Welcome to my DP
Finance 101
Task 1
Where does the money from taxes go? http://www.cbpp.org/cms/index.cfm?fa=view&id=1258
My Answer: Tax money goes to the Federal Government to finance various public services.
The federal government collects taxes in order to finance various public services. As policymakers and citizens weigh key decisions about revenues and expenditures, it is instructive to examine what the government does with the money it collects.
In fiscal year 2011, the federal government spent $3.6 trillion, amounting to 24 percent of the nation's Gross Domestic Product (GDP). While the level of 2011 expenditures - as a share of GDP - remains high due to the economic downturn, the composition of the budget largely resembles the patterns of recent years. Of that $3.6 trillion, $2.2 trillion was financed by federal tax revenues, and $83 billion by excess profits on assets held by the Federal Reserve. The remaining $1.3 trillion was financed by borrowing; this deficit will ultimately be paid for by future taxpayers. (See box for the recession's impact on the budget.) As shown in the graph below, three major areas of spending each make up about one-fifth of the budget:
My Answer: Tax money goes to the Federal Government to finance various public services.
The federal government collects taxes in order to finance various public services. As policymakers and citizens weigh key decisions about revenues and expenditures, it is instructive to examine what the government does with the money it collects.
In fiscal year 2011, the federal government spent $3.6 trillion, amounting to 24 percent of the nation's Gross Domestic Product (GDP). While the level of 2011 expenditures - as a share of GDP - remains high due to the economic downturn, the composition of the budget largely resembles the patterns of recent years. Of that $3.6 trillion, $2.2 trillion was financed by federal tax revenues, and $83 billion by excess profits on assets held by the Federal Reserve. The remaining $1.3 trillion was financed by borrowing; this deficit will ultimately be paid for by future taxpayers. (See box for the recession's impact on the budget.) As shown in the graph below, three major areas of spending each make up about one-fifth of the budget:
- Defense and international security assistance: In 2011, 20 percent of the budget, or $718 billion, paid for defense and security-related international activities. The bulk of the spending in this category reflects the underlying costs of the Department of Defense and other security-related activities. The total also includes the cost of supporting operations in Iraq and Afghanistan, funding for which totaled $159 billion in 2011.
- Social Security: Another 20 percent of the budget, or $731 billion, paid for Social Security, which provided retirement benefits averaging $1,229 per month to 35.6 million retired workers in December 2011. Social Security also provided benefits to 2.9 million spouses and children of retired workers, 6.3 million surviving children and spouses of deceased workers, and 10.6 million disabled workers and their eligible dependents in December 2011.
- Medicare, Medicaid, and CHIP: Three health insurance programs - Medicare, Medicaid, and the Children's Health Insurance Program (CHIP) - together accounted for 21 percent of the budget in 2011, or $769 billion. Nearly two-thirds of this amount, or $486 billion, went to Medicare, which provides health coverage to around 48 million people who are over the age of 65 or have disabilities. The remainder of this category funds Medicaid and CHIP, which in a typical month in 2011 provided health care or long-term care to about 60 million low-income children, parents, elderly people, and people with disabilities. Both Medicaid and CHIP require matching payments from the states.
- Safety net programs: About 13 percent of the federal budget in 2011, or $466 billion, went to support programs that provide aid (other than health insurance or Social Security benefits) to individuals and families facing hardship. Spending on safety net programs declined in both nominal and real terms between 2010 and 2011 as the economy continued to improve and initiatives funded by the 2009 Recovery Act began to expire.
These programs include: the refundable portion of the earned-income and child tax credits, which assist low- and moderate-income working families through the tax code; programs that provide cash payments to eligible individuals or households, including Supplemental Security Income for the elderly or disabled poor and unemployment insurance; various forms of in-kind assistance for low-income families and individuals, including food stamps, school meals, low-income housing assistance, child-care assistance, and assistance in meeting home energy bills; and various other programs such as those that aid abused and neglected children.
Such programs keep millions of people out of poverty each year. A Center analysis shows that government safety net programs kept some 25 million people out of poverty in 2010. Without any government income assistance, either from safety net programs or other income supports like Social Security, the poverty rate would have been nearly double in 2010 (28.6 rather than 15.5 percent). - Interest on the national debt: The federal government must make regular interest payments on the money it has borrowed to finance past deficits - that is, on the national debt held by the public, which reached $10 trillion by the end of fiscal 2011. In 2011, these interest payments claimed $230 billion, or about 6 percent of the budget.
Task 2
http://vikipedio.org/mechanical-engineering-salary-and-job-description/
Mechanical Engineering Salary Information:
Around May 2010, the Bureau of Labor Statistics reported that the average income in Mechanical Engineering is $78,160 per year. The bottom 10% of these professionals earned a Mechanical Engineering salary of less than $50,550 whereas the highest 10 percent were able to take home a Mechanical Engineering pay of $119,480 and possibly even more. In this current year, the annual wage in Mechanical Engineering has increased because of the increase of duties that this industry presents to its Engineers. It is not a wonder why the Mechanical Engineering Salary reaches that high. The various tasks they handle requires tremendous knowledge and skill. The salary can go even higher with experience and skill-enhancement. Those working in the Federal Government as well as those in the Postal Service earn the highest with a Mechanical Engineering salary that reaches up to $91,910 and probably even more. Ironically, those working in Architectural and Engineering industries earn the lowest with a salary of around $82,210.
Mechanical Engineering Education Requirements:
Mechanical Engineering Job Description:
The exact Mechanical Engineering job description can not be stated in a single sentence since this is the broadest branch of Engineering. Typically, the job of a Mechanical Engineer involves problem analysis, design and redesign, creation of blueprints, prototype development, manufacturing, and testing. In all their tasks and projects, these Engineers make use of various types of tools and machines such as generators, engines, turbines, refrigeration, air-conditioning, robots, elevators, escalators, conveyors, and many others. Because of the advancement of technology nowadays, Mechanical Engineers have started to make themselves knowledgeable with computers. Computers are mainly used to create and analyze designs or blueprints, create simulations of a machine or engine’s performance, generation of specific parts, quality control and monitoring, and the management of production and manufacturing.
Compared to all other industries of Engineering, Mechanical Engineering has the lowest expected growth rate. From 2010 to 2020, only a 9 percent increase is predicted. However, more and more industries are requiring the services of Mechanical Engineers so this percentage may still increase. It is important to stay updated about the most recent advancements in order to be eligible for any future job position that may be available in the coming years. The great thing about this profession is that there is always a job out there that could make use of the Mechanical Engineer’s skills even if it is not an Engineering-related position. Also, there will be veteran Engineers who will soon retire and this will create more jobs for those fresh out of college. As the world becomes more and more dependent on machines for ease and convenience, Mechanical Engineers will always be needed to create or rebuild machines for the society’s needs. Overall, the job prospect for this type of industry looks very promising.
Salary
Novice - $50,000
Average - $78,000
Veteran - $120,000
Mechanical Engineering Salary Information:
Around May 2010, the Bureau of Labor Statistics reported that the average income in Mechanical Engineering is $78,160 per year. The bottom 10% of these professionals earned a Mechanical Engineering salary of less than $50,550 whereas the highest 10 percent were able to take home a Mechanical Engineering pay of $119,480 and possibly even more. In this current year, the annual wage in Mechanical Engineering has increased because of the increase of duties that this industry presents to its Engineers. It is not a wonder why the Mechanical Engineering Salary reaches that high. The various tasks they handle requires tremendous knowledge and skill. The salary can go even higher with experience and skill-enhancement. Those working in the Federal Government as well as those in the Postal Service earn the highest with a Mechanical Engineering salary that reaches up to $91,910 and probably even more. Ironically, those working in Architectural and Engineering industries earn the lowest with a salary of around $82,210.
Mechanical Engineering Education Requirements:
- In Mechanical Engineering, anyone aspiring to be part of this industry needs to have a Bachelor’s Degree. A course in Mechanical Engineering involves topics such as Mathematics, Life and Physical Sciences, Engineering, and Design. Earning a Bachelor’s Degree can take from4to 5 years to complete. It may also involve engaging in Internships and Co-ops in order to acquire the required skill. Some schools also offer longer courses that may take up to 6 years to complete. This already involves a Bachelor’s and a Master’s Degree. There are programs that allow students to work as a paid intern while studying in order to earn enough funds to support their studies. It is important to remember that no matter what course or program you choose, make sure that it is accredited by the Accreditation Board for Engineering and Technology or ABET. Graduates of accredited programs are more preferred by employers. Also, this is a requirement in acquiring a license to work as an Engineer.
Mechanical Engineering Job Description:
The exact Mechanical Engineering job description can not be stated in a single sentence since this is the broadest branch of Engineering. Typically, the job of a Mechanical Engineer involves problem analysis, design and redesign, creation of blueprints, prototype development, manufacturing, and testing. In all their tasks and projects, these Engineers make use of various types of tools and machines such as generators, engines, turbines, refrigeration, air-conditioning, robots, elevators, escalators, conveyors, and many others. Because of the advancement of technology nowadays, Mechanical Engineers have started to make themselves knowledgeable with computers. Computers are mainly used to create and analyze designs or blueprints, create simulations of a machine or engine’s performance, generation of specific parts, quality control and monitoring, and the management of production and manufacturing.
Compared to all other industries of Engineering, Mechanical Engineering has the lowest expected growth rate. From 2010 to 2020, only a 9 percent increase is predicted. However, more and more industries are requiring the services of Mechanical Engineers so this percentage may still increase. It is important to stay updated about the most recent advancements in order to be eligible for any future job position that may be available in the coming years. The great thing about this profession is that there is always a job out there that could make use of the Mechanical Engineer’s skills even if it is not an Engineering-related position. Also, there will be veteran Engineers who will soon retire and this will create more jobs for those fresh out of college. As the world becomes more and more dependent on machines for ease and convenience, Mechanical Engineers will always be needed to create or rebuild machines for the society’s needs. Overall, the job prospect for this type of industry looks very promising.
Salary
Novice - $50,000
Average - $78,000
Veteran - $120,000
Task 3
Living arrangements: Casa La Mesa
Rent: $1500
Utilities covered: none
Deposit: $700
Location: La Mesa
Average utility bills:
Electric: $75 a month
Water: $50 a month
Internet:
Cox Preferred Internet: $30 for 6 months and $53 dollars after
Cable: Cox bundle with phone internet: $25 dollars per month for six months
Phone:
Cox Cable: 25$ a month plan
Transportation: Bus Pass: Free
Food: $250 a month
Taxes:
Federal: $1,4671.47 a month
State: $216.84 a month
Social Security: $428.66 a month
Medical: $104.11 a month
Total: $2335.18 a month
After adding up additional expenses and subtracting it from my monthly salary after taxes ($2,784.9) I save a total of $3,435.5 dollars a month
http://abcnews.go.com/Business/Economy/story?id=7079660&page=1
Rent: $1500
Utilities covered: none
Deposit: $700
Location: La Mesa
Average utility bills:
Electric: $75 a month
Water: $50 a month
Internet:
Cox Preferred Internet: $30 for 6 months and $53 dollars after
Cable: Cox bundle with phone internet: $25 dollars per month for six months
Phone:
Cox Cable: 25$ a month plan
Transportation: Bus Pass: Free
Food: $250 a month
Taxes:
Federal: $1,4671.47 a month
State: $216.84 a month
Social Security: $428.66 a month
Medical: $104.11 a month
Total: $2335.18 a month
After adding up additional expenses and subtracting it from my monthly salary after taxes ($2,784.9) I save a total of $3,435.5 dollars a month
http://abcnews.go.com/Business/Economy/story?id=7079660&page=1
Credit Score
A credit score is a three digit number that says whether or not you will pay back your loans. The Scoring formulas aren't easy to find out but the scale usually ranges from 250 to 850. Currently, people with scores 650 and up qualify for the lenders best loans and rates. Your/The score changes every time you make or fail to make a payment. So if you want a good deal, pay on time.
Copy URL!
https://docs.google.com/a/hightechhigh.org/spreadsheet/ccc?key=0AkpP09d8WZTqdF9SNUV5V3RLbkJuQlR2OWhQZW1MWVE#gid=0
Copy URL!
https://docs.google.com/a/hightechhigh.org/spreadsheet/ccc?key=0AkpP09d8WZTqdF9SNUV5V3RLbkJuQlR2OWhQZW1MWVE#gid=0
Warm-Up
http://students.ucsd.edu/finances/financial-aid/budgeting/undergraduates-20082009.html.
I want to go to UC San Diego
UC San Diego 23,886 for 5 years
I want to go to UC San Diego
UC San Diego 23,886 for 5 years
Homework College
https://docs.google.com/a/hightechhigh.org/document/d/1yqeuTjISt6reSiDwIaZIgHxN4Vw5kmqMxEc8SE0_tG4/edit
Six Ways to Calculate Interests
Cites: http://www.ehow.com/list_7199147_6-calculate-interest-credit-cards.html
1.) Previous Balance
Credit card statement runs in monthly cycles, The cycles might not correspond with the beginning and ending dates of calendar months.
2.) Ending Balance
Uses most current ending balance at end of current billing cycle.
3.) Adjusted Balance
The best math in your wallet as interests calculations go.
4.) Average Daily Balance
Will be figured out with or without inclusion of purchases
5.) Two - Cycle Average Daily Balance
http://www.ehow.com/list_7199147_6-calculate-interest-credit-cards.html
6.) Grace Period
Pay your entire balance in by the due date equals to best deal.
1.) Previous Balance
Credit card statement runs in monthly cycles, The cycles might not correspond with the beginning and ending dates of calendar months.
2.) Ending Balance
Uses most current ending balance at end of current billing cycle.
3.) Adjusted Balance
The best math in your wallet as interests calculations go.
4.) Average Daily Balance
Will be figured out with or without inclusion of purchases
5.) Two - Cycle Average Daily Balance
http://www.ehow.com/list_7199147_6-calculate-interest-credit-cards.html
6.) Grace Period
Pay your entire balance in by the due date equals to best deal.