bookkeeping basics worksheet answers clark creative education

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Bookkeeping basics 1 - Biology notes

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Bookkeeping basics, name _____________ block ____, date _____________________.

Do you have enough money for your iPod 9? Can you really afford to eat lunch at Red Lobster every day? Is purchasing the Camaro a good idea? While spending money may feel like a lot of fun, what if you don’t have it? Even worse, what if you don’t even think about these kinds of things? In the United States, we live in a culture of consumption, but as recent market crashes have pointed out we need to improve our financial literacy. In this assignment, you will analyze an individual’s sources of income and expenses. In each case, the individual is asking the question “Can I afford this?” Name ___________________________ Date ________________

####### Roanoke

Database Engineer (Full-Time) Age 25 Family Single Goal: Roanoke would like to purchase a new HD monitor.

Monthly Budget

Housing $ Transportation $ Health Insurance $ Cell Phone $ Groceries $ Utilities $ Loans (Credit Cards, Student Loan) $ Savings $ Available Funds ?????? The HD monitor Roanoke would like to have for his PC is $188. Will he have enough available funds in order to purchase it? Over the weekend, there was a database disaster at his job. Roanoke has been called in for overtime. If he gets paid $25/hour for overtime, how many hours will he need to work in order to buy the monitor?

© Clark Creative Education

Elementary School Teacher (Full-Time) Age 29 Family Married (1 kid) Goal: Chloe would like to re-model her master bathroom Monthly Budget Income Teacher’s Salary $ Husband’s Salary $ Expenses Housing $ Transportation $ Cell Phone $ Groceries $ Utilities $ Loans (Credit Cards, Student Loan) $ Childcare $ Savings $ Available Funds ?????? Chloe would like to get a new toilet, flooring, sink and paint. She’s estimated the job will cost $6,000. If she and her husband decide to save their “available funds” every month, how many months will it take until she can do it?

Nursing Home Aide (Part-Time) Waiter (Part-Time) Age 32 Family Girlfriend (2 kids) Goal: Enrique would like to purchase health insurance for his family. Monthly Budget Income Nursing Home Paycheck $ Waiter Paycheck $ Expenses Housing $

Entry Level Salesman (Full-Time)

Graphic designer (part-time), family single, goal: owen would like to get his own, graphic design work $, housing (with parents) $, transportation $, health insurance $, cell phone $, groceries (with parents) $, utilities $, loans (credit cards, student loan) $, available funds , owen would like to move out of his parent’s house and get his own place. if he moves out, his, housing cost will, increase to $700, groceries will increase to $300, and utilities will increase to $150. based on his, funds, can he afford this, budget busters, budgets are a way to help people keep track of their income and plan their expenses. of, course unexpected events will arise; having a solid idea of how to use your money is a, great idea. budgets are also used to help control or trim spending. for instance if you have, budgeted 10% of, your income on groceries and you are spending over 15%, then perhaps there are ways to reduce, your costs., in this assignment, you will be given budgets for different individuals. you will also be given, their actual, spending. will their spending line up with their budgets or are they out of whack do they need, a trim put, your percentage skills and problem solving to the test, before you can get down to the nitty-gritty, you will need to calculate an individual’s net pay., gross pay is the, total amount of money a person makes, but the net pay is the amount of money someone, actually receives, after taxes and deductions. budgets are typically planned based off an individual’s net pay., name ___________________________ date ________________, deandre – entrepreneur – family of 4, $65,000 annual salary at 28% tax rate.

Amount of Taxes: Net Annual Income: Net Monthly Income: Projected Actual Category Total Percent Housing $ Groceries $ Transportation $ Debt $ Church $ Savings $ Category Actual Projected Difference Housing 1200 Groceries 950 Transportation 490 Debt 585 Church 390 Savings 285

• How well is DeAndre adhering to his budget? Are there any significant differences?
• DeAndre wants to save more money for his children’s college education, what would you suggest he could trim from his spending? Housing 30% Groceries 20% Transportation 15% Debt 15% Savings 10% Church 10% © Clark Creative Education

Bella – Barista – Single

$28,000 annual salary at 18% tax rate.

Amount of Taxes: Net Annual Income: Net Monthly Income (round to nearest dollar):

Projected Actual

Groceries $ Church $ Transportation $ Things She Wants $ Category Actual Projected Difference Housing 1950 Debt 875 Savings 920 Groceries 560 Church 495 Transportation 450 Things She Wants 525

• How well is Safiya adhering to her budget? Are there any significant differences?
• The roof on Safiya’s house has developed a leak and her homeowner’s insurance will not cover the entire amount. A contractor quoted the new roof and water damage repairs at $35,000. She will need to rearrange her finances, based on your analysis where can she save some money? Housing 35% Debt 15% Savings 15% Groceries 10% Church 10% Transportation 10% Things She Wants 5% © Clark Creative Education

Rishi – Electrician – Family of 5

$48,000 annual salary at 26% tax rate.

Amount of Taxes: Net Annual Income: Net Monthly Income: Projected Actual Category Total Percent Housing $ Groceries $

Childcare $

Category actual projected difference, housing 1000, groceries 800, transportation 450, childcare 370, 1. how well is rishi adhering to his budget is he able to keep up with his bills, 2. over the weekend, rishi was in a car accident and his car is totaled. the driver who hit, not have insurance so he is on the hook for everything. he needs $5,000 to buy a quality, or else he will likely lose his job, what can he do to save the money will he need to, transportation, monthly payment 101, while spending only $2,000 to take home a brand new toyota camry may sound like a lot of, fun, paying on, that loan for 72 months may not be. in the united states, the commentary after our last economic, was that americans tend to buy things out of their reach. homes, cars, televisions, you name it,, perhaps shortsighted buyers expect a promotion that never comes or are on the receiving end of.

the monthly payment is less than $400 and he can pay it off in less than two years. AmeriBank Loan Offer Loan Amount (c) $8, Annual Interest Rate 8% Monthly Interest Rate (r) Number of Months (n) 24 Monthly Payments (P) will be... $ Equation Space:

• With this loan, what will the monthly payment be? Will he be able to pay it off in less than two years? Long Term Cost Number of Months (n) Monthly Payments (P) Total Cost (nP) Interest (nP – c)
• How much interest will Cesar need to pay on this loan? How could he reduce this amount? Dawne is considering borrowing $35,000 to invest in a local business if... the monthly payment is less than $800 and the total cost is less than $40, Sixth/Third Loan Offer Loan Amount (c) $35, Annual Interest Rate 4% Monthly Interest Rate (r) Number of Months (n) 60 Monthly Payments (P) will be... $ Equation Space:
• With the loan offer from Sixth/Third, is the monthly payment less than $800? Long Term Cost Number of Months (n) Monthly Payments (P) Total Cost (nP) Interest (nP – c)
• How much interest will Dawne have to pay on this loan? Will it put her total over $40,000?

© Clark Creative Education Jeff is considering borrowing $12,000 to enroll in a semester of college, but he’s trying to decide between two different bank offers. Which is better? J. Porgan Bank Loan Offer Loan Amount (c) $12, Annual Interest Rate 3% Monthly Interest Rate (r) Number of Months (n) 72 Monthly Payments (P) will be... $ Long Term Cost Number of Months (n) Monthly Payments (P) Total Cost (nP) Interest (nP – c) Silverman Slacks Bank Loan Offer Loan Amount (c) $12, Annual Interest Rate 3% Monthly Interest Rate (r) Number of Months (n) 60 Monthly Payments (P) will be... $ Long Term Cost Number of Months (n) Monthly Payments (P) Total Cost (nP) Interest (nP – c) Calculation Space

• From your calculations compare the monthly payments of the two banks. Whose monthly payment is lower? What is the difference between the loans?
• When considering the long-term, what are the total costs of the loans from each bank? Which bank has a lower total?
• All things considered, which loan do you think Jeff should take? Explain. © Clark Creative Education Marcy is considering borrowing $65,000 to make an addition onto her home. She has offers from two different banks and needs to make a decision. She would prefer a monthly payment around $800 a month, but doesn’t want to pay too much money in interest. Which is offer is better for her?
• Multiple Choice

Subject : Biology

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Home of 21st Century Math Projects

The game of life — financial literacy — real world math project.

A pure real world  21st Century Math Project  that can work for a lot of different ages! Real world math projects are one of the most sought after resources. In my opinion, most everything I do is a real world math projects, but when most teachers want a REAL WORLD MATH PROJECT they are looking for something like this. So of course I had to do it, right? 

When are we ever going to use this. While some math teachers are perfectly comfortable espousing all of the interdisciplinary connections and are able to articulate which professionals authentically use the topic they are teaching, there are many others who just want to say… uhhhh…. YOU JUST DO!  Keeping it real, the average person isn’t going to run into systems of inequalities very often, but they will certainly need to have mastered those basic operations! Percents and data analysis will also come into play nearly every day, but any time you see, touch, taste or smell money… they are sensing the jedi powers of math.  Apparently it took an economic crash for our country to realize 90% of people have a hard time managing their money. So what do you do? Mandate a Financial Literacy component for every graduate! If you are the lucky math teacher that this got passed to, this might be for you .

I’ve tried to make the most awesome real world math project ever created. While I’m not sure I reached those heights (it’s the thought that counts, right?) I’ve made something pretty cool. [Hey Reader, go to TPT and download the preview, you can see pretty much everything]. Housing, transportation, food, savings, debts, extras, donations, having babies, getting married, accidents, it’s all here! I’m pretty sure my brother and I played one too many games on our Life board game.  Of course, we don’t jump right into the game first. I have designed three assignments that intend to build the skill necessary to survive in the real world! Here’s pretty much the breakdown.

In “Bookkeeping Basics” students analyze the spending of different individuals and determine whether or not they have the available funds necessary to purchase an item they would like. “Can I afford this?”  In “Budget Busters” this assignment asks students to analyze the budgets and actual spending of different individuals. Are they spending within their budget? More they can analyze a budget, students will need to determine net pay after calculating their taxes. Students will need to translate between percents, fractions and decimals. 

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The basics of bookkeeping    new.

In this online course you will learn where the numbers go and why! You will learn bookkeeping terminology as well as what it means to keep track of the numbers. This course shows you how to create a chart of accounts that meet your needs and shows you where all of the money you earn and the money you spend is going. Whether you are looking to advance in your career, you’re an entrepreneur, or you are part of a family business, this course will help you if you are looking to understand the numbers.