How well is Jessica managing her finances? Provide two examples from the financial statements and ratios. What areas can Jessica improve on with her finances? Provide two examples from the financial statements and ratios. Jessica coul start by paying her bills on time so that she won't have to pay more. If Jessica would better work on her grocery budget such as meal prepping as well as spending less on entertainment, she would be able to further improve her finances. Identify one tax related concept that would be helpful for Jessica to know? PFI 2301: Personal Financial Literacy LG3 Project LG3-Q1 Application Time - Jessica's Income & Expense Statement January 1 December 31 CASH INFLOWS Salary Consulting Income Income CASH OUTFLOWS Fixed Expenses Mortgage Payment Car Payment Student Loan Payment Insurance Payment Credit Card Payment Entertainment Groceries Fuel Utilities Variable Expenses Annual Monthly 60,000.00 5,000.00 2,000.00 166.67 TOTAL CASH INFLOWS 62,000.00 5,166.67 22,000.00 1,833.33 5,100.00 425 6,000.00 500 3,000.00 250 Total Fixed Expenses 36,100.00 3,008.33 600 50 1,200.00 100 2,400.00 200 1,000.00 83.33 2,300.00 191.67 Total Variable Expenses 7,500.00 625 43,600.00 3,633.33 TOTAL CASH OUTFLOWS 43,600.00 | NET DISCRETIONARY CASH FLOW 18,400.00 1533.33 LG3-Q2 Savings Account Checking Account Money Market Account December 31 ASSETS Monetary Investment Mutual Fund House Furniture Car Roth IRA Employer Plan 5,000.00 22,000.00 15,000.00 Total Monetary 42,000.00 1,000.00 Total Investment 1,000.00 Household/Personal Property Retirement Accounts LIABILITIES & NET WORTH Short-Term 160,000.00 2,300.00 8,000.00 Total Household 170,300.00 8,500.00 10,000.00 Total Retirement 18,500.00 TOTAL ASSETS 232,300.00 Credit Card Past-Due Bill 1,000.00 350 Total Short-Term 1,350.00 Long-Term Mortgage Loan Car Loan Student Loan 138,000.00 4,000.00 20,000.00 Total Long-Term 162,000.00 TOTAL LIABILITIES 163,350.00 TOTAL NET WORTH 68,950.00 Application Time - Ratios