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Activity_The_Student_Budget.pdf - 3 CHAPTER Activity:...

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CHAPTER3The Student BudgetProcedureHand out the student activity sheet and student budget forms (note: You canalso have students use the online budgeting tool found on foundationsU.com).Students need to read scenarios 1 and 2, then create a zero-based budget for eachone. Students will then create a zero-based budget based on their own income. Letstudents know that they will need to compute their net pay by subtracting 20% fromtheir gross pay for taxes.Answer KeyBudgets will vary but must include giving and saving as funded categories. Studentsneed to get in the habit of putting something away in these categories, even if it isn’tthe full 10–15%.Make sure that the car upkeep and repair categories are funded appropriately.Jenna needs to save $125 each month for her Mexico trip in addition to regularsaving. Make sure students include a line item for her trip.Students tend to spend a lot of money on clothes and entertainment, so make surethose categories are appropriately funded.Remember, the point is to spend every dollar on paper before the month begins.(Students will need multiple copies of the budgeting form if they are not using thebudgeting tool on foundationsU.com.)1

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Term
Fall
Professor
N/A
Tags
Finance, Personal Finance High School

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