Review the list of expenses below. Calculate to the best of your ability a cost for each item. Write the items with the estimated cost beside it. We need to establish how much it will cost you to live based on real-life expenses. Talk with the adults in your life about the expenses on the list below. Learn from their life experiences. They are a great resource for you during this project. Have them sign the paper with your expenses so that I know you've spoken to them and that paper can be used as your documentation.
Travel (how many miles do you travel each week x's the price of gas/mile)
To be done with Mrs. Wiltgen: Set up your Excel Spreadsheet with Income and Expenses. (See Balanced Budget Spreadsheet Rubric for guidance.)
Begin choosing stocks (you have $1,000.00 to spend), print a copy of the stock you pruchase for your file, and set up your on-line portfolio. (See Balanced Budget Stock Protfolio Rubric for guidance.)
Record a minimum of three entries each week in your on-line journal. (See Balanced Budget Journal Rubric for guidance.) Remember to write complete sentences in your journal entries. This week use the following three questions to help you write your journal entries:
1. What did you learn about how expensive it is to live in Georgia? How much money do you think you need to make to be able to live in Georgia?
2. Explain how you feel about government taxes and why you feel the way that you do? Are taxes a helpful or hurtful? Explain your reasoning.
Choose one of the following terms and prepare no more than a 5 minute "show and tell" description. Have fun! Begin working on this project, due next Friday.
Specialization of a Region
Voluntary Exchange Compared with Involuntary Exchange
Fair Trade Compared With Free Trade
Human Resources Compared With Natural Resources
State Taxes Compared With Federal Taxes
Income Taxes Compared With Sales Taxes
Stocks Compared with Bonds
Wholesale Compared with Retail
Appreciation of Value
Record your paycheck, bills, and extra earnings on your Balanced Budget Spreadsheet. (See Balanced Budget Spreadsheet Rubric for guidance.)
Complete choosing stocks (you have $1,000.00 to spend), print a copy of the stock you pruchase for your file, and set up your on-line portfolio. (See Balanced Budget Stock Protfolio Rubric for guidance.)
Record a minimum of three entries in your on-line journal. (See Balanced Budget Journal Rubric for guidance.) Remember to write complete sentences in your journal entries. Use the following questions to help you write your journal entries: (Look at research links on this page for help with these journal entries.)
1. You told me last week that you need to make a minimum of $57,000 to live in Georgia in order to pay your cost of living expenses (remember, that doesn't include clothes, toys, and other unexpected expenses). Look up salaries for jobs that interest you. What salary would you receive for those jobs? Would they pay you enough money to live in Georgia? Also find out how much education you need to get a job that would give you a good salary. See if you can find out how much it costs to go to college. Write about what you learn.
--Tell the job you are interested in doing.
--Tell the salary.
--Tell the education you need to get the job.
--The the approximate cost of going to college.
--Tell why it is important for you to work hard and study in school today if you want to get into a good college and get a good paying job when you grow up.
2. Research and talk to your parents about what things are paid for with our taxes. For example, you know that taxes pay your teachers' salaries. Without taxes, you wouldn't have your teachers or your school. It is a good thing that we have taxes so that we can have teachers and school to help us learn. What else do we have as a result of the taxes we pay?
-Tell at least three good things our taxes pay for (besides your teachers and school).
-Tell why you are glad taxes pay for those things.
-Tell how your life would be different if these things didn't get paid for by taxes?
Interview an adult (family members, school employees, or friends) about a financial current event of interest to you. Submit the information you've read about the current event along with the interview questions and answers. Prepare three summaries:
(1) Summarize the current event,
(2) Summarize the interview,
(3) Summarize your (reflection) thoughts about the current event. For example, answer questions such as: Why are you interested in this current event? What did you learn from what you read compared with what the people you interviewed told you? Did your opinion change after the interviews? What can you do as a citizen to impact the situation? (See Balanced Budget Project Rubric for guidance and see current event link for help finding a news article.)
Submit your On-Line Journal. Record a minimum of three entries describing what you've learned about managing a budget. Use the suggestions below to help you write your journal entry.
1. Research the salary of a government employee (the president, vice president, secretary of state, senator, governor of Georgia, police officer). Place their salary in the Paycheck Calculator to see what they earn after taxes are taken out. (Make sure you change the setting to "Annual" earnings.) Also look up the job description for the government employee you are researching. Discuss with your parents or an adult whether you think this is a fair salary for this job. Write about what you learned.
-Tell the government employee's title and their "gross earnings"
-Tell the "net pay" after taxes have been taken out
-Tell a short summary of the government employee's job description.
-Tell why you think this is a fair salary or why you think this is not a fair salary for the job.
-Tell what kind of education a person needs to get this job?
-Tell why you might want this job or tell why wouldn't you want this job?
2. Look at the presentation of the terms that were presented last week. Write a journal entry explaining something that your learned about economics from your classmates. Also include anything you saw that you thought was a good "Wow!" factor in the presentations you watched. Explain what you liked about the presentation. (No negative comments are welcome.)
Based on what you have learned about a balancing a budget, write a persuasive letter to the President the United States giving the President advice about balancing the Federal budget? For example, do some research, interview adults for their opinions, and try to answer questions such as: Is the Federal budget in balance and, if not, why not? How can you as a citizen help the President balance the Federal budget? Should you pay more in taxes to help balance the budget? What type of taxes should be increased if taxes need to be increased? Should the President and government officials get paid less money? How much money do they make? Does it even matter if the Federal budget is out of balance? How does the Federal budget affect you and your family? Submit your research information and interview summaries to justify your advice to the President. (See Balanced Budget Project Rubric for guidance.)
Submit your On-Line Journal with a minimum of three entries describing what you've learned about managing a budget. Use the following questions to help you write your journal entries:
1. What are things you could do to help your parents balance their budget?
2. Choose another country in the world and compare its economic state to the United States. Are we the only country having economic trouble right now? Tell the country you researched and tell what you read about the economics and unemployment in that country.
Maintain your stock portfolio with accuracy.
Create a "Top Ten" list of the most important things you learned from this project. (See Balanced Budget Project Rubric for guidance.)
Based on your experiences in this project, prepare answers for the following questions:
(1) How can you use math problem solving skills in real life?
(2) Where are addition, subtration, multiplication, and division used in real life?
(3) How can learning about econimics make you a better citizen?
(4) How can we balance a budget? (See Balanced Budget Project Rubric for guidance.)
Maintain your income and expense spreadsheet with accuracy. Prepare a report with your beginning balance, total income, total expenses, and ending balance.
Sell all the stock in your portfolio by the end of the week. Prepare a report with your stock transactions. Include your total beginning cost, total income gained OR total loss for the duration of the project. You will only have a loss if you sell your stock for less than what you initially paid for your stock. If you sell it for the same as you purchased it, you have neither lossed or gained income. If you sell your stock for a higher price than you purchased it, the difference is your profit.
Students involved in this project will be presenting their project experiences to their classmates.