# CTE Resource Center - Verso - Economics and Personal Finance Task 1064065656

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Identify anticipated and unanticipated income and expenses.

Definition

Identification should include sources of anticipated income, such as salary, allowance, wages, and educational grants or scholarships, and anticipated expenses, such as
  • fixed expenses, which are constant and obligatory, such as monthly rent or a house payment
  • variable expenses, which fluctuate according to changes in lifestyle, such as food and entertainment costs (e.g., video rentals, movies, sports activities, gym membership, books and music, Internet service).
Identification should also include unanticipated income (e.g., gifts, bonuses, inheritances, windfalls) and unanticipated expenses (e.g., car repairs, medical bills, replacement of losses from natural disasters or theft).

A statement of the student’s current and anticipated expenses should be included.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.17

The student will demonstrate knowledge of personal financial planning by
  1. identifying short-term and long-term personal financial goals;
  2. identifying anticipated and unanticipated income and expenses;
  3. examining components and purposes of a personal net worth statement;
  4. developing a personal budget;
  5. investigating the effects of government actions and economic conditions on personal financial planning; and
  6. explaining how economics influences a personal financial plan.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Banking and Financial Systems

 

Economics

 

Introduction to Business

 

Personal Finance