Tweet Me #MustHaveTell me one item or activity you MUST HAVE/GO TO that you spend money on.•Please also write down your homework.•Sit quietly and wait for further directions.

I’M GIVING YOU $1,000!!

List what you would spend the money on and the specific dollar

amount each item cost. Your items should be written in

categories (food, clothing, etc.).

YOU FORGOT YOUR MOTHER’S YOU FORGOT YOUR MOTHER’S BIRTHDAY!BIRTHDAY!

SHAME ON YOU!!! SHAME ON YOU!!!

• You quickly run out to the store. You quickly run out to the store.

Adjust your numbers and list at Adjust your numbers and list at

least 3 items you purchased.least 3 items you purchased.

•REMEMBER YOUR TOTAL REMEMBER YOUR TOTAL

SPENDING CAN NOT GO BEYOND SPENDING CAN NOT GO BEYOND

$1,000.$1,000.

YES! The person you asked to the movies finally (after some

begging) said yes! • Now you have to plan out the date.

What 3 items do you need to budget for? Adjust your numbers and list at least 3 items you purchased or need to purchase for your date.

• REMEMBER YOUR TOTAL SPENDING CAN NOT GO BEYOND $1,000.

OH MAN.. NOT AGAIN!!!•At friend can’t find his lunch money (for the 5th time). You decide to help out AGAIN. Adjust your numbers and list the 5 items you purchased for him.•REMEMBER YOUR TOTAL SPENDING CAN NOT GO BEYOND $1,000.

UGH!!! MY PARENTS ARE GOING TO…•You accidently walk through a spider web which instantly grosses you out and makes you jump and scream like a little baby. While jumping around your cell phone falls out of your pocket and cracks. Your parents have paid for the last 3 times it had to be fixed. Now it is your turn! Adjust your numbers and list what was spent to fix your phone.

•REMEMBER YOUR TOTAL SPENDING CAN NOT GO BEYOND $1,000.

•

Item AmountRent $750

Food for meals (Shoprite) $230

Snacks/junk food $70

Weekly Pizza Delivery $100

Lunchtime fast food $120

Dunkin Donuts and Coffee 3x per week $80

Daily soda from convenience store $60

Gas $150

Insurance on vehicle $130

Utilities (Electricity, natural gas, water) $165

Internet service $35

Cable deluxe package (with all movie channels) $100

Cell Phone $95

House Phone $40

Internet movies $8

Regular movies 4x per month (including snacks) $80

Music Downloads (25 songs) $32

Money put into savings account $300

Bubba’s Monthly Expenses

Tweet Me #FedBudgetWhat is the federal budget? Your answer should only be one sentence!•Please also write down your homework.•Sit quietly and wait for further directions.

THOMAS JEFFERSON WINS A CONTEST FOR MOST INNOVATIVE SCHOOL AND MATH PROGRAM!

•Part of the grand prize is to be on television in Miami. You are chosen to go but you need to drastically cut your budget for the following:

Airplane ticket $200 New outfit $75

Haircut $20 Hotel Room $ 120

New Suitcase $20 Food $65

Total: $500

Tweet Me #BudgetWhat is a budget? Your answer should only be one sentence!•Please also write down your homework.•Sit quietly and wait for further directions.

Federal Budget Process

1. The President submits a budget to Congress.

Federal Budget: forecasts the amount of money that will be spent.

Federal Budget Process2. Congress reviews the budget in

different committees.

Committee: a group in Congress who work on specific bills or parts of the budget to get them approved

(ex: transportation, education, military, farming…)

Federal Budget Process3. House & Senate passes a budget resolution. Budget Resolution: •a federal budget that both the House and Senate agree to •not a law and only used as a guide•President cannot veto it

Federal Budget Process4. All future appropriation bills must

fit within the budget resolution’s spending limit.

Appropriate: to give money to pay for

government activities

Example of Appropriation BillThe budget resolution sets up $90 billion dollars for Education. A congressperson can introduce an appropriation bill such as:

The Sport Improvement Bill: $800 million for athletic equipment for public schools.

Tweet Me #BudStepsList the 4 steps of the Federal Budget.•Please also write down your homework.•Sit quietly and wait for further directions.

Tweet Me #BalanceName one way the government can balance the budget.•Please also write down your homework.•Sit quietly and wait for further directions.

Government Revenue & Expenditures

Debt: money that is owed.

National Debt Explained: http://www.huffingtonpost.com/2013/10/14/deficit-

video_n_4096239.htmlDebt/Debt Ceiling Video:

http://live.wsj.com/video/the-debt-ceiling-explained-why-you-should-care/40415F7F-C0EB-4048-9612-42A22EB77D66.html#!40415F7F-C0EB-4048-9612-

42A22EB77D66

Revenue: Income (money received, especially on a regular basis, for work or

through investments.)

Government Revenue(income)

• Income Tax: a tax paid on money made from employment

Government Revenue(income)

• Payroll Tax: a tax withheld from employees paycheck. (tax is matched by employer). Goes towards Social Security and Medicare

Government Revenue(income)

• Corporate Taxes: tax paid on the profits of a corporation

Government Revenue(income)

• Excise Taxes: are taxes paid when purchases are made on a specific good, such as gasoline.(Producer & Supplier pays tax)

Government Revenue(income)

• Customs duties: tax on imported goods

Tweet Me #RevenueList 2 sources of revenue.•Please also write down your homework.•Sit quietly and wait for further directions.

Expenditures: The action of spending money.

• Entitlements:  government programs providing benefits to members of a specified group (e.g. Social Security)

Government ProgramsGovernment Programs(expenditure)(expenditure)

• Social Security: a program of old-age 67+, unemployment, health, disability, and survivors insurance (Everyone)

Government ProgramsGovernment Programs (expenditure) (expenditure)

•Medicare: medical insurance for persons aged 65 and over and for certain disabled persons under 65. (Everyone)

Government ProgramsGovernment Programs (expenditure) (expenditure)

•Medicaid: medical insurance for persons of all ages within low income limits.

Government ProgramsGovernment Programs (expenditure) (expenditure)

•Welfare: financial aid and other benefits for people who are unemployed, below a specific income level.