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Video differentiating Gross vs. Net Income 

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Video differentiating Gross vs. Net Income 

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https://www.youtube.com/watch?v=XBl57yR1650

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Financial Resources: money, income

Financial Security: job, bank account,

Gross Income: Money earned before taxes

Net Income: Money earned after taxes

Income: the amount you earn.

Differences: how the two items are opposite.

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6.14(H) compare the annual salary of several occupations requiring various levels of post-secondary education or vocational training and calculate the effects of the different annual salaries on lifetime income

7.13(A) calculate the sales tax for a given purchase and calculate income tax for earned wages

7.13(B) identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget

8.12(C) explain how small amounts of money invested regularly, including money saved for college and retirement, grow over time
8.12(G) estimate the cost of a two-year and four-year college education, including family contribution, and devise a periodic savings plan for accumulating the money needed to contribute to the total cost of attendance for at least the first year of college

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1A, 1B, 1D, 1E , 1F

1.9A define money earned as income.

1.9B identify income as a means of obtaining goods and services, often times making choices between wants and needs

3.9(A) explain the connection between human capital/labor and income

3.9F Identify decisions involving income, spending, saving, credit, and charitable givings.

4.10(A) distinguish between fixed and variable expenses

4.10(E) describe the basic purpose of financial institutions, including keeping money safe, borrowing money, and lending

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-applies: uses, practices, puts to work

-effectively: valid, sufficient, adequate

-explains: defines, justify, analyze, interpret, describe,

-difference: contrast, variation,

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explain the differences between gross and net income.