Assignment 4: Financial Planning


Hope all is well.

As we have seen from previous lessons, your choices with money will greatly effect your life. 

In this assignment, you will work with income taxes, budgets, and balance sheets. 

Assignment 4: Financial Planning

Part 1: Tax Simulation

Explain the responsibility of filing income taxes. 

Use this link to answer the following questions about filing taxes:

Does Cicely King receive a refund and if so how much?

What is Tasha Miller's Tax responsibility? 

Part 2: Monthly Budget

Describe the importance of creating a budget for your personal finances.

In a chart, prepare a real or fictional Monthly Budget that includes your income and expenses. In your budget, note which expenses are fixed and which are variable. 

Income vs. Expenses

Part 3: Personal Balance Sheet

Explain the value of creating a Balance Sheet for your personal finances.

In a chart, prepare a real or fictional Personal Balance Sheet. The Balance Sheet includes 3 categories: Assets, Liabilities, & Net Worth

Net Worth = Assets - Liabilities

Assignment 4 Requirements:

Prepare a slideshow presentation that includes Parts 1, 2, & 3 and submit to the course dropbox.

Each slide is to contain at least one image and one complete sentence.

Your Parts 2 & 3 need to contain charts that represent your Budget & Balance Sheet.

Include a title slide & a reference slide. The reference slide is to be prepared using Modern Language Association (MLA) format. 

This link to Citation Machine may help with your MLA formatting for the reference slide:

Use the video content below to begin your Assignment 4 research.

Tax Man Max - Schoolhouse Rock

Startling Stats About Taxes Found in IRS Data - WSJDigitalNetwork

How to Set up a Budget - BoA

How to Make a Shoebox Budget - larissawalkiw

Balance Sheet - familyfinanceexpert

Introduction to Balance Sheets - Khan Academy

© John Benson 2014