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The goal of this unit is to understand the
importance of earning an income and
explain how to manage personal income
using a budget
 For
the 2 weeks, write everything you
spend down?
 Can you see a pattern in your spending
habits?
 What did you need?
 What did you want?
 Categorize how your money is currently
spent.
 What are your financial goals?
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Deductions: Anything subtracted from your
gross income.
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Gross income: Wages or salary before
deductions for taxes and other purposes.
Your net income is commonly called your “take
home pay;” it is your income after all deductions
and exemptions.
 For example, if your supervisor said you would
earn $10 an hour and you worked 20 hours, your
gross income would be $200 (that’s $10 x 20 =
$200).
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Health, dental, and eye care insurance
Life insurance
Disability insurance
Pension plan
Registered retirement savings plan
CPP/QPP
OAS
Income TAX
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Paid vacation days
Paid sick days
Health, dental, and eye care insurance
Life insurance
Disability insurance
Pension plan
Registered retirement savings plan
Parental leave
Stock purchase plan
Employee assistance plans
Employee fitness programs
Employee discounts
 Scenarios
 Who
is the employer?
 Who is the employee?
 What is the pay period?
 What does YTD mean?
 What are the deductions for the employee?
 What was the net pay?
 Answer
questions pertaining to pay stubs.
 Navine
Nesrallah has worked for nine years in
retail sales. She is considering going back to
school to change career fields. What factors
should be considered before making this
decision?