JA Finance Park Assessment

My name is Sally and I am fourteen years old.  My parents do not give me an allowance but I earn $5 a week walking one of my neighbor’s dogs and $10 for each car I wash.  I normally wash about 5 cars a month.  My parents pay for my lunch at school but when I want extra food like cookies and ice-cream I have to pay for it myself.  I like to go to the movies on the weekends with my friends or hang out playing video games.  A new game is coming out in a few weeks that I really want to buy.  So far I have half of the money I need for it. 
Which is an example of Saving?

• I like to go to the movies on the weekends with my friends
• So far I have half of the money I need for it. 
• I normally wash about 5 cars a month.
• My parents do not give me an allowance 

My name is Sally and I am fourteen years old.  My parents do not give me an allowance but I earn $5 a week walking one of my neighbor’s dogs and $10 for each car I wash.  I normally wash about 5 cars a month.  My parents pay for my lunch at school but when I want extra food like cookies and ice-cream I have to pay for it myself.  I like to go to the movies on the weekends with my friends or hang out playing video games.  A new game is coming out in a few weeks that I really want to buy.  So far I have half of the money I need for it.
Which is an example of income?

• So far I have half of the money I need for it.
• My parents pay for my lunch at school 
• A new game is coming out in a few weeks that I really want to buy. 
• My parents do not give me an allowance but I earn $5 a week walking one of my neighbor’s dogs 

My name is Sally and I am fourteen years old.  My parents do not give me an allowance but I earn $5 a week walking one of my neighbor’s dogs and $10 for each car I wash.  I normally wash about 5 cars a month.  My parents pay for my lunch at school but when I want extra food like cookies and ice-cream I have to pay for it myself.  I like to go to the movies on the weekends with my friends or hang out playing video games.  A new game is coming out in a few weeks that I really want to buy.  So far I have half of the money I need for it.
Which is an example of spending?

• I normally wash about 5 cars a month.
• when I want extra food like cookies and ice-cream I have to pay for it myself. 
• I earn $5 a week walking one of my neighbor’s dogs and $10 for each car I wash
• My parents do not give me an allowance

Based on the following information what was the total net monthly income for Reggie, Anna, and Sam?

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500      Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• $5000
• $4500
• $4600

 When Sam decides to rent a larger apartment, which expense is most affected? 

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500     Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• Transportation
• Net Monthly income
• utilities
• rent

Why are Sam’s utilities higher than Reggie’s or Anna’s? 

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500     Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• Because his car is more expensive
• Because his apartment is larger
• Because he spends more on entertainment
• Because he spends more on clothes

What trade-off (opportunity costs) does Anna have to make after choosing to own an expensive sports car? 

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500     Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• She spends less on entertainment
• She spends less on rent
• She spends less on utilities
• She spends less on clothes

 Why do you think Reggie chooses to spend only $50 for transportation by riding the bus? 

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500     Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• Because he wants a large apartment
• Because he spends more on clothes
• Because he wants to spend more on entertainment
• Because he spends more on utilities

 Other than rent, what budget category seems to be a top priority for Anna?

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500     Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• Clothes
• Entertainment
• Utilities
• Savings

Other than rent, what budget category seems to be a top priority for Reggie? 

Net Monthly Income 
 Reggie - $1500 Anna - $1500 Sam - $1500     Expenses
 Rent $600 $500 $800 
 Transportation $50 (bus fare) $400 (sports  car $100 (motorcycle) 
 Savings $50 $100 $100 
 Utilities $150 $100 $300 
 Clothes $150 $150 $150
 Entertainment $500 $250 $100 
 Total Expenses $1500 $1500 $1500

• Entertainment
• Utilities
• Transportation
• Savings