Projects During the Course
Making Your Own Check/Making a Register
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Using the example, make a check for your use in this class.
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The first number at the bottom of the check is the routing number. Each bank has a specific number for each state. The next number is your account number. The last number is the check number that matches the top right hand number. Leave this blank as it will change each time you write a check.
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Example of a Register
Jonny Register
Date Check Number Transaction Amount Running Total
9/14/18 Signing Bonus +$100.00 $100.00
9/14/18 Bathroom -$10.00 $90.00
9/14/18 Pay Check +$150.00 $240.00
9/14/18 100 The Insurance
Company (Silver) -$80.00 $110.00
9/14/18 101 The Rental
Company -$50.00 $60.00
(rent)
9/14 102 The Rental Company -50.00 $10.00
(security deposit)
Jonny Register
Date Check Number Transaction Amount Running Total
9/14/18 Signing Bonus +$100.00 $100.00
9/14/18 Bathroom -$10.00 $90.00
9/14/18 Pay Check +$150.00 $240.00
9/14/18 100 The Insurance
Company (Silver) -$80.00 $110.00
9/14/18 101 The Rental
Company -$50.00 $60.00
(rent)
9/14 102 The Rental Company -50.00 $10.00
(security deposit)
Know Your Strengths and Weaknesses...Personality Traits
List 10 traits for each category (the example below is for one particular person...me)
Strengths Likes Need to Improve
1) Enjoys life 1) Traveling 1) Messy
2) Helping people 2) Laughing 2) Naïve
3) Organized 3) Lobster 3) Don’t know what to say when dealing with death
4) Hard worker 4) Warm weather 4) Rude to telemarketers
5) Try to stay healthy 5) Swimming 5) Too trusting
6) Enjoy teaching 6) Meeting new people 6) Drive too fast
7) Listening 7) Riding my bike 7) Better with technology
8) Good planner 8) Photography 8) Don’t floss enough
9) Easy going 9) Working out 9) Too many boots
10) Love learning new things 10) Investing 10) Not serious enough
Job Interests (list at least 3 jobs related to strengths)
Teacher, Coach, Trainer, After School Director, Stand –Up Comic
Starting My Own Business (list at least 2 businesses you could start)
Website about investing, Sports Photography, Travel Agency, Stand-Up Comic
How to improve (pick 5 things to work on)
1) Be more aware of clutter
2) Slow down when driving
3) Sell some boots
4) Patiently tell telemarketers no
5) Be careful how I joke about things
Banking
Wells Fargo vs Ally
1) Savings account rate (APY), opening deposit, minimum balance, monthly fee
2) 1 year CD rate (APY), minimum opening deposit
3) Other banking opportunities each bank offers...student loans, etc (list at least 3)
4) List 3 reasons why you might choose Wells Fargo over Ally
5) List 3 reasons you would choose Ally over Wells Fargo
6) Compare the saving interest rates between 3 other online banks (besides Ally)
Banking Worksheets
(You can find the deposit form in the section labeled "FORMS")
Deposit 1:
Today’s date
Wal-Mart check…$230.78
Weekend work check…$100.00
Birthday check…$20.00
Cash from yard sale…5-$20, 6-$10, 2-$5, 7-$1, 81 quarters, 2 dimes, 20 nickels
Deposit 2:
Today’s date
Paycheck…$258.67
Cutting grass check…$176.87
Cutting grass cash…1-$50, 6-$20, 3-$5, 1-$1, 8 half dollars, 40 quarters, 5 dimes, I nickel, 1 penny
Deposit 3
Today’s date
Extended Education pay check…$150.98
Frank Miller’s check for babysitting…$45.00
Take out $50.00 cash for the weekend
Make a register for each:
(You can find the register form in the section labeled "FORMS")
A-previous balance=$1,235.65 B-previous balance=$456.42
#1234 8/2 K-Mart $123.56 #567 9/3 Sears $207.89
8/6 Paycheck $239.12 #568 9/4 Wal-Mart $178.09
#1235 8/10 Subway $10.50 9/6 Paycheck $245.78
#1236 8/23 Lowes $45.01 #569 Insurance payment $390.00
8/30 Paycheck $324.24 9/12 Overdraft charge $50.00
9/3 Weekend work check $125.98 9/13 Paycheck $300.00
#1237 9/10 Birthday gift $25.00
Balancing a checkbook...Your friend asks for your help. She doesn't understand why her register doesn't match the bank's number. Can you help her?
Number Date Transaction Withdrawal Deposit previous balance: $532.91
#325 2/15 Krogers 256.78 276.13
2/19 Paycheck 210.32 486.45
#327 2/25 Dominion Power 214.63 271.82
#328 2/27 Sears 63.19 208.63
3/1 Paycheck 197.42 406.05
Bank statement = $328.10
Why the difference? _____________________________________________________
Balancing a checkbook... Another friend asks for your help. He doesn't understand why his register doesn't match the bank's number. Can you help him?
previous balance: $379.61
#103 9/17 Toys R Us 123.72 255.89
#104 9/20 Food Lion 98.67 157.22
9/20 Paycheck 356.81 504.03
#105 9/21 Merchant’s 320.78 183.25
#106 9/22 Wal-Mart 45.29 137.96
Bank Statement = $147.96 Why the difference? ________________________________
Credit Card Project (bankrate.com)...3 Parts!
Part I: Credit Cards
Find 3 credit cards (one for each)
Name of Card Card 1 Card 2 Card 3
Rating Excellent Fair Bad
Intro Rate
Regular Rate
Transfer Balance
Annual Fee
Late Fee_____________________________
List one advantage
List one disadvantage
Rewards
Write the definition of “Line of Credit”
Part II: Credit Card Minimum Payoff
bankrate.com
Part III: Credit Card Article
1. go to: https://www.nasdaq.com/article/simply-saying-the-best-advice-about-credit-cards-youve-ever-heard-cm409844
2. Read then write 3 things that you agree or disagree with.
Buying Car Insurance from thegeneral.com
answers for each male and female
1) Why is it more expensive to pay your premium monthly than per year?
2) What did you notice about the difference in Good Credit vs Fair Credit? How much would you save per year?
3) What is the difference in cost of the yearly premium between a male and female? Why is there such a difference?
4) If you raise the deductibles for collision and comprehensive, what happens to your premium? Why does it change?
Car Insurance...Accident
Maria Andretti purchased an automobile insurance policy through an insurance agent
at the Wilson Insurance Agency. She paid a premium of $120 per month. Her policy includes the following:
• Bodily injury liability and property damage liability,
stated as “50/100/20”
• Collision insurance with a deductible of $1000
• Comprehensive insurance with a deductible of $500
Assume Maria is driving her car with a friend and is involved in an accident that was her fault. The driver also has a passenger in the car. Everyone – drivers and passengers – sustain injuries and require medical care.
Health Insurance Numbers
Finding Health Insurance
Agilehealthinsurance.com
Birth date: 01/01/1995
Zip code: 22963
Male or female
Monthly payment option
Click “Compare Term Health Insurance”
Compare two policies that have different deductibles.
Write the name of each policy.
Find:
Q2...Which policy would you choose and why?
Q3...What is the difference between HMO and PPO?
Q4...Why is the health insurance deductible higher than it is for car insurance?
Buying a Car/Truck
Kelley Blue Book (kbb.com) Part 1
Go find the yearly premium for insuring your new car using the same numbers from the car insurance project:
without collision or comprehensive:_____________
1) Add collision and comprehensive with $250 deductibles...what is the yearly premium? ________
2) Change the deductibles to $1,000...what is the yearly premium? __________
3) When you raised your deductibles what happened to your premium? ____________
Stock Project
Part 1
Look up 4 stocks on market watch (two must have a dividend):
Name:
Call letters from a US market:
52-week high and low: _______high _____low
Opening price:
Dividend (per share):
Sales/Revenue (Latest):
Sales growth, percent (Latest):
Net Income (Latest):
3-year trend (+,-,0)
Analyst report (buy, sell, hold):
Year founded:
Part 2
Stock Picking...Short Selling/Margin Buying
Short Selling Chart
Stock Name and Symbol:__________________
200 shares borrowed (sold) X _______Price per share (1st day)=$____________ (amount you collected)
200 shares you buy back X ________Price per share (last day)=$____________(amount you paid to buy back the shares)
subtract line 2 from line one=$_______________circle one: profit or loss
Margin Buying Chart (using $5,000 of your money, borrowing $5,000 from your brokerage firm)
Stock Name and Symbol:____________________
$10,000/____price per share (1st day)=_______(shares you can buy...round, no partial shares) X __________(price per share)=
________(actual amount you spent of the $10,000).
number of shares you bought _________X__________price per share (last day)=________________amount you received
subtract the amount spent minus amount received=____________________circle one profit/loss
Housing Project
House costing: find using Zillow
Description of your house: location, price (listed not estimate), # of rooms, square footage, # of bathrooms, size of the lot, age
If you used a FHA loan (Federal Housing Administration loan), you would need a 3.5% down payment.
down payment= cost of your home X .035 (write this down)
cost of your home - down payment = amount financed<---use in the problem for the amount borrowed
remember: the total cost of your home is the original price + the total interest paid
Bankrate.com
Monthly Payment Total Interest Total Cost
15 years:
3.5%
4.5%
30 Years:
3.5%
4.5%
Q-1 What did you notice about the difference in total interest for the 15 year loan when compared to the 30 year loan? Total interest for 3.5% when compared to 4.5%. How much did you save in total interest by lowering your rate by 1% with a 30 year loan?
Q-2 What did you notice about the monthly payments for a 15 year loan compared to a 30 year loan? Monthly payment for 3.5% when compared to 4.5%
Q-3 Using the amortization table, what do you notice about the amount of your payment that goes towards the principal and the interest?
***Don't forget to negotiate your interest rate as well as the price of your home...save thousands!!!***
Home Owner's Insurance
Policy...see forms
HOME OWNERS INSURANCE WORKSHEET
Answer the following questions using the sample policy (see forms):
Taxes
W-2 Form (single, not married, no children, not a dependent)
Employer’s name:
Best Class Ever
Happy Street
Palmyra, Va 22963
Employee’s name: "Your Name" Social security number: 123-45-6789
Wages, tips, other: $18,540.58
Federal Income Tax Withheld: $710.00
Social security wages: $18,540.52 State Income tax withheld: $185.08
Social Security Tax withheld: $100.01 Medicaid/Medicare: $91.67
(no taxable interest or other taxable income)
Use the 2018 Tax Instructions to answer the following questions:
WILLS (Number your paper 1 - 25 and fill in the appropriate answer. You have $100,000 for investments, you have a $250,000 home, and you have a car worth $15,000)
LAST WILL AND TESTAMENT OF 1)__________________________(your name)
I, 2)____________________________(your name), presently of 3)_______________________(street), ________(city), Virginia, ____(zip) 4)___________(your name), am of sound mind and body declare that this is my LAST WILL and TESTAMENT.
PRELIMINARY DECLARATIONS
Prior Wills and Codicils
I revoke all prior Wills and Codicils.
Marital Status (Name, date of birth, address)
I am married to 5)_________________________________________________________.
6) Current Dependent Children (Name, date of birth, address)
If I or my spouse are unable to care for the above mentioned children, they will be assigned to the care of the following guardian:
7) ___________________________(name) ___________________________________________address
___________(relationship) _____________________________________(signature and date of the requested guardian)
PERSONAL REPRESENTATIVE
Appointment
I appoint 8)_______________________________of 9)________________________(street), 10)____________(city), Virginia,11)___(zip), as the sole Personal Representative of this WILL. The term “personal representative” in this WILL is synonymous with and includes the terms “executor” and “executrix.”
Powers of My Personal Representative
I give and appoint to My Representative the following duties and powers with respect to my estate:
Distribution of Estate
To receive any gift, property, or asset under this Will, a beneficiary must survive me for thirty (30) days. All property given under this Will is subject to any encumbrances or liens attached to the property. Any taxes associated with receiving assets or property in connection to this Will is the sole responsibility of the beneficiary and not my estate. If any named beneficiary does not survive me, then their portion of this Will shall be divided equally between the surviving beneficiaries decided by My Personal Representative. If none of my named beneficiaries survive me, or does not leave an heir, then I give, devise, and bequeath all the remaining assets of my estate to The Red Cross.
Individual Omitted from Bequests
If I have omitted to leave property in this Will to one or more of my heirs as named above, or to someone not formally mentioned in this Will, the failure to do so is intentional.
Insufficient Estate
If the value of my estate is insufficient to fulfill all the bequests or liabilities, then I give My Personal Representative full authority to decrease each bequest by a proportionate amount.
No Contest Provision
If any beneficiary under this Will contests in any court any of the provisions of this Will, then each and all such persons shall not be entitled to any devises, legacies, bequest, or benefits under this Will or any codicil hereto, and such interest or share in my estate shall be disposed of as if the contesting beneficiary had no survived me.
DISTRIBUTION
12) I leave the following to each family beneficiary listed:
Page 2 of 3
IN WITNESS WHEREOF, I have signed my name on this the 14)____day of 15)_____, 2019, declaring and publishing this instrument as My Last Will, in the presence of the undersigned witnesses, who witnessed and subscribed this Last Will at my request, and in my presence.
16)_________________________________(signature) ____________(date)
17)___________________________________(print your name)
SIGNED AND DECLARED by the following witnesses on the 18)___day of 19)_____, 2019 in the presence of 20)________________________ (print your name), verifying that this person is of sound mind and body, and understands this is their Last Will and Testament.
Witness #1 Witness #2
21)_________________________________(signature)___________________________________
22)_________________________________(print name)__________________________________
23)_________________________________(street address)________________________________
24)_________________________________(city, state, zip)________________________________
AFFIDAVIT 25) What is this section for?
STATE OF VIRGINIA
COUNTY/CITY OF____________________
Before me, the witnesses ______________________, _______________________, and the Testator, _________________________ signed the above LAST WILL AND TESTAMENT after being first duly swore, declared to me that the above instrument is being executed by _______________________as their LAST WILL AND TESTAMENT, that this document was being executed voluntarily without duress, and the Testator was over the age of eighteen years, and was of sound mind and memory.
SIGNED__________________________________ DATE______________
OFFICIAL CAPACITY___________________________________________
LIVING WILL (Number from 1 -14 and fill in an appropriate answer)
Living Will Declaration
And Health Care Surrogate
1) On this ___ day of ____________,20___, I (Print Name) ________________________________
2) Of: (Mailing Address) ____________________________________________________________
3) (City and State) ____________________________________ (Zip Code) ___________________
4) Phone: (_____)_______________________________ Date of Birth: __________________
5) E-Mail Address: _____________________________________________
I willfully and voluntarily make known my desire that my dying not be artificially prolonged under the circumstances set forth below, and I do hereby declare that, if at any time I am
mentally or physically incapacitated and:
6) _______ (Initial) I have a terminal condition, or
7)_______ (Initial) I have an end-stage condition, or
8)_______ (Initial) I am in a persistent vegetative state
9)_______ (Initial) I do not want to be tube fed
and if my attending or treating physician and another consulting physician have determined that there is no reasonable medical probability of my recovery from such condition, I direct that life-prolonging procedures be withheld or withdrawn when the application of such procedures would serve only to prolong artificially the process of dying, and that I be permitted to die naturally with only the administration of medication or performance of any medical procedure deemed necessary to provide me with comfort care or to alleviate pain. It is my intention that this declaration be honored by my family and physicians as the final expression of my legal right to refuse medical or surgical treatment and to accept the consequences for such refusal. In the event that I have been determined to be unable to provide expressed and informed consent regarding the withholding, withdrawal, or continuation of life-prolonging procedures, I wish to designate, as my surrogate, the executor, to carry out the provisions of this declaration, and to have the power of attorney for my estate.
10) My Name___________________________________ Phone (____) ______________________
11) Address___________________________________________Zip_____________________
12) Signature_______________________________________ Date_________________
13) Executor of this Living Will ________________________________ Phone (____) ________________
14) Address______________________________________________ Zip _________________
15) Signature_______________________________________ Date_________________
American Living Will Registry, LLC, 2814 Beach Boulevard South, St. Petersburg, FL. 33707
1-866-305-AWLR web site: www.alwr.com e-mail: info@alwr.com
BUDGET
$800/month rent $300/month for operating a car $85/month cable bill
$300/month food cost $350 monthly car payment $60/month home internet
$150/month entertainment $124/month electricity bill $30/month pet cost
$65/month water bill
1) Add your expenses until you run out of money for the month. Draw a line. What couldn't you afford?
2) What could you do to be able to afford some of those things? List at least 3 different things you could do.
3) Put the above expenses in one of these categories: Fixed Expenses Variable Expenses
End of the Semester Projects
Project I - Mergers, Acquisitions, Hostile Take Over
Requirements:
1) Definition (in business terms)
Merger
Acquisition
Hostile Take Over
2) Find an Article About an Actual Merger, Acquisition, and Hostile Take Over (one for each)
Title
Source
Date
Brief description of what happened (one paragraph)
Project II - Starting a Business
Requirements for the project:
1) Outline of your project or business
a) Name of your company or business
b) Employees and duties
c) What are you selling or doing
d) Where are you located
e) Contact information: address, phone, email, website
f) Opening date
g) Price list
2) Details of your business
a) Your customer base (who are you selling to)
b) Supplies
c) Equipment
d) Costs (ACTUAL DOLLAR AMOUNTS)
e) Hours of operation
3) A letter, flyer, or advertisement
a) Letter…letter head with logo, asking for a loan or an investment
b) Flyer…logo, advertising opening
c) Advertisement…logo, for a newspaper or website
4) Goals for your business…plans for the future
Project III - Opinion
Write a brief description (1 paragraph) about the importance of each:
Credit
Investing
Savings
Insurance
Banking
Budgeting
Estate Planning
Understanding the Economy
Project IV - Discussion Questions
Write at least 1 paragraph for each topic 1-7. You must cite at least one article for each topic 1-7.
1) The importance of physical health when looking at your financial health
2) The benefits and disadvantages to buying a house when compared to renting
3) The importance of leisure time
4) The monetary advantages and disadvantages of being married or single
5) The importance of an education
6) Compare owning a business to working for a business
7) List things you should do when preparing for a job interview
No articles needed:
8) List 5 goals you have for your life
9) Write one thing you thought was useful in this class
10) Write one thing you would like to see changed about this class
Project V - Decision Making, Attitude, Work Ethic (one paragraph each)
1) How do decisions you make now affect your future?
2) How is networking with people important?
3) Describe the importance of having a positive attitude.
4) What does this statement mean to you: "Good grades mean nothing without good character."
5) On oldmanmoney.com, go to the tab, "Building a Better You" and write down 3 of the most important ideas you find in that list, and explain why you chose them.
Project VI - Credit Payments (bankrate.com)
Credit Card (use this calculator from bankrate.com: credit card minimum payoff)
Project VII - 3-Stock Project
A. For each of the three companies (on the New York Stock Exchange) find:
1) What is its symbol?
2) What do the analysts suggest?
3) What is its financial data?
a) Current price
b) EPS
c) Dividend
d) 52-week high and low
e) Sales/revenue
f) % sales growth
g) Net Incomes
h) 5 year trend
i) P/E Ratio
4) Follow the price for each over a three day period
5) Calculate the % increase or % decrease for each stock price
Which stock would have been the best investment and why?
Project VIII: Writing all words and definitions
Use Quizlet "End of Year Project VIII" and hand write all the words and definitions in that lesson
Project IX: Investing vs Savings
1) What is the difference between investing and savings?
2) Describe how compound interest works.
3) What is the "Rule 72" and give an example.
4) Define diversification and tell why it is important.
5) Describe each and give one advantage and one disadvantage to owning:
savings account, CD (certificate of deposit), mutual funds, bonds, and stocks
Project X: Budgeting Project (per month)
(use 30 days in a month)***
Questions:
1) If you wanted to have the minimum amount (3 months) in your savings for emergencies, how long would it take you to save that amount?
2) If the cost of gas were to increase to $4.00 per gallon, where would you cut expenses to cover the increase in your gas expense?
3) The average cost of raising a child every month until age 18 is about $1100 excluding college. What
would you have to do to pay this expense?
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List 10 traits for each category (the example below is for one particular person...me)
Strengths Likes Need to Improve
1) Enjoys life 1) Traveling 1) Messy
2) Helping people 2) Laughing 2) Naïve
3) Organized 3) Lobster 3) Don’t know what to say when dealing with death
4) Hard worker 4) Warm weather 4) Rude to telemarketers
5) Try to stay healthy 5) Swimming 5) Too trusting
6) Enjoy teaching 6) Meeting new people 6) Drive too fast
7) Listening 7) Riding my bike 7) Better with technology
8) Good planner 8) Photography 8) Don’t floss enough
9) Easy going 9) Working out 9) Too many boots
10) Love learning new things 10) Investing 10) Not serious enough
Job Interests (list at least 3 jobs related to strengths)
Teacher, Coach, Trainer, After School Director, Stand –Up Comic
Starting My Own Business (list at least 2 businesses you could start)
Website about investing, Sports Photography, Travel Agency, Stand-Up Comic
How to improve (pick 5 things to work on)
1) Be more aware of clutter
2) Slow down when driving
3) Sell some boots
4) Patiently tell telemarketers no
5) Be careful how I joke about things
Banking
Wells Fargo vs Ally
1) Savings account rate (APY), opening deposit, minimum balance, monthly fee
2) 1 year CD rate (APY), minimum opening deposit
3) Other banking opportunities each bank offers...student loans, etc (list at least 3)
4) List 3 reasons why you might choose Wells Fargo over Ally
5) List 3 reasons you would choose Ally over Wells Fargo
6) Compare the saving interest rates between 3 other online banks (besides Ally)
Banking Worksheets
(You can find the deposit form in the section labeled "FORMS")
Deposit 1:
Today’s date
Wal-Mart check…$230.78
Weekend work check…$100.00
Birthday check…$20.00
Cash from yard sale…5-$20, 6-$10, 2-$5, 7-$1, 81 quarters, 2 dimes, 20 nickels
Deposit 2:
Today’s date
Paycheck…$258.67
Cutting grass check…$176.87
Cutting grass cash…1-$50, 6-$20, 3-$5, 1-$1, 8 half dollars, 40 quarters, 5 dimes, I nickel, 1 penny
Deposit 3
Today’s date
Extended Education pay check…$150.98
Frank Miller’s check for babysitting…$45.00
Take out $50.00 cash for the weekend
Make a register for each:
(You can find the register form in the section labeled "FORMS")
A-previous balance=$1,235.65 B-previous balance=$456.42
#1234 8/2 K-Mart $123.56 #567 9/3 Sears $207.89
8/6 Paycheck $239.12 #568 9/4 Wal-Mart $178.09
#1235 8/10 Subway $10.50 9/6 Paycheck $245.78
#1236 8/23 Lowes $45.01 #569 Insurance payment $390.00
8/30 Paycheck $324.24 9/12 Overdraft charge $50.00
9/3 Weekend work check $125.98 9/13 Paycheck $300.00
#1237 9/10 Birthday gift $25.00
Balancing a checkbook...Your friend asks for your help. She doesn't understand why her register doesn't match the bank's number. Can you help her?
Number Date Transaction Withdrawal Deposit previous balance: $532.91
#325 2/15 Krogers 256.78 276.13
2/19 Paycheck 210.32 486.45
#327 2/25 Dominion Power 214.63 271.82
#328 2/27 Sears 63.19 208.63
3/1 Paycheck 197.42 406.05
Bank statement = $328.10
Why the difference? _____________________________________________________
Balancing a checkbook... Another friend asks for your help. He doesn't understand why his register doesn't match the bank's number. Can you help him?
previous balance: $379.61
#103 9/17 Toys R Us 123.72 255.89
#104 9/20 Food Lion 98.67 157.22
9/20 Paycheck 356.81 504.03
#105 9/21 Merchant’s 320.78 183.25
#106 9/22 Wal-Mart 45.29 137.96
Bank Statement = $147.96 Why the difference? ________________________________
Credit Card Project (bankrate.com)...3 Parts!
Part I: Credit Cards
Find 3 credit cards (one for each)
Name of Card Card 1 Card 2 Card 3
Rating Excellent Fair Bad
Intro Rate
Regular Rate
Transfer Balance
Annual Fee
Late Fee_____________________________
List one advantage
List one disadvantage
Rewards
Write the definition of “Line of Credit”
Part II: Credit Card Minimum Payoff
bankrate.com
- Credit Card Minimum Payment Calculator
- $2,000 credit card balance
- 16% interest rate
- Minimum payment of 2% per month
- Find: Total payment, total interest, time to pay it off in years + months
Part III: Credit Card Article
1. go to: https://www.nasdaq.com/article/simply-saying-the-best-advice-about-credit-cards-youve-ever-heard-cm409844
2. Read then write 3 things that you agree or disagree with.
Buying Car Insurance from thegeneral.com
- zipcode: 22963
- maintained insurance: yes, no lapse
- previous insurance: 6 months to 1 year
- prior bodily liability: less than $50,000 to $100,000
- residence: renting
- credit: good
- first name: John or Jane
- birthday: 01/01/1996
- male/female
- single
- SR22...no
- course: yes
- accidents: no
- Vehicle: 2010 Toyota Tacama regular cab base/SR5, 2 door 4x4, 4-cyl, owned, not for business
answers for each male and female
- Down payment and monthly payment
- Total Premium
- Change just the credit rating from fair to good. Write the new Total premium? Keep the credit rating as "good" for the rest of the problem
- Change just roadside assistance and write the new down payment for each
- Change Bodily Injury to 50/100/25 and write the new down payment for each
- Add $500 in other than collision and $500 for collusion and write the new down payment for each
- Add $35 towing and labor and write the new down payment for each
1) Why is it more expensive to pay your premium monthly than per year?
2) What did you notice about the difference in Good Credit vs Fair Credit? How much would you save per year?
3) What is the difference in cost of the yearly premium between a male and female? Why is there such a difference?
4) If you raise the deductibles for collision and comprehensive, what happens to your premium? Why does it change?
Car Insurance...Accident
Maria Andretti purchased an automobile insurance policy through an insurance agent
at the Wilson Insurance Agency. She paid a premium of $120 per month. Her policy includes the following:
• Bodily injury liability and property damage liability,
stated as “50/100/20”
• Collision insurance with a deductible of $1000
• Comprehensive insurance with a deductible of $500
Assume Maria is driving her car with a friend and is involved in an accident that was her fault. The driver also has a passenger in the car. Everyone – drivers and passengers – sustain injuries and require medical care.
- What is the maximum amount Maria is covered for bodily injury for a whole accident? __________
- What is the maximum amount Maria is covered for property damage? ___________
- If the driver of the other car sustained $30,000 of medical bills, how much will the insurance company pay? _____
- If the medical bills were as follows: passenger in her car sustained $20,000, passenger in the other car sustained $15,000, and the driver sustained $30,000, how much of the bodily liability will the insurance company pay? _______________
- The other car had $21,000 of damages, how much will the insurance company pay? ____________
- Maria’s car had $3,500 worth of damages to her car, how much will the insurance company pay? ______________
- Maria needed medical care totaling $4,000. How much will the Wilson Insurance Agency have to pay? _________________
- If Maria had destroyed a fence during her accident which cost $2,000 to repair, how much would the insurance company pay for the repair? _______________
- Maria has had a string of bad luck. Right after her accident, she had her car broken into by thieves. They stole $200 worth of CDs, a $500 cell phone, and her $1000 laptop. The side car window was broken, and it cost $700 to fix. How much did the Wilson Insurance Agency have to pay? _____________________
- If Maria lowered her deductible, what would that do to her premium? _____________
- How much per year does Maria pay for her car insurance with The Wilson Insurance Agency? _____
- If Maria decided to increase her bodily liability numbers to 100/200/40, what would this do to her premium?____
Health Insurance Numbers
- $1000.00 deductible
- $20 copay for doctor visits and prescription drugs (does not count towards their deductible
- 90% coverage for doctor visits after the co-payment and deductible
- 50% coverage for eye care/glasses after the co-payment and deductible
- 80% coverage for hospital care/operations after the deductible (no co-pay required)
- No dental care or dentist visits
- Premium for this policy is $50 per month
- If a person went to a doctor for a check-up where the total cost was $320.00, how much would the insurance company have to pay? Person pay?
- After his visit to his primary care doctor, this person had to have an operation that cost $1,500. How much will the insurance company pay? Person pay?
- If the total for a dental bill was $500, how much did the insurance company pay? Person pay?
- This person went to their eye care doctor and had a charge of $220 for the visit and $550 for glasses. How much did the insurance company pay? Person pay?
- This person went to their primary care taker and the doctor wrote a prescription for a medication that cost $100 per month. How much did the insurance company pay for the year? Person pay?
- How much did this policy cost the person for a year, excluding all the medical bills?
Finding Health Insurance
Agilehealthinsurance.com
Birth date: 01/01/1995
Zip code: 22963
Male or female
Monthly payment option
Click “Compare Term Health Insurance”
Compare two policies that have different deductibles.
Write the name of each policy.
Find:
- Monthly premium
- Plan type
- Coinsurance
- Application fee
- Monthly fee
- Deductible
- Coverage maximum
- Max out of pocket
- Does your out of pocket include your deductible?
- Term length
- Prescription drugs
- Out of Country Coverage
- Periodic OB-GYN Exam
- Periodic Health Exam
- Pre and postnatal care
- Mammogram
- Emergency room
Q2...Which policy would you choose and why?
Q3...What is the difference between HMO and PPO?
Q4...Why is the health insurance deductible higher than it is for car insurance?
Buying a Car/Truck
Kelley Blue Book (kbb.com) Part 1
- Look up one new and one used vehicle you would like to buy.
- Name
- Year/ Model/Mileage (used vehicle)
- Options
- New Vehicle: List the MSRP and the Fair Purchase Price (high and low)
- Used: Look up the price for the used car when buying from a dealer, and when buying from a private person (high and low)
- Go to Loans...Use Calculators...Loan Calculator
- Use your MSRP for the new vehicle from above
- Use a 5 year loan
- Find the monthly payment, total interest paid, final cost of the vehicle using each interest rate: 1.99%, 4.5%, 5%
- What is the difference in total interest paid comparing 1.99% to 5%, and 4.5% to 5%?
- Find the total interest and the monthly payments if had a 3 year loan @1.99%. How do these compare to the same loan for 5 years...interest? monthly payment?
- Write the first and last lines of the amortization table for just the 1.99% interest rate for a 3 year loan.
Go find the yearly premium for insuring your new car using the same numbers from the car insurance project:
without collision or comprehensive:_____________
1) Add collision and comprehensive with $250 deductibles...what is the yearly premium? ________
2) Change the deductibles to $1,000...what is the yearly premium? __________
3) When you raised your deductibles what happened to your premium? ____________
Stock Project
Part 1
Look up 4 stocks on market watch (two must have a dividend):
Name:
Call letters from a US market:
52-week high and low: _______high _____low
Opening price:
Dividend (per share):
Sales/Revenue (Latest):
Sales growth, percent (Latest):
Net Income (Latest):
3-year trend (+,-,0)
Analyst report (buy, sell, hold):
Year founded:
Part 2
Stock Picking...Short Selling/Margin Buying
- Pick a stock that you think will do poorly. Borrow 200 shares. Sell them at market price. Write down how much each share cost, and how much money that transaction is worth. Friday at the end of class, buy back those same 200 shares. Record the price per share and how much the transaction is worth. Did you make money or lose money? How much? (use the chart below)
- Choose a stock that you feel is going to do well. Buy $10,000 worth of that stock, $5,000 is borrowed from your brokerage firm and $5,000 would be from your money. Record the stock price and the total paid for that transaction. Friday, sell the stock and figure your net gain or loss. (use the chart below)
Short Selling Chart
Stock Name and Symbol:__________________
200 shares borrowed (sold) X _______Price per share (1st day)=$____________ (amount you collected)
200 shares you buy back X ________Price per share (last day)=$____________(amount you paid to buy back the shares)
subtract line 2 from line one=$_______________circle one: profit or loss
Margin Buying Chart (using $5,000 of your money, borrowing $5,000 from your brokerage firm)
Stock Name and Symbol:____________________
$10,000/____price per share (1st day)=_______(shares you can buy...round, no partial shares) X __________(price per share)=
________(actual amount you spent of the $10,000).
number of shares you bought _________X__________price per share (last day)=________________amount you received
subtract the amount spent minus amount received=____________________circle one profit/loss
Housing Project
House costing: find using Zillow
Description of your house: location, price (listed not estimate), # of rooms, square footage, # of bathrooms, size of the lot, age
If you used a FHA loan (Federal Housing Administration loan), you would need a 3.5% down payment.
down payment= cost of your home X .035 (write this down)
cost of your home - down payment = amount financed<---use in the problem for the amount borrowed
remember: the total cost of your home is the original price + the total interest paid
Bankrate.com
- Loans
- Loan Calculator
- Chart of first 3 lines listed on the amortization table for an interest rate of 3.5% for a 30 year mortgage:
Monthly Payment Total Interest Total Cost
15 years:
3.5%
4.5%
30 Years:
3.5%
4.5%
Q-1 What did you notice about the difference in total interest for the 15 year loan when compared to the 30 year loan? Total interest for 3.5% when compared to 4.5%. How much did you save in total interest by lowering your rate by 1% with a 30 year loan?
Q-2 What did you notice about the monthly payments for a 15 year loan compared to a 30 year loan? Monthly payment for 3.5% when compared to 4.5%
Q-3 Using the amortization table, what do you notice about the amount of your payment that goes towards the principal and the interest?
***Don't forget to negotiate your interest rate as well as the price of your home...save thousands!!!***
Home Owner's Insurance
Policy...see forms
HOME OWNERS INSURANCE WORKSHEET
Answer the following questions using the sample policy (see forms):
- What is homeowner’s insurance for? _______________________________
- What is the term length of the policy? ______________________________
- Look at #6 – what is an “insurance agency”?_______________________________________
- Why is it important to know the name of your agency?
- What does “primary residence” mean? _________________________________________
- What does “premium” mean? _________________________________________________
- How much is the premium for this policy? ________________________________
- How can you reduce your premium? ____________________________________
- Look at #10 and answer these questions:
- Does construction type matter & why? _________________________________
- Why would year built be on the policy? _________________________________
- Why would the policy list if a house is close to a fire hydrant and/or the fire dept.?
- Does construction type matter & why? _________________________________
- Does this policy include flood coverage? __________________________
- Why or why not? _____________________________________
- What is the deductible for this policy? _________________
- Define deductible - _________________________________________________________
- Define dwelling - ___________________________________________________________
- What does “other structure” cover? ____________________________________________
- What does “personal property” cover? _________________________________________
- Explain “loss of use” #16 _____________________________________________________
- Define liability - _____________________________________________________________
- Why would you need personal liability in homeowner’s insurance?
- Why does the policy have the lending bank (company) name? ______________________
- Define mortgage - ___________________________________________________
- Explain #24 - _______________________________________________________________
- Does this policy have additional coverage for water back up? __________________
- What is the amount the homeowner can get if they have this additional coverage? ______
- What are two other names for additional coverage or extra coverage in a policy? ____________________________________________
- Define excluded peril - _______________________________________________________
- What does it mean when a person puts in a CLAIM? _______________________________
Taxes
W-2 Form (single, not married, no children, not a dependent)
Employer’s name:
Best Class Ever
Happy Street
Palmyra, Va 22963
Employee’s name: "Your Name" Social security number: 123-45-6789
Wages, tips, other: $18,540.58
Federal Income Tax Withheld: $710.00
Social security wages: $18,540.52 State Income tax withheld: $185.08
Social Security Tax withheld: $100.01 Medicaid/Medicare: $91.67
(no taxable interest or other taxable income)
Use the 2018 Tax Instructions to answer the following questions:
- If a person is single and qualified for the EIC with an earned income of $8,346, what is their credit?
- Using the tax tables, if a person is single and has a taxable income of $25,232.00, how much tax should they pay?
- How much is the standard deduction for a married couple filling jointly who are not dependents?
WILLS (Number your paper 1 - 25 and fill in the appropriate answer. You have $100,000 for investments, you have a $250,000 home, and you have a car worth $15,000)
LAST WILL AND TESTAMENT OF 1)__________________________(your name)
I, 2)____________________________(your name), presently of 3)_______________________(street), ________(city), Virginia, ____(zip) 4)___________(your name), am of sound mind and body declare that this is my LAST WILL and TESTAMENT.
PRELIMINARY DECLARATIONS
Prior Wills and Codicils
I revoke all prior Wills and Codicils.
Marital Status (Name, date of birth, address)
I am married to 5)_________________________________________________________.
6) Current Dependent Children (Name, date of birth, address)
- ________________________________________________________________
- ________________________________________________________________
- ________________________________________________________________
- ________________________________________________________________
If I or my spouse are unable to care for the above mentioned children, they will be assigned to the care of the following guardian:
7) ___________________________(name) ___________________________________________address
___________(relationship) _____________________________________(signature and date of the requested guardian)
PERSONAL REPRESENTATIVE
Appointment
I appoint 8)_______________________________of 9)________________________(street), 10)____________(city), Virginia,11)___(zip), as the sole Personal Representative of this WILL. The term “personal representative” in this WILL is synonymous with and includes the terms “executor” and “executrix.”
Powers of My Personal Representative
I give and appoint to My Representative the following duties and powers with respect to my estate:
- To pay my legally enforceable debts, funeral expenses, and all expenses in connection with the administration of my estate and the trust of My Will as soon as convenient after my death.
- To have the Power of Attorney for any necessary forms, documents, or other paperwork necessary to complete their duties as My Personal Representative.
- To take all legal actions necessary to execute the desires of My Will completely as governed by the laws of the Commonwealth of Virginia.
- To employ any lawyer, accountant, or other professional they deem necessary for the execution of My Will.
- To convert or liquidate investments or securities without liability for losses, and distribute the cash value to the designated beneficiaries.
- To close bank accounts and transfer assets to designated beneficiaries.
- To settle, abandon, sue, or defend any lawsuits against my estate.
- To distribute all assets and personal property according to my wishes as outlined in this Will.
- Authority and powers granted to My Personal Representative are in addition to any powers and elective rights conferred by state or federal law or by other provisions of this Will, and may be exercised as often as required, and without application to or approval by any court.
Distribution of Estate
To receive any gift, property, or asset under this Will, a beneficiary must survive me for thirty (30) days. All property given under this Will is subject to any encumbrances or liens attached to the property. Any taxes associated with receiving assets or property in connection to this Will is the sole responsibility of the beneficiary and not my estate. If any named beneficiary does not survive me, then their portion of this Will shall be divided equally between the surviving beneficiaries decided by My Personal Representative. If none of my named beneficiaries survive me, or does not leave an heir, then I give, devise, and bequeath all the remaining assets of my estate to The Red Cross.
Individual Omitted from Bequests
If I have omitted to leave property in this Will to one or more of my heirs as named above, or to someone not formally mentioned in this Will, the failure to do so is intentional.
Insufficient Estate
If the value of my estate is insufficient to fulfill all the bequests or liabilities, then I give My Personal Representative full authority to decrease each bequest by a proportionate amount.
No Contest Provision
If any beneficiary under this Will contests in any court any of the provisions of this Will, then each and all such persons shall not be entitled to any devises, legacies, bequest, or benefits under this Will or any codicil hereto, and such interest or share in my estate shall be disposed of as if the contesting beneficiary had no survived me.
DISTRIBUTION
12) I leave the following to each family beneficiary listed:
- _________________________________________________
- _________________________________________________
- _________________________________________________
- _________________________________________________
- _________________________________________________
- _________________________________________________________________
- _________________________________________________________________
- _________________________________________________________________
Page 2 of 3
IN WITNESS WHEREOF, I have signed my name on this the 14)____day of 15)_____, 2019, declaring and publishing this instrument as My Last Will, in the presence of the undersigned witnesses, who witnessed and subscribed this Last Will at my request, and in my presence.
16)_________________________________(signature) ____________(date)
17)___________________________________(print your name)
SIGNED AND DECLARED by the following witnesses on the 18)___day of 19)_____, 2019 in the presence of 20)________________________ (print your name), verifying that this person is of sound mind and body, and understands this is their Last Will and Testament.
Witness #1 Witness #2
21)_________________________________(signature)___________________________________
22)_________________________________(print name)__________________________________
23)_________________________________(street address)________________________________
24)_________________________________(city, state, zip)________________________________
AFFIDAVIT 25) What is this section for?
STATE OF VIRGINIA
COUNTY/CITY OF____________________
Before me, the witnesses ______________________, _______________________, and the Testator, _________________________ signed the above LAST WILL AND TESTAMENT after being first duly swore, declared to me that the above instrument is being executed by _______________________as their LAST WILL AND TESTAMENT, that this document was being executed voluntarily without duress, and the Testator was over the age of eighteen years, and was of sound mind and memory.
SIGNED__________________________________ DATE______________
OFFICIAL CAPACITY___________________________________________
LIVING WILL (Number from 1 -14 and fill in an appropriate answer)
Living Will Declaration
And Health Care Surrogate
1) On this ___ day of ____________,20___, I (Print Name) ________________________________
2) Of: (Mailing Address) ____________________________________________________________
3) (City and State) ____________________________________ (Zip Code) ___________________
4) Phone: (_____)_______________________________ Date of Birth: __________________
5) E-Mail Address: _____________________________________________
I willfully and voluntarily make known my desire that my dying not be artificially prolonged under the circumstances set forth below, and I do hereby declare that, if at any time I am
mentally or physically incapacitated and:
6) _______ (Initial) I have a terminal condition, or
7)_______ (Initial) I have an end-stage condition, or
8)_______ (Initial) I am in a persistent vegetative state
9)_______ (Initial) I do not want to be tube fed
and if my attending or treating physician and another consulting physician have determined that there is no reasonable medical probability of my recovery from such condition, I direct that life-prolonging procedures be withheld or withdrawn when the application of such procedures would serve only to prolong artificially the process of dying, and that I be permitted to die naturally with only the administration of medication or performance of any medical procedure deemed necessary to provide me with comfort care or to alleviate pain. It is my intention that this declaration be honored by my family and physicians as the final expression of my legal right to refuse medical or surgical treatment and to accept the consequences for such refusal. In the event that I have been determined to be unable to provide expressed and informed consent regarding the withholding, withdrawal, or continuation of life-prolonging procedures, I wish to designate, as my surrogate, the executor, to carry out the provisions of this declaration, and to have the power of attorney for my estate.
10) My Name___________________________________ Phone (____) ______________________
11) Address___________________________________________Zip_____________________
12) Signature_______________________________________ Date_________________
13) Executor of this Living Will ________________________________ Phone (____) ________________
14) Address______________________________________________ Zip _________________
15) Signature_______________________________________ Date_________________
American Living Will Registry, LLC, 2814 Beach Boulevard South, St. Petersburg, FL. 33707
1-866-305-AWLR web site: www.alwr.com e-mail: info@alwr.com
BUDGET
- You make $16.00/hour for a 40 hour work week. Approximately: 20% is taken out for taxes and FICA. Figure your take home pay per month (assuming you work 4 full weeks). What is your gross pay? What is your net pay?
- From the expenses below, make a list beginning with the most important to the least important (include the cost):
$800/month rent $300/month for operating a car $85/month cable bill
$300/month food cost $350 monthly car payment $60/month home internet
$150/month entertainment $124/month electricity bill $30/month pet cost
$65/month water bill
1) Add your expenses until you run out of money for the month. Draw a line. What couldn't you afford?
2) What could you do to be able to afford some of those things? List at least 3 different things you could do.
3) Put the above expenses in one of these categories: Fixed Expenses Variable Expenses
End of the Semester Projects
Project I - Mergers, Acquisitions, Hostile Take Over
Requirements:
1) Definition (in business terms)
Merger
Acquisition
Hostile Take Over
2) Find an Article About an Actual Merger, Acquisition, and Hostile Take Over (one for each)
Title
Source
Date
Brief description of what happened (one paragraph)
Project II - Starting a Business
Requirements for the project:
1) Outline of your project or business
a) Name of your company or business
b) Employees and duties
c) What are you selling or doing
d) Where are you located
e) Contact information: address, phone, email, website
f) Opening date
g) Price list
2) Details of your business
a) Your customer base (who are you selling to)
b) Supplies
c) Equipment
d) Costs (ACTUAL DOLLAR AMOUNTS)
e) Hours of operation
3) A letter, flyer, or advertisement
a) Letter…letter head with logo, asking for a loan or an investment
b) Flyer…logo, advertising opening
c) Advertisement…logo, for a newspaper or website
4) Goals for your business…plans for the future
Project III - Opinion
Write a brief description (1 paragraph) about the importance of each:
Credit
Investing
Savings
Insurance
Banking
Budgeting
Estate Planning
Understanding the Economy
Project IV - Discussion Questions
Write at least 1 paragraph for each topic 1-7. You must cite at least one article for each topic 1-7.
1) The importance of physical health when looking at your financial health
2) The benefits and disadvantages to buying a house when compared to renting
3) The importance of leisure time
4) The monetary advantages and disadvantages of being married or single
5) The importance of an education
6) Compare owning a business to working for a business
7) List things you should do when preparing for a job interview
No articles needed:
8) List 5 goals you have for your life
9) Write one thing you thought was useful in this class
10) Write one thing you would like to see changed about this class
Project V - Decision Making, Attitude, Work Ethic (one paragraph each)
1) How do decisions you make now affect your future?
2) How is networking with people important?
3) Describe the importance of having a positive attitude.
4) What does this statement mean to you: "Good grades mean nothing without good character."
5) On oldmanmoney.com, go to the tab, "Building a Better You" and write down 3 of the most important ideas you find in that list, and explain why you chose them.
Project VI - Credit Payments (bankrate.com)
Credit Card (use this calculator from bankrate.com: credit card minimum payoff)
- If you had a credit card balance of $3,000, how long (in years) would it take you to pay off that debt if you paid 3% each month at an interest rate of 15%.
- How much would the total cost be including the principle and the interest?
- In problem 1, change the interest rate to 24.99% and find the length of time and the total payment.
- If you bought a house for $250,000 at a 3.5% interest rate on a 30 year loan with a $10,000 down payment:
- How much is your monthly payment?
- How much interest will you pay after 30 years?
- What was your total cost for your house after 30 years?
- Find the monthly payment, and the total interest paid for a car, and the total cost of the car (cost of the car + total interest):
- $20,000
- 5 year loan
- 3% interest rate
Project VII - 3-Stock Project
A. For each of the three companies (on the New York Stock Exchange) find:
1) What is its symbol?
2) What do the analysts suggest?
3) What is its financial data?
a) Current price
b) EPS
c) Dividend
d) 52-week high and low
e) Sales/revenue
f) % sales growth
g) Net Incomes
h) 5 year trend
i) P/E Ratio
4) Follow the price for each over a three day period
5) Calculate the % increase or % decrease for each stock price
Which stock would have been the best investment and why?
Project VIII: Writing all words and definitions
Use Quizlet "End of Year Project VIII" and hand write all the words and definitions in that lesson
Project IX: Investing vs Savings
1) What is the difference between investing and savings?
2) Describe how compound interest works.
3) What is the "Rule 72" and give an example.
4) Define diversification and tell why it is important.
5) Describe each and give one advantage and one disadvantage to owning:
savings account, CD (certificate of deposit), mutual funds, bonds, and stocks
Project X: Budgeting Project (per month)
- Finding a job/pay
- Use this site to find a job: http://www.bls.gov/oes/current/oes_nat.htm#25-0000
- Find a job that is $60,000 or less (name, pay, and what you will be doing)
- Find your monthly gross income
- Find your net monthly income (take home pay) by subtracting out 20% for taxes and FICA
- Housing Expenses
- Use this site to find a home: http://www.zillow.com/charlottesville-va/
- Write down the address, price, estimated monthly mortgage payment
- Basic formula for estimating house insurance: cost of house divided by 1000 then multiply by $3.50...this is per year so you need to divide by 12 for your monthly cost
- Car Expenses
- Kelley Blue Book…Name, options, price, miles per gallon
- Find payment on bankrate.com…3.5% interest rate for a 5 year loan
- Find your insurance payment on thegeneral.com (use the parameters from the class project in the above section)
- Find the monthly cost of commuting (to and from) using:
- Average Commute Times | WNYCproject.wnyc.org/commute-times-us/embed.html
- Use the average speed of 30mph
- Find gas used...commute time x 2 (to and from work) divided by 60 (find the hours traveled)x20 (number of days working)x30mph (find the number of miles traveled) divided by MPG for your car to find the number of gallons used.
- Use $2.50 per gallon as your price
- Use 20 miles a day for personal use of your car (in addition to the work mileage)...20 x 30(days in a month) divided by MPG for your car to find the gallons used
- Use 7 cents per mile for general maintenance (add work miles and personal miles)
- Write all your vehicle expenses
- Food Expenses per month
- 20% of your net income
- Utilities per month
- 10% of your net income
- Medical Expenses per month
- 10% of your net income
- Other Budget Items per month
- Clothes
- Cell Phone
- Entertainment
- Savings (Emergency Fund)
- Investing
(use 30 days in a month)***
Questions:
1) If you wanted to have the minimum amount (3 months) in your savings for emergencies, how long would it take you to save that amount?
2) If the cost of gas were to increase to $4.00 per gallon, where would you cut expenses to cover the increase in your gas expense?
3) The average cost of raising a child every month until age 18 is about $1100 excluding college. What
would you have to do to pay this expense?
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