Day 60

Learning Objectives

  • Demonstrate how to calculate a person’s net worth using their current financial position.
  • Explain how to research and evaluate the services offered by a Financial Service Provider (FSP).

Assignment BUU4.5

  1. Make a copy of this Google Document (Espanol).
  2. Name the file Calculating Your Net Worth-(Your Initials).
  3. Move it into your Lesson 4 folder.
  4. Then complete the task using the directions below and the document.

Directions: Use the information below to fill out a consumer equity form for each family, and answer the questions. A person’s net worth can be a useful tool to measure one’s financial progress from year to year. An individual’s net worth is a grand total of all assets (things of value that you own) minus your liabilities (debts). It is important to understand that a person’s income does not alone determine their wealth.

Family A

  • Occupation: Nurse and Sales
  • Income: $105,000 combined
  • Property: Owns a house appraised at $224,000 with a mortgage balance of $202,000 Two vehicles: New truck with blue book value of $32,000; owes $35,000
  • Used SUV with a retail value of $17,500; owes $14,500
  • Emergency Fund: $1,000
  • Retirement: $35,000
  • Credit Card Debt: $13,000
  • Antiques: $5,000
  • Checking Account: $2,500

Family B

  • Occupation: Teacher
  • Income: $45,000
  • Property: Owns a house appraised at $139,000 with a mortgage balance of $85,000 One vehicle: Used sedan with retail value of $9,500
  • Emergency Fund: $5,000
  • Retirement: $22,000
  • Electronics: $3,500
  • Checking Account: $650

Assignment BUU4.6

  1. Create a copy of this Google Document (Espanol), rename it Characteristics of FSP-(Your Initials), and move it into your Lesson 4 folder.
  2. Use the internet to research each type of financial institution to find out what they are and what services they offer.

Assignment BUU4.7

  1. After completing the assigned tasks in Lesson 4 above, share your Lesson 4 folder with your teacher.  Your folder should have the following files in it:
    • Types of Expenses
    • Purchase Calculations (Google Form)
    • Budget for College
    • Creating a Budget
    • Calculating Your Net Worth
    • Characteristics of FSP

Lesson 4 Quiz-BUU

  1. Complete the Lesson 4 Quiz for the Budget Unit.