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Unit 4

Unit 4. Personal Finance. Income. What are the different ways of getting paid? (salary, wage, commission, etc…) What are the basic pay deductions? (E.I., C.P.P., etc...) What jobs lead to higher income? What do you get from employment other than a paycheque ?. Spending.

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Unit 4

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  1. Unit 4 Personal Finance

  2. Income • What are the different ways of getting paid? (salary, wage, commission, etc…) • What are the basic pay deductions? (E.I., C.P.P., etc...) • What jobs lead to higher income? • What do you get from employment other than a paycheque?

  3. Spending • What expenditures does an average household have? • What factors do people consider when spending money? (Price vs. Quality, features, etc…) • What are the different types of stores people shop in?

  4. Saving • What are the reasons and benefits of saving money? • How do you calculate interest earned? • Describe some of the various bank accounts available to teenagers from some of the major Canadian banks

  5. Investing • Explain various types of risky and safe investments • Acronyms…what do they mean??? (GICs, RRSP, RESP, …) • How does the stock market work? • What are mutual funds? • Where should I invest???

  6. Credit • What are the different ways of borrowing money? • How do credit cards work? • What are the good and bad things about having credit? • Learn how to calculate the cost of credit (interest)

  7. So… • Let’s look at business and money from a “household” perspective instead of a “business” perspective • How do households organize and plan for the money coming in and out • What if we have some extra money? • What if we need some extra money?

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