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personal financial planning

Questions and Answers of Personal Financial Planning

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
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
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
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
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.
7. The lowering of overall price levels is called .
6. Setting a price based on how much the consumer is willing to pay is called .
5. The concept says that money received today is worth more than money received in the future.
4. is a method of informing consumers and promoting and selling products.
3. occurs when prices are high, drop, and then rise to their previous high level.
2. occurs when businesses raise prices due to rising costs for producing products.
1. The spending habit called is spending money only when you have to and then spending as little as possible.
What are the median annual earnings for this job?
What training or qualifications are needed for this job?
What is the job outlook for this job?
What is the nature of the work this job involves?
3. Search for more information about the job you selected to answer these questions:
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 education to explore further. Select a job from the list above, or choose another job in this career area.
3. Look through a daily newspaper or magazine. Make a list of the types of advertisements you find. For each type of ad, describe the target audience. Then tell whether the appeal is logical (to meet
2. Listen to a local radio station for one-half hour. Write down every commercial you hear. For each ad, describe the people you think are in its target audience. Then tell whether the appeal is
1. Watch television for one-half hour. During that period, write down every ad (commercial) you watch. For each ad, describe the people you think are in its target audience. Then tell whether the
5. List three things you can do after your purchase to make better decisions in the future.
4. List three things you can do while shopping to make better purchase decisions.
3. List three things you can do before you shop to improve your buying power.
2. List three types of media that sellers can use to help create demand for a product.
1. List strategies, other than having the right price, for selling goods to consumers.
Discuss strategies buyers can use before, during, and after a purchase.
Explain how businesses are able to create demand for a product.
Describe strategies used by businesses to sell goods and services.
3. If you had to make this purchase decision again, would you choose the same item? Why or why not?
2. Was this item purchased as a result of economizing or optimizing?
1. How do you think the price was set for this product—using cost-plus, value-based, or market-based pricing? Why?
6. How can using effective time management strategies lead to better buying decisions?
5. What is optimizing? How does using this buying strategy affect demand and prices in a market economy?
4. What is economizing? How does using this buying strategy affect demand and prices in a market economy?
3. Why might shoppers want to set up an account on a retail Web site they use often?
2. How is a market-based pricing strategy different from a value-based pricing strategy?

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