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Personal Financial Literacy 1st Edition Joan Ryan - Solutions
4. Refer to your personal balance sheet created earlier to find your net worth amount. Enter this amount below the headings. For example:Net Worth on (current date) $525.56
3. Use spreadsheet or word processing software for this activity, if it is available. If not, complete the work using paper and pen. Center the following heading at the top of the document:(YOUR NAME) FINANCIAL PLAN Updated (current date)
2. Gather the personal income and expense statement, the personal balance sheet, and the personal budget you created earlier. Gather any other financial documents you have. See the list under Step 1 Gather Information on page 109 for examples.
1. Review the example of one goal in a financial plan shown in Figure 4-3.1 on page 112.
9. Why might you choose a financial planner who does not work on commission rather than one who does?
8. How often should you review your financial plan at a minimum?
7. What does the term delayed gratification mean?
6. How are short-term goals different from long-term goals?
5. Why are personal goals set before financial goals? How do financial goals help make achieving personal goals possible?
4. What information should you be able to learn from your personal balance sheet?
3. What types of information or documents are needed to create a financial plan?
2. List the five steps in creating a financial plan.
1. What is the purpose of a financial plan?
Who else depends on your income? Do you have a spouse or children that will be affected by your financial plan? What will they contribute?
How are your spending habits changing? What types of things are you buying (needs versus wants), and what are your purchasing plans over time?
Is your net worth growing over time? When you compare the current balance sheet to previous ones, do you see growth? If so, by what amount and percentage?
Is your income steadily growing over time? If so, by what amount and percentage? For example, you may have $2,000 more in income this year than last year. This is a favorable trend that will help you reach your goals.
Prepare a personal financial plan.
Describe how financial goals help make achieving personal goals possible.
List the steps of the financial planning process.
Explain the purpose of a financial plan.
5. Create a similar monthly budget variance report for yourself. Use the budget you created for the month and the actual amounts of your income, savings, and expenses.
4. Review the personal budget variance examples shown in Figure 4-2.3 on page 105.
3. Keep track of the amount of money you receive, the amount you save, and the amount you spend during the coming month.Continue this exercise after one month has passed.
2. Create a similar budget for yourself for the coming month. Use spreadsheet software to prepare the document, if it is available.Enter your expected income from all sources during the month.Enter an amount you want to save for the month.List all your estimated expenses for the month.Total the
1. Review the personal budget shown in Figure 4-2.2 on page 102.
8. List steps you can take to help resolve a conflict in a positive manner.
7. Name three software programs that can be used to keep financial records.
6. Describe ways to keep financial records manually.
5. What is an unfavorable variance?
4. Why is it important that a budget be balanced? If your budget does not balance, what can you do to bring it into balance?
3. How are variable expenses different from fixed expenses?
2. What three types of amounts are included in a “pay-yourself-first”budget?
1. What is the purpose of a budget?
Describe recordkeeping methods used in the budgeting process.
Prepare a personal budget using the“pay-yourself-first” philosophy.
Identify the purpose of a budget.
8. Subtract your liabilities from your assets to find your net worth.Note that if your liabilities are larger than your assets, you will have a negative net worth.
7. List all your liabilities—money you owe that must be repaid.
6. List all your assets—money you have or things of value you own.
5. Review the personal balance sheet shown in Figure 4-1.2 on page 94. Create a similar document using your information. Use spreadsheet software, if available, to create the balance sheet.
4. Find the total of your income and the total of your expenses.Subtract the two total amounts to find your net income or net loss.
3. List all your expenses—money you pay for goods and services during the same month.
2. List all your income—money you receive from any source during one month.
1. Review the personal income and expense statement shown in Figure 4-1.1 on page 94. Create a similar document using your information. Use spreadsheet software, if available, to create the statement.
9. List some strategies you can use to make good financial choices.
8. You have given careful thought to buying either a new book bag or a music CD. You decide to buy the music CD. What is your opportunity cost?
7. Briefly list five steps to follow when making a financial decision.
6. What is a trade-off? What is an opportunity cost?
5. How is a person’s net worth calculated?
4. What are assets? What are liabilities?
3. How do financial resources limit a person’s spending choices?
2. How are wants different from needs? What are some wants that you have?
1. How are other needs different from basic needs? Besides food, clothing, shelter, and medical care, what are some other needs?
Apply a decision-making process to personal financial choices.
Prepare a personal balance sheet.
Prepare a personal income and expense statement.
Describe how limited resources affect consumer choices.
Explain how basic needs, other needs, and wants differ.
* Explain coverage for property insurance?
* Explain provisions of income protection insurance.
* Discuss risk management strategies.
* Describe the role of the Federal Reserve System.
* List banking services and fees.
* Prepare a bank reconciliation and balance a checkbook.
* Create a personal financial plan.
* Prepare a personal income and expense statement, personal balance sheet, and personal budget.
* Explain how resources can limit financial choices.
4. Give two tips for successful interviews.
3. Why should you take names, addresses, and telephone numbers of personal references when you go to an interview?
2. Why is the letter of application an important part of the job application process?
1. How should you dress for an interview at a hotel? Why?
4. Explain what you will do after the purchase, such as keep the receipt, mail a warranty card, or follow up on delivery
3. Describe where you will go and what you will do as you are making the purchase. This includes the stores you will visit, questions to ask, and techniques to get the best deal.
2. List the things you will consider before buying, such as places you will shop, features you are seeking, and price you are willing to pay.
1. Think of an item you would like to buy. Choose an item that costs more than $10 and that will require some planning, saving, and shopping. Perhaps it is a gift for someone’s birthday or a special item that you have wanted for some time.
6. Overall, how would you rate your shopping experience at this site?
5. Is the Web site colorful and well designed?
4. Are you able to proceed to checkout (if you wish) with ease?
3. Is complete information about the product provided?
2. Are you able to find information about a particular product easily?
1. Is the Web site easy to use? Can you move from screen to screen easily?
3. Ethically speaking, what is wrong with pressuring someone into buying when she or he is not ready or does not really need or want the item?
2. What will you do differently the next time you are faced with this situation?
1. Have you ever bought something that you later felt you had been pressured into buying? How satisfied were you with that purchase?
5. You plan to loan $1,000 to a neighbor for 6 months. You realize that the value of a dollar may be less 6 months from now than it is today.You want to charge enough interest so that the money you receive back from your neighbor will have the same purchasing power as the money you loan. The
4. The price of an air conditioner fell from $250.00 on August 1 to$200.00 on October 1. By what percent did the price decrease?
3. The price of gasoline rose from $2.50 on March 1 to $2.89 on March 31. By what percent did the price increase?
2. Determine which of these items has the lowest per-unit cost and, thus, is the best buy.Product A $1.99 for a 6-ounce bag or $2.49 for an 8-ounce bag Product B $24.00 for a box of 10 or $36.00 for a box of 15 Product C $10.00 for a pack of 3 or $15.00 for a pack of 5
1. Find the unit prices for the following items. Round to three decimal places.Product A $3.96 for 24 ounces Product B $2.99 for a 16-ounce box Product C $3.69 for 12 cookies Product D $4.99 for 6 muffins Product E $12.99 for a pack of 6 Product F $25.00 for a case of 36
17. is a measure of the efficiency with which goods and services are made.
16. A type of inflation that occurs when consumers want to buy more goods and services than producers supply is called .
15. is setting a price based on the cost to produce and deliver a product plus a profit margin.
14. Rapidly rising, out-of-control prices are called .
13. A pricing strategy called sets the price for a product based on existing prices in the marketplace.
12. A type of inflation called occurs when prices are rising, but at a slow rate.
11. A specific group of people called a(n) is the focus of a specific advertising strategy.
10. is an overall increase in general price levels.
9. A consumer spending pattern called occurs when people spread money to cover as many needs as possible or to get as much value as possible.
8. is caused by scarce resources or an increase in the cost of getting those resources.
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