i need help with 4 assignments for personal management class high school level
ASSIGNMENT #1 ASSIGNMENT #2 Financial literacy is a complicated concept. Test your financial literacy knowledge by playing one of the following interactive games. Choose from ten different games in the Cranial Cash Clash. Next, explore your financial world in Your Life, Your Money, Your World. Think About... How does your financial literacy measure up? What areas do you need to brush up to be confident you are financially literate? Financial literacy is having the knowledge, skills and confidence to make responsible financial decisions. The Task Force on Financial Literacy, Financial Consumer Agency of Canada 2010 As children, we relied on our parents or guardians to look after us. They took care of many things, most of which we were unaware. When you live on your own, not only do you have to buy and prepare food, look after laundry and cleaning, you have the responsibility for your own financial and legal documents. Things like taxes, the apartment lease, insurance, car payments and maintenance, are just a few of the financial obligations you have. Did You Know? Experts say it costs upwards of $200,000 to raise a child in Canada to the age of 18. These costs just meet basic needs and this is before they attend a post-secondary institution of any kind. Read more about the costs of raising a child in Million-dollar babies: The cost of raising a child and How much does it cost to raise kids in Canada? Then, there are other documents that need safe-keeping, too. These might include items such as a birth certificate and passport, health records, http://www.todaysparent.com/family/family-budget/million-dollar-babies/ http://www.canadianliving.com/life/money/how_much_does_it_cost_to_raise_kids_in_canada.php http://www.canadianliving.com/life/money/how_much_does_it_cost_to_raise_kids_in_canada.php vaccination histories, education records, and so on. Special instructions for end of life arrangements are also important. Keeping all this documentation organized and accessible is a significant challenge, too. Yet, it is really important to know where important documents are and to be able to access them when you need them. Or, in the event that something happens to you and you cannot speak for yourself, or you die unexpectedly, it is important that the people who care for you can find the documents they need to carry out your wishes. Resources The following websites have more information on keeping your personal documents and records organized in your home. 1. To create a home filing system visit Chasing Paper . 2. Visit Managing Household Records to know what records you need and how to keep them. 3. For a tool to help you organize your documents visit Roadmap for Important Papers. 4. Read about getting organized for tax time by reading Tax time to-do list. 5. For information on an In-Case-Of-Emergency File, visit the Lifehacker site. 6. For an Advanced Care Planning Kit visit Dying with Dignity. Organizing Records Think about the identification records, types of insurance documentation, tax records, health care records, lease/property ownership records and will, power of attorney, and any other records you might need to organize. As you organize these records, you might want to consult a significant other or trusted individual to get some advice or just to share the information and your wishes. Organize your information in a concept map or chart. Your concept map/chart should include the document category, meaning the types of documents in http://organizedhome.com/time-money/paper-chase-abc-household-paper-management http://moneycoachescanada.ca/records-retention-long-keep-paperwork/ https://drive.google.com/file/d/1i9s_9RV0zwBboFOPzy4N2d8_ZTSA0X0E/view https://drive.google.com/file/d/1i9s_9RV0zwBboFOPzy4N2d8_ZTSA0X0E/view http://www.practicalmoneyskills.ca/personalfinance/practicalmoneymatters/columns_2015/04_Taxes.php http://lifehacker.com/5817021/in-case-of-emergency-how-to-organize-your-important-records-in-a-master-information-kit http://www.dyingwithdignity.ca/download_your_advance_care_planning_kit this category. As you gather this information, reflect on why it's important to have easy access to these documents when living on your own. Be sure to share your concept map/chart in the discussion and use the concept map/chart of at least two (2) other classmates to compare and reflect on your own concept map/chart. Understanding a Pay Cheque One of the most important documents you encounter regularly when living independently is your pay cheque. To be sure that mistakes are not made on your pay cheque, it is important that you review it when you receive it and that you understand what it tells you. Understanding the difference between gross income and net income is essential to deciphering your pay statement. Gross income can be calculated in several different manners. It can be a salary that is paid in equal increments, an hourly wage, a flat rate/piece rate, or a commission on a sale. If a person works longer than the maximum work week, they can be paid overtime wages. Overtime is usually paid out at the rate of “time and a half” meaning it is calculated as one and a half times the regular rate of pay. Sometimes it is “double time” meaning it is two times the regular rate of pay. Question 1. Calculate the gross pay for each employee in the ABC Toy Company: a) Adam Scott worked 36 hours @ $11.85 per hour. b) Joan Li is on salary at $35,000 per year. How much is her gross salary if paid monthly? How much is her gross salary if paid bi-weekly? c) Karma Fayad assembled 1,975 toys at a rate of $0.35 per toy. d) Karin Smith sold $ 17, 654 worth of goods and received a sales commission of 2.5% on her sales. Answer https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_content.html#answer 1. Calculate the overtime pay for the following employees assuming the rate to be time and a half: a) Ming - $7.00 b) Jodi - $10.10 c) Jose - $18.46 Answer 1. Assuming an average work week to be 40 hours, complete the following table to determine the final gross pay (assume overtime is paid at the rate of time and a half): Answer All pay cheques have standard deductions that are taken off the gross pay. In fact, your employer is required by law to withhold specific amounts of money from your pay cheque for certain things. Some of the other deductions that are taken from your pay are optional and you determine if they are taken off or not. And some deductions are taken off very infrequently, perhaps only once a year. Knowing what the deductions are and why they are being collected can help you understand where all your money goes and having that knowledge helps you to be sure that you are being paid what you are rightfully entitled to receive. Typical deductions from your pay cheque include: ● Accident Insurance ● Canada Pension Plan (4.95% of gross income) ● Charitable Contributions https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_content.html#answer2 https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_content.html#answer3 ● Dental Insurance ● Employment Insurance (1.88% of gross income) ● Federation/Union Dues ● Health Insurance ● Income Tax (15%-29% of gross income depending on amount of income earned) ● Life Insurance ● Long Term Disability Insurance ● Payments to Accounts Receivable There may be other deductions that are specific to the workplace like a uniform cleaning, professional organization membership, etc. Click on the different parts of the sample pay stub below to learn more. Practice To learn more about pay cheque deductions, download and complete the Pay Cheque Deductions Graphic Organizer. 1ST PART OF THE ASSIGNMENT! Banking Case Study Tao Christos has recently moved into a new home. He has received the following gas bill from Nightsville Resource Gas Limited. If you prefer, you can https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Pay%20Cheque%20Deductions%20Graphic%20Organizer.docx?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Pay%20Cheque%20Deductions%20Graphic%20Organizer.docx?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 download the utility bill to use as reference when you answer the questions at the end of the assignment. Tao Christos opened a new personal bank account on May 1 of this year by transferring $945.42 from a previous banking institution to a new banking institution. Record this opening balance in his personal record book (cheque register) along with the following transactions. Calculate the new balance after each entry. Use this cheque register or another format of your choosing such as Excel or Spreadsheet or Word (cheque register in MS Word format). https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Case%20Study%20Utility%20Bill.pdf?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Case%20Study%20Cheque%20Register.pdf?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 https://pdsb.elearningontario.ca/d2l/common/dialogs/quickLink/quickLink.d2l?ou=20900277&type=coursefile&fileId=HIP4OU3%2fHIP4OU3A2%2fCase+Study+Cheque+Register.docx May 1 – Issued cheque #1 to his landlord for his rent - $550.00 May 5 – Electronic bill payment to cell phone company - $78.32 May 6 – Issued cheque #2 to pay for oil change at Pete's Garage - $53.56 May 7 – Deposited pay cheque - $348.20 May 10 – ATM withdrawal for grocery money - $125.00 May 11 – Electronic bill payment to NRG Limited - $177.41 May 12 – Debit card purchase of gas at local gas bar - $53.00 May 14 – Deposited pay cheque – pay stub below May 14 – Electronic bill payment to credit card company for payment - $50.00 May 14 – Electronic money transfer to high interest savings account - $40.00 May 15 – ATM withdrawal for movie money - $60.00 May 15 – Debit card payment for dinner at local pizza parlour - $24.76 May 21 – Deposited pay cheque - $305.70 May 24 – Debit card payment to Annie's Dry Cleaning Services - $34.98 May 28 – Deposited pay cheque - $305.70 June 1 – Issued cheque #3 to landlord for rent - $550.00 Tao's next cheque needs to be made out to Nightsville Community College for some course expenses. Write the cheque for Tao in the amount of $140.85. Tao's address is on the utility bill above. Download and complete the blank cheque then take a picture of the completed cheque for submission. Tao's first bank statement arrived via email. Reconcile the statement with his personal record book (cheque register) to date. Based on Tao's financial documents, answer the following questions: https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Case%20Study%20Blank%20Cheque.pdf?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Case%20Study%20Blank%20Cheque.pdf?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 https://pdsb.elearningontario.ca/content/enforced3/20900277-BL_ELO_HIP4OZ-I_002707_2122Sem3/HIP4OU3/HIP4OU3A2/_teacher/Case%20Study%20Bank%20Statement.pdf?_&d2lSessionVal=HVJMBI0RVPe5lVDPNhNVGjSQ2 1. What is Tao Christo's account number for his gas bill? 2. What is the time period for the usage of the natural gas? 3. How much was Tao's last gas bill? 4. How much has Tao been charged so far this year for natural gas? 5. How much has the natural gas Tao actually used to date this year cost? 6. Why is there a difference between the amount Tao actually used versus how much he paid for his natural gas this month? 7. When does the natural gas bill have to be paid? 8. What is the penalty for not paying the natural gas bill on time? 9. What should Tao do if he is unable to meet his payment deadline for the natural gas bill? 10. How will Tao pay his natural gas bill? 11.Why is there a negative balance after the current bill has been paid? 12. What is the name of Tao Christo's employer? 13. What is the pay period for Tao's pay-cheque? 14. How much did Tao earn before deductions? 15. What is Tao's hourly wage? 16. How much money has Tao earned so far this year from this company? 17. List Tao's deductions. 18. How much income tax has been taken out of Tao's pay so far this year? 19. How much did Tao contribute to a retirement plan from this pay cheque? 20. How much is Tao's