1. Describe some examples of checking and savings account transactions that result in assessments of fees or penalties. Which are the least and most avoidable?

2. Analyze your personal budget as a financial planning tool for making decisions in the following situations. In each case, how will they affect your budget (consider each individually)?

a. A neighbor and coworker suggest that he and you commute to work together. b. The roofers inform you that your chimney needs be to repointed and relined as well as your new roof, and the cost will be an additional $4,000 - billed monthly. c. You have a part-time job where you make a consistent $700 a month and are considering giving that up and putting more time into your hobby which has an upfront cost of $5,000 to get off the ground as a business, but, assuming it goes well, could earn you $1,000 month. d. Your car is just about on its "last wheels", you can buy a used car for $250 a month for 3 years, but it is not that great on gas mileage (18 mpg) and you drive 20,000 miles a year. Or you can buy a new car that has payments of $375 a month for 5 years, but it gets great gas mileage (34 mpg). Decide what you would do and explain the impact to your budget.

3. Review your list of personal financial goals. For each goal, how does the U.S. Tax Code help or hinder you in achieving it?