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Consumer Ed.

Consumer Ed. Bell Ringer. List four jobs you would like to have as an adult. Next to the job, write what you predict the annual salary will be? When you apply for jobs after college, besides salary, what characteristics will you look for in an employer and a job?. Objective.

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Consumer Ed.

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  1. Consumer Ed.

  2. Bell Ringer • List four jobs you would like to have as an adult. • Next to the job, write what you predict the annual salary will be? • When you apply for jobs after college, besides salary, what characteristics will you look for in an employer and a job?

  3. Objective • Today we will begin consumer education by applying for jobs we are QUALIFIED for. We will also begin to plan out our monthly budget. • Announcements: • Performance Task next week (Consumer Ed) • Final is first week in June (Consumer Ed) • Writing portion due next Friday. 5 paragraph argumentative essay (Holocaust Prompt).

  4. Welcome to Consumer Ed. • What is it: Preparation of individuals through skills, concepts, and understandings for everyday living in a consumer society. • IE: Career Choices, Bank Accounts, Taxes, Student Loans, and Credit Cards • Goal: provide students with the information they need to make financially viable choices in a consumer economy. • Assessment: Reading and Multiple Choice section of your final exams • Timeframe: Remainder of the school year.

  5. Word Study: Copy the following terms into your notebook. Define the terms using your handouts and readings. • Salary: • Gross Income: • Progressive Income Tax: • Net Pay: • Net Income:

  6. Job Application Directions • You may only apply for a job that you meet the requirements for as listed in the directions. • Read through all your options • Put the job at the top of the page • You can predict the college you attend and your GPA and if you graduated • Classes and grades come from HS not college, so use the real thing from semester 1 of this year or Q3 Reading Want Ads Applying for a Job

  7. Exit Ticket • Being reflective how can I use today and yesterday’s lessons to help prepare myself for life after high school?

  8. Bell Ringer • What realizations did you come to based on the job search and tax calculations we made last class?

  9. May 29, 2014 Defining Income

  10. Bell Ringer • Homework? • Not everyone turned it in. Make sure to do so, so you get credit. • Final Exam Schedule: • 1A: Wednesday • 6A: Tuesday

  11. What is income? • How much money you bring in. Does not include gifts. It is money you make. • Gross Income • How much money you make before taxes are taken out • Net Income • How much money you make after taxes are taken out

  12. Why Taxes • Income Tax • The main source of revenue for the federal government and many states. The tax is based on your earned and unearned income. • Percentage of your income.

  13. Net Income • How much money you make after taxes. • Also how much money you make after insurance is paid for • In order to budget, one must consider the net income.

  14. Budgeting • An effective budget includes: • Savings • Income • Expenses • Healthy relationship between income and expenses • Expenses should always be less than income. • Expenses and income should balance.

  15. Getting a Loan • You get loans when you don’t have the money for large purchases. You must be pre-approved by the bank. • If you do not have credit or a bad credit history (financial records) you will need a co-signer. • Like a partner in the loan. If you fail to make payments, the burden falls on the cosigner. • Principal • The original amount of money borrowed • Interest • The dollars paid to someone to use their savings

  16. Credit and Debit Cards • Credit • A loan that enables someone to buy now and pay later • Debit • Comes right from your checking. • What are the benefits and drawbacks of each?

  17. Financial Risk • How can you handle it? • buy insurance • reduce risk • avoid risk

  18. Sales Tax • How much you pay the city or government when you shop. • Example: • How much sales tax do you pay on a new netbook computer if it costs $250 and the Chicago sales tax rate is 10.25%? • $20.60 • $25.63 • 26.65 • $2000

  19. Insurance • Life • Health • PPO-You choose the doctor • HMO-You choose from doctors who accept your plan-Need a referral • Car • Minimum you need is liability • All of the following can affect car insurance: driving record, liability and age

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