1. Describe one short-term goal that you have and at least one thing you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points) One short term goal I have is to have a good GPA on my Progress Report, the one thing I’ll have to do to accomplish that is to do all my work in each class. 2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points) My long-term goal is to be famous; two things I will have to do to accomplish that are to get my entertainment permit and find a manager and or an agent. 3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points) To have enough money by the time I’m forty to retire and live a comfortable life. It’s important to me because that’s how I would like to live. Three things I could do to reach that goal are get rich, stay rich and don’t go broke.
4. Describe an example of a common financial resource, an expense, and a debt. These can be examples from your own life or from other people you know or can imagine. (3-6 sentences. 3.0 points) My mom’s monthly phone bill 5. Describe a real or made up but realistic example of earned income that you or someone you know has received. What type of work was the income from? Was the income in the form of a salary or wages? (1-2 sentences. 1.0 points) My friend who works at McDonald’s, It was in the form of weekly wages. 6. Describe a real or made up but realistic example of unearned income that you or someone you know has received. (1-2 sentences. 1.0 points) Someone’s child support checkI 8.In your Section_2 folder, navigate to and open the Example_1040EZ, and then complete the steps below to save a copy of the file with your initials in your Section_2 folder. a. Click the File menu, and then Click Save a Copy.
b. If a Save a Copy dialog box appears, click Save a Copy. c. Make sure the Save in drop-down list is set to your Section_2 folder. If not, click the drop-down list, then click Local Disk (C:), then double-click your course folder, and then double-click the Section_2 folder. d. In the Name: field, type Example_1040EZ followed by your initials. e. Click Save.
9. Follow the instructions below to fill out the 1040EZ form using Jessie Robinson’s information. Be sure to save your work! (5.0 points for completing the 1040EZ form correctly according to the instructions below) TIP: You can refer to Section 2, Lesson 2 for help in filling out the form. a. Fill out the Income section of the 1040EZ form, using the following information: i. The gross income information from Jessie Robinson’s W-2 form. TIP: This is the amount from question 7b above. ii. This employer was Jessie’s only source of income.
iii. Jessie had no taxable interest. iv. Jessie was not an Alaska resident. v. Jessie has no spouse and can’t be claimed as a dependent by someone else. b. Fill out the Payments, Credits, and Tax section of the 1040EZ form using the following information: i. The federal income tax withholding information from Jessie’s W-2 form. TIP: This is the amount from question 7c above. Social Security tax and Medicare tax are not important to the 1040EZ form. ii. Jessie can’t be claimed as a dependent by anyone else.
iii. Jessie is not claiming the Earned Income Credit. iv. Jessie is not a member of the U.S. Armed Forces who served in a combat zone. v. Use the Example_Instructions_1040EZ’s tax table on pages 27-35 to find the amount that Jessie Robinson owes. TIP: The Example_Instructions_1040EZ is in your Section_2 folder. c. Fill out the Refund section by performing the calculations if the IRS owes Jessie Robinson money. Do not fill out the bank account information section. d. Fill out the Amount You Owe section if Jessie owes the IRS money. e. Do not fill out the Third Party Designee Section, the Sign Here section, or the Paid Preparer’s Use Only Section. f. Click the File menu, and then click Save so that your work is saved. 10. Describe at least two common types of variable expenses that you expect to have at some point in your life. (1-2 sentences. 1.0 points)
11. Describe at least two non-discretionary expenses that you expect to have at some point in your life. (2-4 sentences. 1.0 points)
12. Describe at least two discretionary expenses that you expect to have at some point in your life. (2-4 sentences. 1.0 points)
13. Imagine you have a budget of $1,000 per month. Make a list of at least three categories you would use that money toward, such as housing, utilities, transportation, food, clothing, entertainment, savings, and so on. Then put a dollar amount next to each item to show how much money you would budget for this item each month. Make sure the total adds up to $1,000. (3.0 points) TIP: The cost of each item can be a rough estimate. You don’t need to research specific costs of each expense.
14. Describe an advertisement you’ve seen that uses a desire based marketing message. What desire does this ad appeal to? (2-4 sentences. 1.0 points) TIP: This can be any type of ad, such as a TV commercial, a radio ad, a magazine ad, a billboard, an Internet ad, or another type of ad.
15. Describe an advertisement you’ve seen that uses a fear based marketing message. What fear does this ad appeal to? (2-4 sentences. 1.0 points) TIP: This can be any type of ad, such as a TV commercial, a radio ad, a magazine ad, a billboard, an Internet ad, or another type of ad.
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Topic: Financial Planning
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