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JA Finance Park Units: 1-4

Emerging Technologies Final Exam Prezi
by

Donovan M.

on 17 January 2013

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Transcript of JA Finance Park Units: 1-4

You pay taxes through everyday purchases, or sales tax.

Income tax is taken off of your salary.

Property tax is what's charged on anything you own such as a car, motorcycle or house. Unit 2:
Taxes and My Salary They are found almost anywhere, you are sure to find one near you. Unit 4: Prepare for JA finance Park Unit One: Financial Institutions.. Almost everyone uses financial institutions (Banks). They are used to hold accounts, help use credit an debit cards, and also be involved with investments and help track them. Once you have a job and are out in the real world, you will be surprised how much you'll need to use financial institutions. You can physically visit your institution, call on the phone or as many people utilize today: Online Banking. Banks can help you make investments for the future such as stocks or bonds. There is a risk factor however to making money or losing money. Also interest can be charged to any investment you make or the bank can owe you interest. Credit Cards allow you to "buy now, pay later" They are a very useful tool but can lead to tons of debt if overused. Debit Cards take money out of an account where the money is actually there. It can be helpful to keep a register of your purchases to see how your money is spent and to help with planning future budgets. Taxes are funds, or money that local, state, and federal governments collect to pay their bills. Also to go towards highways roads and schools. 3 Main types are explained below: Two other deductions to a paycheck is Social Security, which saves for retirement, and Medicare, which saves for medical expenses. Even though they are being used less and less, it is important to know how to write checks. You may know your gross monthly income, however if you subtract all of the deductions explained above and to the left of this you will find the amount you actually get, Net monthly income (NMI). example of how to write a check Unit 3 is mainly about budgeting and there is still more. Not only all of those expenses like utilities etc. but like I said before, you want to know if there will be money left over for things you want..not need. Entertainment, or as the Finance Park Book referred to it, "Funny Money."m A lot of times though, when money is short these luxuries are sacrificed to meet the budget and not over spend. Unit 3: Budgeting

Budgets are important to keep when you know some info. from last unit, your NMI. Budgets help plan out how your money will be spent and if you will have anything left over. You can have a house, car, or other big payment. You also have taxes..as mentioned in the last unit. But those taxes can vary depending on the size of your house or location of it. You pay taxes to schools too. Plus there is food, furniture, children (if you have them), and much more. Unit 4 just went into greater detail about budgeting; more categories were shown such as health/medical, clothing, transportation, eating out, cable etc. Except in this unit, you applied it. We worked through a life situation in the book and also on our field trip to Finance Park. The situation we were put in simulated a real life situation. We were given a job and a salary, we had to then plan our budget for a month and see how we made out. My situation at Finance Park was that I was a 27 year old Diesel Mechanic who made just under $4,500 a month. I was able to buy a house and a car, for reasonable monthly payments. After all my deductions with taxes and things like utilities, I came away with about $500 for food, furniture and entertainment. I spent most of that on food. Then i bought a limited amount of furniture. After I used the last $100 on a pair of sneakers, (Funny MOney) I had 17$ to spare. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
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