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ACTIVITY DESCRIPTION additional \$12,500. You also received a $12,000 student loan. All of this money is intended to last you for the academic year. fnllowing is a momnlete list of vour cash receipts. On December 15 , you checked the balance in your bank account, and you only have $11,650 cash. You are anxious because you know residence for the second term will cost you $5,200, the meal plan will cost you $1,200, and your tuition will cost you $7,000. You are $1,750 in the hole before even purchasing textbooks or anything else for next term. You need to figure out where you stand before you can talk to your parents about needing more money for the next term. You are getting more and more worried about what to do next. Instructions (45 marks) 1. Calculate your personal equity (deficit) as of September 1, 2021. (5 marks) 2. Define the terms "current liabilities," "current assets," and "expense" (hint a good place to start is your textbook; make sure to cite your source). Provide 3 examples from your life for each of these terms. Justify your answers. (8 marks) 3. Calculate your total expenses for the first term and your personal equity (deficit) as of December 15. (10 marks) 4. Now, assume that the $800 cellphone you had, the tablet you purchased and the damage deposit you paid are assets, and that the remaining costs are expenses. Did your equity change? If so, by how much? (4 marks) 5. Assume that you will have the same expenses in the second term, will you have enough cash to pay for them? If not, how much are you short? (4 marks) 6. Are there any expenses you might be able to avoid in the second term to save cash? What are they? What other strategies you might use to improve your financial situation? ( 8 marks) 7. Given your answer in part 6 , will it be necessary for you to ask your parents for more money for the next term? If so, how much do you need to ask for? Explain. (6 marks) Please ensure that your response is written in full sentences and that you provide an explanation and/or a calculation to support your answers. Use of Turnitin To uphold academic integrity, Turnitin will be used in this assessment. By submitting your work through Turnitin, Turnitin's software will compare your work against a repository of internet and library resources in addition to the work of your peers and other academics to generate a similarity report. This similarity report verifies that your work is your own and that any referenced material is appropriately cited