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personal financial planning

Questions and Answers of Personal Financial Planning

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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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?

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