w

1. Why is it important to create a budget? 2. Why is it important to track your spending before creating a budget? 3. What are the six (6) steps in developing a financial plan? 4. You decided to save 30% of your net income for retirement. Your mother says that number should be 50%. What do you think of your mother's advice? 5. What are the components on your personal balance sheet? 6. What is the formula to calculate net worth? 7. Using table C.1 in Appendix C (FVIF), how much money will a single deposit of $1,000 become in 8 years at a 10% annual compounding rate? 8. Using table C.2 in Appendix C (PVIF), how much money do you need on deposit today if you want $10,000 10 years from now for a down payment on a car, when you can get 7% interest? 9. Using table C.3 in Appendix C (FVIFA), how much money does annual deposits of $1,000 grow to in 10 years at 8%? 10. Using table C.4 in Appendix C (PVIFA), how much money do you need today to pay our $25,000 each year for 25 years at 5%