# Financial literacy: income and decisions (lesson 1)  (Page 6/9)

 Page 6 / 9

Step 9.- Present Visual 3 , which have some guidelines to consider for how much of your take-home monthly income you might budget for various expenses.

Step 10.- Present Visual 4 , to decide whether a purchase is necessary.

Step 11.- Have students participate in a decision-making activity . Refer to Activity 3 . Students may participate in this activity either individually or in groups.

Explain to students that people usually can’t have everything they want and must make choices. To make a choice, they evaluate the benefits and costs of their options. The “opportunity cost” is what people give up in exchange for what they get.

Explain to students that we make choices every day. Ask them to consider their goals and then follow the steps in Activity 3 to make thoughtful decisions that will lead them to their goals.

## Visual 3.

Here are some guidelines to consider for how much of your take-home monthly income you might budget for various expenses:

• Housing (rent or mortgage) 20% to 35%
• Utilities (electricity, water, telephone) 4% to 7%
• Food (at home and away) 15% to 30%
• Family necessities (laundry, toiletries, hair care) 2% to 4%
• Medical (insurance, prescriptions, bills) 2% to 8%
• Clothing 3% to 10%
• Transportation (car payment, gasoline, insurance, repairs) 6% to 30%
• Entertainment 2% to 6%
• Savings 10% to 15%
• Try to limit your installment debts (car loans, credit card bills, other loans) to 10-20% of your monthly budget.

## Visual 4.

To decide whether a purchase is necessary, ask yourself these questions:

• Do I really need it?
• Do I really need it today? What would happen if I don’t buy it now?
• Can I meet this need less expensively?

## Activity 3: decision making

Define the problem . Offer students examples of problems with alternatives choices:

1. What to do this Friday night?
2. What next after graduation day?
3. How to spend the coming summer?
4. Whether to buy a car?

Consider the alternatives for each problem. For example:

Problem 1: Study, watch TV at home, get together with friends, go on a date.

Problem 2: go to graduate school, get a job.

Problem 3: Summer school, work, volunteer in the community, relax and do nothing.

Problem 4: New car, used car, continues to use public transportation, bike, or walk.

Identify the criteria (goals/values) that are important to you. Example: (good grades, fun, relaxation).

Evaluate each alternative in terms of your criteria.

Make a decision by choosing the best alternative.

To extend this activity, ask students to identify the “opportunity cost” of their decision. The opportunity cost is the value of the next best alternative, i.e., what they had to give up.

## Assessment worksheet

NAME: _____________________________________________________________

1. Match the following words with their definitions:
 ___ 1. Inflation A. Anything of value owned by a person, for example, cash, a house, a car, and stocks. ___ 2. Asset B. An increase in the general price level of goods and services; a decrease in the purchasing power of the dollar. ___ 3. Liability C. The amount of money an individual or business owes to someone else: a debt. ___ 4. Fixed expense D. An expense that you can control or adjust, for example, how much you spend on groceries, clothes, or long distance phone calls.
 ___ 5. Variable expense
• E. An expense that stays the same each month, such as rent or a car payment.

anyone know any internet site where one can find nanotechnology papers?
research.net
kanaga
Introduction about quantum dots in nanotechnology
what does nano mean?
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
it is a goid question and i want to know the answer as well
Maciej
Abigail
for teaching engĺish at school how nano technology help us
Anassong
Do somebody tell me a best nano engineering book for beginners?
there is no specific books for beginners but there is book called principle of nanotechnology
NANO
what is fullerene does it is used to make bukky balls
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
what is the Synthesis, properties,and applications of carbon nano chemistry
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
NANO
so some one know about replacing silicon atom with phosphorous in semiconductors device?
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
for screen printed electrodes ?
SUYASH
What is lattice structure?
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
what's the easiest and fastest way to the synthesize AgNP?
China
Cied
types of nano material
I start with an easy one. carbon nanotubes woven into a long filament like a string
Porter
many many of nanotubes
Porter
what is the k.e before it land
Yasmin
what is the function of carbon nanotubes?
Cesar
I'm interested in nanotube
Uday
what is nanomaterials​ and their applications of sensors.
how did you get the value of 2000N.What calculations are needed to arrive at it
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