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Humanities

University of Nebraska high school

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It is now time for you to complete the third project for this course. This project is a graded assignment that gives you the opportunity to show your teacher what you have learned from reading and studying the content material. Be sure to follow all directions carefully. Since this project is worth 12% of your final grade, you will want to work hard on it and do your best job. This project may be submitted electronically using the online course management system. Follow the directions in the My Work section of your online course management system under the link for Project 3.

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Project 3 Evaluation 33 Personal Finance and Economics (BUSH 033 059) It is now time for you to complete the third project for this course. This project is a graded assignment that gives you the opportunity to show your teacher what you have learned from reading and studying the content material. Be sure to follow all directions carefully. Since this project is worth 12% of your final grade, you will want to work hard on it and do your best job. This project may be submitted electronically using the online course management system. Follow the directions in the My Work section of your online course management system under the link for Project 3. You may complete your project using the following pages. Feel free to add extra pages if you need them. Be sure to include your name and UNHS ID number on your project. Personal Monthly Budget (100 Points Possible) Develop a personal budget based on the income from a full-time job you want after high school or after college. Be as specific as possible and keep the information local to the area in which you will be living. Now, I know you will have to use your imagination if you are still uncertain of your career path, but this will be a great opportunity for you to explore a few different careers and their potential salaries. You need to document your salary for this job through proper research, so be sure to identify your sources of information. Be sure to cite all your sources at the end of your Budget Review. If you need a place to start, you can use the local library or the Internet. One good source of reliable information is the Occupational Outlook Handbook, which is compiled by the Bureau of Labor Statistics. (http://www.bls.gov/oco/) Another good place is Nebraska Career Connections (http://www.nebraskacareerconnections.org/) Once you have the annual gross salary for the job you choose, you must figure the monthly net salary. Again, you will have to research and document your sources. Review Chapter 5, pages 156187 of your textbook, to determine approximately how much income you will keep per month after taxes. Also, you will need to calculate any other monthly income you may have from interest or other sources. Next, you need to itemize your expenses. This should be a complete list. The form that follows has listed most of the major expenses you will have. However, you have to add or delete according to your own plan and lifestyle. You will need to complete this form as part of this project. Feel free to add items that are not currently on the form, but make sure you label all the itemized amounts so that your teacher will know what they are for. You will also need to document all your expenses. For instance, if you do not have a car now but know you will in the future, you must research the cost of that specific car. You will also have to Project 3 BUSH 033 calculate transportation costs, housing costs, and utilities. All this information is available on the Internet or at your local library—be sure to cite your sources at the end of your Budget Review. JOB YOU HAVE CHOSEN ANNUAL GROSS SALARY INCOME & DEDUCTIONS MONTHLY PAYROLL AMOUNTS Gross Monthly Income Federal Tax deduction State Tax deduction Social Security deduction Medicare deduction BUDGET CATEGORY MONTHLY BUDGET AMOUNT INCOME Net Income Interest Income Miscellaneous Income Total Spendable Income EXPENSES & INVESTMENTS HOME Mortgage or Rent Homeowners or Renters Insurance Property Taxes Home Repairs/Maintenance/Homeowner’s Association Dues Home Improvements UTILITIES Electricity Water and Sewer Natural Gas or Oil Telephone (Land Line, Cell) FOOD Groceries Project 3 BUSH 033 Eating Out, Lunches, Snacks FAMILY OBLIGATIONS Child Support Daycare, Babysitting HEALTH AND MEDICAL Insurance (medical, dental, vision, life) premiums Unreimbursed Medical Expenses, Co-pays Fitness (Gym, Yoga, Massage,) TRANSPORTATION Car Payments Gasoline/Oil Auto Repairs/Maintenance/Fees Auto Insurance Other Transportation (tolls, bus, subway, taxis) DEBT PAYMENTS Credit Cards Student Loans Other Loans ENTERTAINMENT/RECREATION Cable TV/Videos/Movies Computer Expense Hobbies Subscriptions and Dues Vacations PETS Food Grooming, Boarding, Vet CLOTHING INVESTMENTS AND SAVINGS 401(K)or IRA Project 3 BUSH 033 Stocks/Bonds/Mutual Funds College Fund Savings Emergency Fund MISCELLANEOUS Toiletries, Household Products Gifts/Donations Personal (Hair, Make-up, Other) Miscellaneous Expenses TOTAL INVESTMENTS AND EXPENSES SPENDABLE INCOME MONTHLY EXPENSES SURPLUS OR SHORTAGE (Your spendable income minus your total expenses and investments) For expenses incurred more or less often than monthly, convert the payment to a monthly amount when calculating the monthly budget. For instance, convert an auto expense that's billed every six months to a monthly amount by dividing the six-month premium by six. This money should be kept separate from your other money so it is available when the bill becomes due. For parking fees that are paid weekly, multiply by 4 to approximate a monthly amount. Budget Review Once the chart is completed, review your costs. Did you really include every cost? Did you come up short? That is, are your expenses greater than your income or vice verse? In a written budget review, discuss this and the whole budgeting process. Be sure to outline your family situation in this budget review. Are you single, married, divorced? Do you have children (List how many and their ages.)? This review should be a serious reflection of your own personal finances: be thoughtful and sincere. Your review should be at least 500 words. Don’t forget to cite any sources you used for your budget at the end of your review. Project 3 BUSH 033 Grading Rubric The following rubric will be used to score your monthly budget and budget review. Excellent Good Satisfactory Needs Improvement Knowledge Shows complete understanding of budgeting concepts and the decisionmaking process. Shows substantial understanding of budgeting concepts and the decisionmaking process. Shows some understanding of budgeting concepts and the decisionmaking process. Response shows a lack of understanding of budgeting concepts and the decisionmaking process. Requirements Goes beyond requirements with exceptional detail. Meets requirements and has appropriate detail. Meets some of the requirements. Some detail is missing. Does not meet requirements. Some detail is missing. Research Research is complete and exceeds requirements. Sources are legitimate and varied. Research is complete and meets requirements. Sources are legitimate and varied. Research is not complete. Sources are legitimate but not varied. Research is incomplete. Sources are questionable. Estimations were realistic and showed a clear, concise understanding of the process and current economic conditions. Estimations were realistic and showed an understanding of current economic conditions. Estimations were somewhat realistic and showed some understanding of current economic conditions. Estimations not easy to interpret. Estimations were not realistic and showed a vague understanding of current economic conditions. All questions were answered with clear, thoughtful reflection of the budgeting process. All questions were answered with somewhat of a clear, thoughtful reflection of the budgeting process. Not all questions were answered with clear, thoughtful reflection of the budgeting process. Not all questions were answered. Review lacked a clear, thoughtful understanding of the budgeting process. Sentences and paragraphs are complete, well constructed and of varied structure. There are no errors in grammar or spelling. All sentences and paragraphs are complete and well constructed (no fragments or run‐ons). There are minimal errors in grammar and/or spelling. Most sentences and paragraphs are complete and well constructed. A few need some work. There are errors in grammar and/or spelling. Many sentences and/or paragraphs need work. There are several errors in grammar and/or spelling. Budget Numbers (Income and Expenses) Budget Review Structure and composition of written material Points Project 3 90-100 80-89 70-79 69 or below BUSH 033
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Running head: BUDGET REVIEW

1

Budget Review
Student’s name
Course name
Professor’s name
University affiliation
Date

2

BUDGET REVIEW

Budget
JOB YOU HAVE CHOSEN

ANNUAL GROSS
SALARY

Insurance underwriter

INCOME & DEDUCTIONS

$69,380

MONTHLY
PAYROLL
AMOUNTS

Gross Monthly Income

$5780

Federal Tax deduction

$1156

State Tax deduction

$884.34

Social Security deduction

$358.46

Medicare deduction

$83.83

BUDGET CATEGORY

MONTHLY
BUDGET
AMOUNT

INCOME
Net Income
Interest Income

$3297.37
$100

3

BUDGET REVIEW

Miscellaneous Income
Total Spendable Income

$100
$3537.37

EXPENSES & INVESTMENTS
HOME
Mortgage or Rent

$600

Homeowners or Renters Insurance

$45

Property Taxes

$75

Home Repairs/Maintenance/Homeowner’s

$50

Association Dues
Home Improvements

$0

UTILITIES
Electricity

$50

Water and Sewer

$25

Natural Gas or Oil

$15

Telephone (Land Line, Cell)

$50

FOOD
Groceries

$80

4

BUDGET REVIEW

Eating Out, Lunches, Snacks

$40

FAMILY OBLIGATIONS
Child Support

$0

Daycare, Babysitting

$0

HEALTH AND MEDICAL
Insurance (medical, dental, vision, life) p...


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