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Personal Financial Literacy 1st Edition Joan Ryan - Solutions
1. The Federal Reserve System requires national banks to be members. There are also state-chartered banks and credit unions that are not required to join the Fed. Even though non-member banks do not belong to the Fed, how are you (the depositor)protected at these banks?
8. What is a bank reserve requirement?
7. What types of banks must be members of the Federal Reserve System? Are banks that are not members also regulated by the Fed?
6. How do open-market transactions for U.S. government securities affect the economy?
5. How does the Fed control the money supply in the United States?
4. What is the discount rate? The federal funds rate? The prime rate?
3. What is the meaning of the term monetary policy?
2. The Fed’s activities are in what four general areas?
1. What is the Fed? When was it created, and what is its purpose?
Identify the types of interest rates controlled by the Federal Reserve System.
Explain how the Federal Reserve System controls the banking industry.
Define monetary policy and discuss goals of U.S. monetary policy.
Describe the purpose of the Federal Reserve System.
3. Jessica is considering putting her money ($50) into a $100 paper U.S. savings bond. Assume the guaranteed rate of interest is 4 percent. How long will it take for the money to double (reach$100)? Use the Rule of 72 to find the answer.
2. Suki has placed $800 in an account that pays 4 percent interest compounded quarterly. What will be the balance in the account at the end of 2 years (8 quarters)? How much interest will Suki have earned during that time? Round your answers to the nearest cent.
1. Selena has placed $500 in an account that pays simple interest of 5 percent annually. How much interest will Selena have earned by the end of the year?
10. List some other services banks may provide for customers in addition to checking and savings accounts.
9. What is the Rule of 72 that is related to saving?
8. How do the amount of time you have to save and the interest you can earn relate to achieving financial goals?
7. What is the purpose of an IRA? What types of companies offer IRAs?
6. Why is a U.S. savings bond considered a safe form of saving?
5. How do a certificate of deposit and a money market account differ from a regular savings account? How are they the same?
4. How does compound interest differ from simple interest?
3. What is the formula for calculating simple interest?
2. What is the sum of money set aside on which interest is paid called?
1. What is the purpose of a savings account?
List savings options and their advantages.
Compute interest on savings at a fixed interest rate.
Explain the purpose of savings.
7. Check your work. The adjusted bank statement balance and the adjusted checkbook register balance should be $382.29.
6. Reconcile the bank statement. Use the checkbook register you completed earlier. You can use the form provided or create a similar form using software such as Excel. Use September 3, 20--, as the date for the reconciliation.
5. Open and print the PDF file CH05 Statement from the data files. This file contains a bank statement and a reconciliation form.
4. On August 31, complete the register and write a check for $12.35 to Fresh Cleaners for cleaning services. Sign your name to the check.
3. On August 30, write a check for $15.85 to Quick Pizza for food.Remember to complete the checkbook register before writing the check. Sign your name (first and last) to the check.
2. Use the following information to complete the checkbook register and the deposit form. Remember to sign your name on the appropriate line to indicate that you received cash. Show how you would endorse the checks you are depositing using the space provided.Date of the deposit: August 30,
1. Open and print the PDF file CH05 Forms from the data files. This file contains a deposit form and checks. It also contains a checkbook register.
15. What is the purpose of completing a bank statement reconciliation?
14. What are some advantages for account holders of having automatic deposit for money received?
13. What procedure should you follow when completing a deposit form if you have more checks than can be listed on the front of the form?
12. What is the purpose of a check endorsement? How does a blank endorsement differ from a restrictive endorsement?
11. Why is it important to protect your bank account number and PIN or password?
10. What is the difference between a debit card and an ATM card?
9. What should you do with a check on which you make an error?
8. List the six steps in writing a check.
7. What is the purpose of a checkbook register? What types of data should be in a register?
6. Why should consumers use payday loans sparingly?
5. What does the term cashing a check mean?
4. What is the purpose of a signature card?
3. Checking accounts at banks generally are insured by the FDIC for up to how much?
2. What information will a person typically be required to provide when opening a checking account? What form of identification and other information might also be required?
1. What are the purposes of a checking account?
Prepare a bank reconciliation.
Write a check and prepare a deposit slip.
Prepare a checkbook register.
Explain the purpose and use of a checking account.
4. How can you add to or refine this plan to make it better?
3. If this student gets a job, how much will she have to earn in take-home pay in order to meet her financial goals?
2. Label each personal goal as short-term, intermediate, or long-term.
1. Do you think the personal goals are realistic for a student who is currently a sophomore in high school?
7. Calculate the total savings and expenses. Is the budget in balance?If it is not, change the savings or expense amounts (within realistic limits) to make the budget balance. Some ideas to help balance your budget follow.Can you find an apartment where the water or electricity is included in the
6. Do research to find typical monthly costs for these items in your area.For example, look at advertisements for apartments in a newspaper to find rent costs. Ask your parents or other adults how much they usually pay for items such as electricity and water. Calculate the total expenses.
5. In the Expenses section, list your estimated expenses for one month.Think of all the expenses you would have if you were living on your own. Assume that health insurance premiums have been deducted from your paycheck. Also assume that the taxes you have withheld from your paycheck are all the
4. Enter an amount you want to save for the month. Use an amount that you think is realistic. You may need to adjust this amount later.
3. Assume you work 40 hours per week 4 weeks per month. You earn$8.00 per hour. Your take-home pay (after taxes and other deductions)is $224 per week. Calculate your monthly take-home pay. Enter this amount in the Income section of the budget. Enter $60 per month that you earn doing odd jobs such
2. Use the budget in Figure 4-2.2 as an example of how to set up and format the document.
1. Review the personal budget shown in Figure 4-2.2 on page 102. You will prepare a household budget for next month. Use spreadsheet software to prepare the budget, if it is available.
5. Describe how you would take action based on your decision if this were a real situation
4. Make a decision based on your research and evaluation of the information you have gathered. Explain why you choose one option over the others.
3. Compare the options you have identified. List the advantages and disadvantages of each one.
2. List options for filling the need. What methods of transportation might your club use to reach the state capital? (If you live in the state capital, assume you will need to travel 20 miles to the meeting site.)Do research as needed to find the cost of each option. Remember to consider the
1. Define the need clearly. Write a statement that says exactly what you need to decide.
18. are money and other items of value that can be used to acquire goods and services.
17. Things we desire to buy, called , go beyond filling survival needs and basic comforts.
16. is a scam that uses an e-mail message to get a person to give out personal information.
15. A debt you owe, called a(n) , must be repaid.
14. occurs when a person’s personal information is used without permission to commit fraud or theft.
13. describe how you will pay for achieving your personal goals.
12. Differences between planned and actual income or expenses are called .
11. are expenses that can go up and down each month.
10. Items of value that you own, called , may be appreciating or depreciating.
9. When you choose to give up one item to buy another, you are making a(n) .
8. A(n) is a person who gives financial advice to individuals.
7. are things you want to achieve.
6. An overall plan called a(n) contains your personal and financial goals.
5. Rent or insurance payments are examples of because they do not change each month.
4. A spending and saving plan based on expected income and expenses is called a(n) .
3. is the amount of money a person has to spend after needs are met.
2. The amount of your assets minus your liabilities is called your.
1. Your next best choice, called the , is what you give up when you make a decision to buy an item.
3. Search for more information about the job you selected to answer these questions:What is the nature of the work this job involves?What is the job outlook for this job?What training or qualifications are needed for this job?What are the median annual earnings for this job?
2. Access the Occupational Outlook Handbook online. A link to the site is provided on the Web site for this textbook.
1. Choose a job in science, technology, engineering, and mathematics to explore further. Select a job from the list above, or choose another job in this career area.
12. At least once a year, review and revise your financial plan. Check off goals that you have achieved. Add new goals as your needs and wants change over time. Refine the steps to take in achieving your long-term goals as the steps needed become clearer.
11. Work toward achieving your goals by taking the steps you have listed. Refer to your timeline often to see if you are accomplishing the steps or goals when planned.
10. Repeat steps 6 through 9 to list other goals. List at least one more short-term goal to be achieved in 2 years or sooner. List at least two intermediate goals to be completed within 3 to 5 years. List at least two long-term goals to be completed in more than 5 years. You may list as many other
9. Set a time for completing each step you listed. Enter the completion time for each step in the table under Timeline.
8. Determine the steps you will need to take to achieve the financial goals. Refer to your budget and income and expense statement. Do you need to increase your income or savings to meet the goals?Do you need to decrease expenses? List the steps you will take to meet the goals in the table under
7. Think of the financial goal or goals you will need to meet in order to achieve the personal goal. List these goals in the table under Financial Goals.
6. Think of a personal goal you would like to accomplish within the coming year. List this short-term goal in the table under Personal Goals.
5. Below the net worth information, create a table with four columns as shown in Figure 4-3.1. Enter the following column headings:Personal Goals Financial Goals Steps to Take Timeline
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