Student Workbook (PDF file, 3.46 MB) - Oklahoma Department of ...

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Taxes — Different types of taxes include income taxes (federal and state), sales and excise taxes, and personal property taxes (this is different from your property tax and is not included in house payments). Loans — Most loans are installment loans, used to buy items such as cars, furniture, appliances, etc. Leases — Some people lease items such as furniture or electronics on a “rent to own” basis. Insurance — Some insurance payments (such as health insurance) are taken directly out of your paycheck, but others must be paid separately, such as auto insurance or renter’s insurance. Regular payments to others — These may include alimony, child support, or loans from family or friends. Regular contributions — People may make regular contributions to their church or to charities. Dues — You may pay dues to a union, a club, or a professional organization. Regular savings — It is important to consider savings a regular, planned expense. Five to ten percent of your income should be put into savings. Variable expenses — A variable expense is one that changes in amount and frequency. Variable expenses often give you a good opportunity to make adjustments in your living expenses. Utilities — Utilities include gas, electricity, telephone, water, garbage, sewage, and cable or satellite television. Some utilities (such as electricity and water) may be included in your rent, but others must be paid separately. Charge accounts/credit cards — You may have a charge account at a local store, or a major credit card. Medical and dental bills — You are responsible for the portion of these expenses that are not covered by insurance. UNIT 1 MANAGING MONEY 11
Transportation — While car payments are a fi xed expense, variable expenses include gas, maintenance, and repairs. Public transportation, such as train or bus fares, can also be a variable expense. Food — Groceries and dining out make up your food expenses. Non-regular savings — In addition to your regular savings account, you may have a special account earmarked for a special purpose, such as a down payment for a house or car. Other items — Clothing, vacations, education, entertainment, toiletries, gifts, and other expenses that do not come up on a regular basis must also be included in your budget. 12 LIFE SKILLS: FINANCIAL LITERACY SKILLS — STUDENT EDITION
Page 1 and 2: IMC Life Skills: Financial Literacy
Page 3 and 4: Copyright 2009 Oklahoma Department
Page 6 and 7: Unit 1 MANAGING MONEY To manage mon
Page 8 and 9: OBJECTIVE 1 Identify trends in care
Page 10 and 11: Many factors will contribute to the
Page 12 and 13: Compare the dollar value of the job
Page 14 and 15: Put away your credit cards for a we
Page 18 and 19: OBJECTIVE 7 List the basic steps in
Page 20 and 21: OBJECTIVE 8 Summarize three methods
Page 22 and 23: OBJECTIVE 9 State guidelines for us
Page 24 and 25: OBJECTIVE 14 List items deducted by
Page 26 and 27: OBJECTIVE 16 List benefits often re
Page 28 and 29: OBJECTIVE 18 Compare the costs and
Page 30 and 31: OBJECTIVE 20 Discuss the impact of
Page 32 and 33: ASSIGNMENT SHEET 1 Research careers
Page 34 and 35: ASSIGNMENT SHEET 2 Develop a budget
Page 36 and 37: ASSIGNMENT SHEET 3 Analyze budgetin
Page 38 and 39: ASSIGNMENT SHEET 4 Apply money mana
Page 40 and 41: 4. Michael and Patrick are roommate
Page 42 and 43: ASSIGNMENT SHEET 5 Calculate and co
Page 44 and 45: ASSIGNMENT SHEET 6 Research a chari
Page 46 and 47: Student Supplement 1 Personal Spend
Page 48 and 49: Student Supplement 2 Factors That I
Page 50 and 51: Student Supplement 3 Consumer Needs
Page 52 and 53: 2. Of the seven items selected in Q

Student Workbook (PDF file, 3.46 MB) - Oklahoma Department of ...

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