOR MONTHLY CHARGES–RECORD THEM IN YOUR SPREADSHEET
  4. ON FEBRUARY 16: PAY YOUR SAFEPLACE INSURANCE BILL
Summary: High school graduates are a target audience for many products and services. This lesson provides general guidelines for you about reading and understanding contracts and agreements before signing on the dotted line. By signing a contract, the law assumes it has been read, understood and agreed upon. During this week, you will choose products/services you will use during Budget Challenge. Vendor selections may be changed until 9 p.m. on February 15th. Once the simulation begins, the choices made on the vendor selections tabs represent contracts entered into by you. Four important tips to follow before signing a contract:
  1. Read ENTIRE contract before signing, even fine print. Ask questions when you do not understand.
  2. Contracts are binding on both sides. Find out any start-up costs and penalties.
  3. Some contracts contain a warranty. Understand what is covered.
  4. Be sure to keep a complete and accurate signed copy of the contract for your records.
Navigation Tip #1: Make thoughtful product/service choices by reading the information on Student Home>Vendor Selections and Student Home>Info packet. Ask questions when you do not understand. Budget Challenge provides a Knowledge Base of FAQs located below the help desk form. If the information needed is not in the vendor tabs, info packet or knowledge base, questions may be submitted using the Help Desk form. Navigation Tip #2: Plan payments as agreed upon in the contract. Vendor contracts in Budget Challenge are binding agreements. Failure to pay the full amount due results in fees and penalties. Note:
  1. Only the credit card allows a minimum payment.
  2. Insurance agreements require premium payments by the due date; otherwise, the insurance company does not have to provide coverage.
  3. Start-up costs may result in the first bill being higher than subsequent bills.
Navigation Tip #3: When a contract includes a warranty, it is important to know the coverage, effective dates and associated costs. In the simulation, one type of event may affect the cellphone. Two cellphone options are offered:
  1. one with a warranty $10 usage charge
  2. one cheaper plan with no warranty.
Navigation Tip #4: After the simulation starts, you may access vendor contract details on Student Home>Vendor Selections to verify the accuracy of your bills. This view is read-only once the simulation starts. 401(k) details are managed on Student Home> 401(k) page. Vocab:
  1. Contract: A formal and legally binding agreement between at least two parties.
  2. Binding: An obligation by both parties to a contract.
  3. Warranty: Written guarantee, issued to the purchaser of an item by the manufacturer, promising to repair or replace the item if necessary within a specified period of time.
Did you know: Failure to fulfill a contract can cause financial loss and affect your credit score. DO THE OVERDRAFT PROTECTION ACTIVITY:
  1. Scenario A:
    1. There is a rent bill due in three days from Vista Vue for $650.
    2. The Participant has $600 in their checking account and Checking Account Option #1 (no ODP).
    3. Their next paycheck is in five days.
    4. Their credit card balance is $700.
      1. HERE IS WHAT WILL HAPPEN:
        1. Vista Vue Landlord issues a rent bill for $650 to the Participant.
        2. The Participant gives a check for $650 to the Landlord to make an on-time payment without waiting for payday.
        3. The Teller issues a per check fee of $0.50 to the Participant.
        4. The Landlord goes to the Bank Teller to deposit the check.
        5. The Teller finds there is not enough money in the account and issues an NSF (Non-sufficient funds) to the Participant and a Returned Check fee to the Landlord.
    5. How much did it cost the participant to bounce the check? Total $ ____________ and Total Points __________
    6. If the payment is not received on time the payment is considered late. The Landlord gives the Participant a Late Fee and an Initial Late Fee Penalty. For each subsequent day, the Landlord issues a Per Diem Fee and a outstanding Balance Penalty.
    7. How much did it cost the participant because the payment is late? Total $ ____________ and Total Points __________
  2. Scenario B:
    1. The Participant has chosen Option #2 for the checking account.
    2. The Teller charges the Participant an ODP Subscription fee and hands them the coupon to show this coverage.
    3. Vista Vue Landlord issues a rent bill for $650 to the Participant.
    4. The Participant gives a check for $650 to the Landlord to make an on time payment without waiting for payday.
    5. The Landlord goes to the Bank Teller to deposit the check.
    6. The Teller finds there is not enough money in the account, but sees the Participant has ODP.
    7. The Teller works with the Credit Card Rep to get a Cash Advance. The Credit Card Rep also gives the Participant the Cash Advance charge to represent the amount that will appear on the credit card balance.
    8. The Teller gives the Landlord the Payment and gives the Participant the ODP Per Use Fee. The payment is considered on-time.
    9. How much did it cost the participant to get this check cleared using Checking Account Option #2? Total $ ____________ and Total Points _____
You can use the lessons learned from this Test Drive to make your selection for the Checking Account type on Student Home>Vendor Selections. Remember that you must finish making vendor selections for ALL of the tabs by 9 p.m. local time on February 15 the simulation to be eligible for prizing. You can use the lessons learned from this activity to make your selection for the cellphone plan on Student Home>Vendor Selections. Remember that you must finish making vendor selections for ALL of the tabs by 9 p.m. on February 9th to begin the simulation to be eligible for prizing. VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018–GET WITH YOUR TEAM & PLAY HOW TO PLAY–Watch this STUDENT QUICK TIPS–Bookmark this page USING STUDENT ACCOUNTS–Read this & look at the places they are talking about in your account TEST DRIVE USING STUDENT ACCOUNTS–Read this & go to the places they are talking about in your account VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018–GET WITH YOUR TEAM & PLAY PRINT THIS AND RETURN IT WITH YOUR PARENTS SIGNATURE FOR EXTRA CREDIT WHAT TO DO DURING THE GAME:
  1. Make sure all of your vendor selection tabs are green to launch on time.
  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.
H & R BLOCK TODAY:
  1. THUMBSPRAIN CABLE BILL MONTHLY SERVICE
GET WITH YOUR TEAM: VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018 WHAT TO DO DURING THE GAME:
  1. Make sure all of your vendor selection tabs are green to launch on time.
  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.
H & R BLOCK TODAY:
  1. QUIZ WEEK 2–PAYCHECKS B: QUIZ ON PAYCHECKS
  2. PAYCHECK WIDGET ENGINEERING & DESIGN
  3. Feb 24–Minutes 4 Less Cell Phone Bill
GET WITH YOUR TEAM: VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018 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.
TODAY CHECK:
  1. Feb 27–Lots-O-Watts Energy Service Charges
WE WILL DO THIS TOGETHER:
  1. RECONCILING USING THE CASH FLOW STATEMENT–Read this
  2. TEST DRIVE LEARNING TO RECONCILE--Do this. You will need the following document: BANK ACCOUNT ACTIVITY
  3. TERMINOLOGY:
    1. Credit – Money added to your bank account. Also referred to as a deposit.
    2. Debit – Money deducted from your bank account. Also referred to as a withdrawal.
    3. Negative Balance – The bank account has less than $0.
    4. Net Income – The dollar amount of your paycheck. This is your “take-home” pay.
    5. Minimum Balance –The lowest balance possible without receiving a fee.
  4. VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018
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.
TODAY CHECK:
  1. Feb 27–Lots-O-Watts Energy Service Charges
TODAY:
  1. Get with your team: VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018
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.
TODAY CHECK:
  1. QUIZ WEEK 3–401(k) & Investing B: Quiz on 401(k) & Investing–YOU MAY WANT TO WAIT UNTIL NEXT TO TAKE THIS–WE WILL DO A LESSON ON IT
  2. WEEK 3 SURVEY QUIZ STARTING
  3. Vista Vue Apartments–Rent Bill
TODAY:
  1. INVOICES & STATEMENTS PIT STOP–Open & read this
  2. READING INVOICES TEST DRIVE–Open this and answer the questions in a Google Doc shared with tracyweber@bellevue.k12.ia.us
  3. VIRTUAL BUSINESS CHALLENGE PERSONAL FINANCE–2018–until March 2, 2018
H & R BLOCK:
  1. Zippy’s Auto Loan–Auto Loan Invoice
  2. AutoRex Insurance–Insurance Premium
  3. Riptide Loan–Monthly Loan Payment
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.
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.
GOAL: Before you leave class today you will know the difference between net & gross pay and about the different types of withholdings from your paycheck.
  1. READ AND DO THIS PIT STOP ON GROSS AND NET PAY
  2. In Budget Challenge, you have the ability to change your employee 401(k) contribution, but the employer match is determined by the plan selected during registration and is not changeable. In the real world, employers only have a single 401(k) plan, but multiple options are provided at the  beginning of this simulation to replicate the evaluation process that would take place if you were comparing multiple job offers.
  3. Review the Budget and Cash Flow Spreadsheet.
    1. Does your current 401(k) contribution percentage leave enough to pay routine bills on time?
    2. Is there enough money left in case of an emergency?
    3. Is there cash left over that could be contributed to increase retirement savings?
    4. Use the Payroll Calculator found at the bottom of Student Home>Vendor Selections to review your paycheck components.
      1. This tool is helpful to forecast net pay when changing 401(k) contribution percentages.
      2. Keep in mind, 401(k) contribution changes take effect at the beginning of the next pay cycle.
  4. DO THIS PRACTICE TEST
H & R BLOCK:
  1. Survey Quiz Week 4–Unexpected Events
  2. 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.
TODAY:
  1. READ THIS ABOUT RETIREMENT INVESTING
  2. Get with a partner & do this–get the printout from your teacher or print it yourself
  3. DO THIS PRACTICE TEST
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.
TODAY:
  1. Watch this about Understanding Credit Utilization
  2. Read this about Credit Cards
  3. Let’s play this game–get the handout from your teacher–use the Calculator for Surge Finance Charges to help you if needed–USE POWERPOINT DOWNLOADED TO PF FOLDER
  4. DO THIS PRACTICE TEST
H & R BLOCK
  1. Survey Quiz Week 5–Credit Cards
  2. Surge Credit Card–Monthly Charges
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.
TODAY:
  1. READ THIS ABOUT HANDLING UNEXPECTED EVENTS
  2. DO THIS TO RECONCILE YOUR ACCOUNT–Get the handout from your teacher–turn it in when you are done–TEST/QUIZ GRADE–IN ADDITION, DO THIS:
    1. Send Mrs. Weber an email message containing a screen shot of:
      1. Your H & R Bank Balance–be sure the most recent transactions are visible.
      2. Your Cash Flow Spreadsheet (CFS)–be sure your most recent transactions are visible.
      3. In the email message tell me about your questions, concerns, or comments in regard to the H & R Block Challenge and this class, in general.
  3. DO THIS PRACTICE TEST
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.
TODAY:
  1. Read this about building credit
  2. Do this credit building activity with a partner–get the handout from your teacher
  3. DO THIS PRACTICE TEST
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.
TODAY:
  1. Read this about financial responsibility
  2. Play this game–answer the questions in your Google Doc for this class
  3. DO THIS PRACTICE TEST
H & R BLOCK:
  1. Thumbsprain Cable Bill–Monthly Service
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.
TODAY:
  1. Read this about Health Care Insurance
  2. Do this with a partner–Health Insurance Activity–You can reference this–Employee Insurance Summary
  3. DO THIS PRACTICE TEST
H & R BLOCK:
  1. Survey Quiz Week 6 Risk & Credit
  2. 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.
TODAY:
  1. Read this about Income Tax & Forms
  2. Answer these questions & then let’s play bingo!
  3. DO THIS PRACTICE TEST
H & R BLOCK:
  1. Minutes 4 Less–Cell Phone Bill
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.
TODAY:
  1. WATCH THIS VIDEO ABOUT UNDERSTANDING INSTALLMENT LOANS
  2. Read this about Types & Costs of Credit
  3. Let’s Play Loan Trivia–GAME BOARD SAVED TO PF FOLDER
H & R BLOCK:
  1. Lots-O-Watts Energy
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. Read this about student loans
  2. Read and do this with a partner–the College ROI Calculator
  3. DO THIS PRACTICE TEST
H & R BLOCK:
  1. Survey-Quiz Week 7–Financial Responsibility
  2. Vista Vue Apartments Rent Bill
  3. Zippy’s Auto Loan Auto Loan Invoice
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.
OR GOAL: Before you leave class today you will know how to calculate Gross Pay and Net Pay and how to find a job.
  1. Get the Lesson 2 Handout
    1. Tear off the last page–you will use this IN CLASS TODAY to COMPLETE (you only have today) the Computer Assignment
    2. DO NOT DO THIS NOW!!! THIS IS HOMEWORK–DUE NEXT CLASS–read the beginning pages of the handout your own. In the Word Online file for this class, please answer the 3 questions on page 32 and share it with me again.
  2. DO ALL OF THIS BEFORE YOU LEAVE CLASS TODAY:
    1. Get into the Virtual Business Personal Finance game on your desktop
    2. Click on LESSONS & Open the Lesson 2 Finding A Job handout OR use the printed copy
    3. Read YOUR GOAL, YOUR SITUATION, and GOOD NEWS at the top
    4. PART A:
      1. #1–be sure you review these parts of the tutorial so you know what to do
      2. #2–Do it as instructed to start the sim
      3. #3–Do it as instructed. There really are 8. Be diligent!
      4. #4–Do it as instructed. Answer the question either on the printed handout or in your Word Online file for this class.
      5. #5–Do it as instructed
      6. #6–Do it as instructed. Worksheet 2 is on the next page.
        1. Gross pay is what you make BEFORE taxes and other deductions are taken out of your paycheck
        2. Net pay is your TAKE HOME PAY. It is the amount of your paycheck.
        3. To find “Deductions as a % of gross:
          1. GROSS PAY – NET PAY = TAXES/DEDUCTIONS
          2. TAXES/DEDUCTIONS / GROSS PAY * 100 = DEDUCTIONS AS A % OF GROSS
      7. #7–Do as instructed
    5. PART B:
      1. #8–Do as instructed & answer the questions using your Word Online file for this class.
    6. Answer the questions on the Computer Assignment page and turn it in

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