Presentations begin on Wednesday, May 20th!!
Restaurant Project
Congratulations, you just inherited $75,000 from your late, great uncle. Your dream has always been to start a restaurant, and now you have the capital to give it shot. The first thing you do is get your closest advisors to help you plan a successful business. If you have no close advisors, you are putting a lot of weight on your shoulders, but you do receive all the glory if you are a success.
To open this restaurant you need to do the flowing things:
Decide where you want to open your restaurant. You must figure out how much you can pay in rent a month. Remember, the trendier parts of the cities charge the highest rents. To find real estate prices, check the NY Times.
Decide a theme for your restaurant. What is going to draw customers to your business? First, what is your name? Are you a fast food business, or a fancy sit-down place? What type of food will you serve? Classic Americana, or something more exotic?
Build a menu for your restaurant. The food you serve is the most important part of your business. Design a menu that includes at least 5 items for each of the following categories: appetizers, entrees, deserts. Include the prices for each item.
Design the layout of your restaurant. Some people would argue that the atmosphere in your restaurant is the most important part of your business. How are you going to lay out your restaurant? How many tables will you have? How many people will be able to eat at one time?
Decide how many people you will hire. After deciding how many people you can serve at one time, you must figure out how many employees you will need. Please create a work schedule for a week that clearly identifies the amount of workers in each time slot during your business hours.
Decide how to market your restaurant. Besides developing a theme and good food that keeps customers coming back, how do you get people into the door in the first place? Develop a marketing strategy for your company. Will you advertise in the newspaper? If so, design an ad. Will you have a catchy sign outside? If so, design it. Will you simply spread your message by word of mouth? If so, what is your strategy?
Figure out how much money you need to make a profit each month. Add up all of your expenses (rent, wages, food costs, marketing, etc.) then estimate how much money you will make through sales. Provide both a conservative (low sales) and liberal (high sales) estimate. From this, determine if you are making a profit.
Figure out how much money you will need from investors for this business project to be successful. You will present your business to the class, who are your potential investors. The more money you need, the more the likelihood that you will not receive all that you ask for. Remember though, investors want to make money, and if you have a great business plan, you will have the opportunity to attract more investors. The money you receive from the loan should be used for start up costs, not month-to-month budgets.
After completing the following tasks, you will present your business to the class on Wednesday, May 31. The class is a potential pool of investors. Each of your peers has $50,000 to invest. Your job is to convince them to give you some of their money to cover your start-up costs. The best way to do this is show your business will make money.
The information you must turn in includes:
Description of your restaurant
Menu – include prices
Floor plan
Budget Information
Marketing Plan
Work Schedule
Tuesday, May 12, 2009
Sunday, March 29, 2009
Fed Reserve System Test REVIEW SHEET for Test on Wednesday, April 1!
FEDERAL RESERVE SYSTEM UNIT REVIEW SHEET
The Barter System
Why is a $1 bill less than a $10 bill?
Why can’t you pay for things with pens or notebooks?
Define barter system
Name one advantage of the barter system
Name one disadvantage
What three functions does money satisfy? (medium of exchange, store of value, measure of value)
Name the commodity used in Virginia during the colonial period used in the place of money
Does an increase in the amount of currency in circulation mean there is more money in the economy (no, it means that people prefer to hold their money in cash rather than in checking accounts)
The Federal Reserve System
What is the mission of the Fed?
What is monetary policy?
Define discount rate
Would the Fed lower or increase the discount rate to avoid inflation?
Define reserve requirement
Would the Fed lower or increase the reserve requirement to combat recession?
Define open market operations
Would the Fed buy or sell government securities to prevent inflation?
When would the Fed have an expansionary policy?
When would they have a contractionary policy?
Banks
Who came up with the American banking system as we know it?
Why do we sometimes think banks are government agencies?
How do banks earn profits?
Why can’t banks charge whatever interest rates they want to charge?
Name two things that loan officers consider when deciding to give out a bank loan or not.
Banks Creating Money
What three things are on a banks balance sheet?
What should total assets equal?
Define liabilities
Define assets
What is a demand deposit?
How does a savings deposit differ from a demand deposit?
What three conditions must be in place for a $1000 deposit to lead to $5000 in deposits? (banks lend out excess reserves, customers are will to borrow banks excess, all loans are redeposited in a bank)
Inflation
Define inflation
If I have a lot of money I am better off, if everyone has more money I am also better off. True or false
Why did the price of the candy bar go up in the game?
Name someone who would be hurt by inflation
Describe someone who would be helped by inflation
Would long term or short term decisions be most difficult to make because of inflation?
The Barter System
Why is a $1 bill less than a $10 bill?
Why can’t you pay for things with pens or notebooks?
Define barter system
Name one advantage of the barter system
Name one disadvantage
What three functions does money satisfy? (medium of exchange, store of value, measure of value)
Name the commodity used in Virginia during the colonial period used in the place of money
Does an increase in the amount of currency in circulation mean there is more money in the economy (no, it means that people prefer to hold their money in cash rather than in checking accounts)
The Federal Reserve System
What is the mission of the Fed?
What is monetary policy?
Define discount rate
Would the Fed lower or increase the discount rate to avoid inflation?
Define reserve requirement
Would the Fed lower or increase the reserve requirement to combat recession?
Define open market operations
Would the Fed buy or sell government securities to prevent inflation?
When would the Fed have an expansionary policy?
When would they have a contractionary policy?
Banks
Who came up with the American banking system as we know it?
Why do we sometimes think banks are government agencies?
How do banks earn profits?
Why can’t banks charge whatever interest rates they want to charge?
Name two things that loan officers consider when deciding to give out a bank loan or not.
Banks Creating Money
What three things are on a banks balance sheet?
What should total assets equal?
Define liabilities
Define assets
What is a demand deposit?
How does a savings deposit differ from a demand deposit?
What three conditions must be in place for a $1000 deposit to lead to $5000 in deposits? (banks lend out excess reserves, customers are will to borrow banks excess, all loans are redeposited in a bank)
Inflation
Define inflation
If I have a lot of money I am better off, if everyone has more money I am also better off. True or false
Why did the price of the candy bar go up in the game?
Name someone who would be hurt by inflation
Describe someone who would be helped by inflation
Would long term or short term decisions be most difficult to make because of inflation?
What Bank is Right for You? Essay Assignment DUE Tuesday, April 21st
What Bank is Right for You? --We will be conducting research in class starting Monday, April 6-Wednesday, April 8th...
Over the next two days in class, you will be using the Internet to research 3 banks and try to determine which one is best for you. After two days of research, you will write a short paper explaining why one of the three is the best for your needs currently.
1. To start with, it is important to find which banks are close to you. Please open Google Earth and type in your home address in the blank box in the upper left corner. If you are moving out of the city for college next year, please research banks near your school.
2. Go to the “Layers” section on the left side of the screen and check the box next to “Banks/ATMs”. What this does is identify all the banks and their locations on the map.
3. Make a list of three banks close to you that you might be interested in opening an account in and indicate how far they are from you home.
4. Once you have done this, please close Google Earth, and then open the Internet. Go to google.com and type in the name of one of the three banks. Go to the banks homepage.
5. Once on the bank’s homepage, please answer the questions in the box on this page.
6. Once you have answered the questions for one bank, please do the same exercise for two other banks. After you have completed all three banks, make a choice as to which one is best for you and write a 3-4 page paper explaining why.
What to look for when choosing a Bank
a) Name/location of the bank
b) Is this bank close to my home or my work?
c) Does this bank operate during hours that are convenient for me, and/or is the bank’s ATM network convient?
d) Do any of the employees speak my language?
e) Does this account offer the services that I need and want?
f) Does this account pay interest? At what rate?
g) What fees are associated with this account?
h) What does the bank charge for overdraft protection?
i) What type of identification will I need to open this account?
j) What is the monthly service charge?
k) Do I have to maintain a certain balance to avoid paying fees? Can I afford to maintain that balance?
l) Is this account protected by FDIC insurance?
**THE 3-4 PAGE PAPER IS DUE ON
TUESDAY, APRIL 21st!!!!!!**
Over the next two days in class, you will be using the Internet to research 3 banks and try to determine which one is best for you. After two days of research, you will write a short paper explaining why one of the three is the best for your needs currently.
1. To start with, it is important to find which banks are close to you. Please open Google Earth and type in your home address in the blank box in the upper left corner. If you are moving out of the city for college next year, please research banks near your school.
2. Go to the “Layers” section on the left side of the screen and check the box next to “Banks/ATMs”. What this does is identify all the banks and their locations on the map.
3. Make a list of three banks close to you that you might be interested in opening an account in and indicate how far they are from you home.
4. Once you have done this, please close Google Earth, and then open the Internet. Go to google.com and type in the name of one of the three banks. Go to the banks homepage.
5. Once on the bank’s homepage, please answer the questions in the box on this page.
6. Once you have answered the questions for one bank, please do the same exercise for two other banks. After you have completed all three banks, make a choice as to which one is best for you and write a 3-4 page paper explaining why.
What to look for when choosing a Bank
a) Name/location of the bank
b) Is this bank close to my home or my work?
c) Does this bank operate during hours that are convenient for me, and/or is the bank’s ATM network convient?
d) Do any of the employees speak my language?
e) Does this account offer the services that I need and want?
f) Does this account pay interest? At what rate?
g) What fees are associated with this account?
h) What does the bank charge for overdraft protection?
i) What type of identification will I need to open this account?
j) What is the monthly service charge?
k) Do I have to maintain a certain balance to avoid paying fees? Can I afford to maintain that balance?
l) Is this account protected by FDIC insurance?
**THE 3-4 PAGE PAPER IS DUE ON
TUESDAY, APRIL 21st!!!!!!**
Homework Sheet 4 - Blue Star Prep & Personal Finance
Unit: Personal Finance
Homework Sheet 4
PROJECT DUE DATES:
1) Weekly Expense Worksheet and one-page reflection
Due TUESDAY, APRIL 7th
2) Choosing a Bank Research 3-4 page Essay
Due TUESDAY, APRIL 21st
READINGS FROM TEXTBOOK DUE DATES:
#1 Due Friday, April 3
Based on your budgeting plan for Jane, answer the following question in a one page response:
How did budgeting for Jane help you understand more about managing finances and setting goals for yourself?
#2 Due Monday, April 6
Read pages 406-412 and 417-421
Do matching exercise on page 422 and multiple choice on pages 422-423
#3 Due Wednesday, April 22nd
Read pages 172-175 including “Personal Economics: The Power of Compound Interest”
1. What is the “rule of 72?”
2. Explain “rate of return”
3. Define “liquidity,” “pension plans,” “401(k) plans” and “IRAs”
#4 Due Thursday, April 23rd
Read pp. 165-171
1. Explain the five different kinds of savings plans as discussed on pages 167-168.
2. Define “money market fund” and “u.s. savings bonds”
Homework Sheet 4
PROJECT DUE DATES:
1) Weekly Expense Worksheet and one-page reflection
Due TUESDAY, APRIL 7th
2) Choosing a Bank Research 3-4 page Essay
Due TUESDAY, APRIL 21st
READINGS FROM TEXTBOOK DUE DATES:
#1 Due Friday, April 3
Based on your budgeting plan for Jane, answer the following question in a one page response:
How did budgeting for Jane help you understand more about managing finances and setting goals for yourself?
#2 Due Monday, April 6
Read pages 406-412 and 417-421
Do matching exercise on page 422 and multiple choice on pages 422-423
#3 Due Wednesday, April 22nd
Read pages 172-175 including “Personal Economics: The Power of Compound Interest”
1. What is the “rule of 72?”
2. Explain “rate of return”
3. Define “liquidity,” “pension plans,” “401(k) plans” and “IRAs”
#4 Due Thursday, April 23rd
Read pp. 165-171
1. Explain the five different kinds of savings plans as discussed on pages 167-168.
2. Define “money market fund” and “u.s. savings bonds”
Week of March 30th
Hi everyone,
We will wrap up the unit on the Fed and Money and review for the test on Tuesday, March 31st. We will have the test on Wednesday, April 1st!
Unit 4 with be on Personal Finance and Financial Literacy. We will be preparing for the Blue Star Exam scheduled on Thursday, May 7th. I'll post the new homework schedule in a little bit.
See you in class! Ms. Rosenberg
We will wrap up the unit on the Fed and Money and review for the test on Tuesday, March 31st. We will have the test on Wednesday, April 1st!
Unit 4 with be on Personal Finance and Financial Literacy. We will be preparing for the Blue Star Exam scheduled on Thursday, May 7th. I'll post the new homework schedule in a little bit.
See you in class! Ms. Rosenberg
Thursday, March 19, 2009
Cool chart about the Economic Crisis
http://flowingdata.com/wp-content/plugins/yet-another-photoblog/cache/visualguidecrisis2.48e13e27k3acs0sg040s88cgk.8td8r2s3w1cs4kksc4okksgg8.th.jpeg
Tuesday, March 17, 2009
New Homework Sheet for UNIT 3 - Money & The Federal Reserve System
ROSENBERG
ECONOMICS 2009
UNIT 3 – MONEY & THE FEDERAL RESERVE
HW #1: What is money and what does it do? DUE THURSDAY, MARCH 19
Read pages 69-74
1. Explain what money is and describe three functions that it performs.
2. Create a chart that compares currency, barter, and checkbook money.
HW #2: Banks and what they do DUE FRIDAY, MARCH 20
Read pages 74-75, 78-83
1. Explain how banks create money by making loans.
2. How does the Federal Reserve System control the availability of currency?
HW #3: Inflation DUE MONDAY, MARCH 23
Read pages 86-96
1. Define inflation and deflation.
2. How does inflation affect different groups of people?
3. Explain the difference between demand-pull and cost-pull inflation. What are the causes of each?
HW #4: Who is Helped and Who is Hurt by Inflation? DUE THURSDAY, MARCH 26
Complete worksheet.
HW #5: Monetary and Fiscal Policy DUE FRIDAY, MARCH 27th
Read pages 456-461
1. Define monetary policy and fiscal policy.
2. Give two examples of each.
WE WILL MOST LIKELY HAVE OUR NEXT TEST ON TUESDAY, MARCH 31st
ALSO! DON'T FORGET THAT PARENT-TEACHER CONFERENCES ARE ON THURSDAY, MARCH 26TH AND MARCH 27TH
ECONOMICS 2009
UNIT 3 – MONEY & THE FEDERAL RESERVE
HW #1: What is money and what does it do? DUE THURSDAY, MARCH 19
Read pages 69-74
1. Explain what money is and describe three functions that it performs.
2. Create a chart that compares currency, barter, and checkbook money.
HW #2: Banks and what they do DUE FRIDAY, MARCH 20
Read pages 74-75, 78-83
1. Explain how banks create money by making loans.
2. How does the Federal Reserve System control the availability of currency?
HW #3: Inflation DUE MONDAY, MARCH 23
Read pages 86-96
1. Define inflation and deflation.
2. How does inflation affect different groups of people?
3. Explain the difference between demand-pull and cost-pull inflation. What are the causes of each?
HW #4: Who is Helped and Who is Hurt by Inflation? DUE THURSDAY, MARCH 26
Complete worksheet.
HW #5: Monetary and Fiscal Policy DUE FRIDAY, MARCH 27th
Read pages 456-461
1. Define monetary policy and fiscal policy.
2. Give two examples of each.
WE WILL MOST LIKELY HAVE OUR NEXT TEST ON TUESDAY, MARCH 31st
ALSO! DON'T FORGET THAT PARENT-TEACHER CONFERENCES ARE ON THURSDAY, MARCH 26TH AND MARCH 27TH
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