I'm wanting to use this as a study guide for my upcoming exam.

Financial Counseling & Consumer Credit Unit 4 Project Learning Goals: Use financial counseling strategies to explain one's financial health Help clients understand their options of increasing income and reducing expenses Section I: Explaining Financial Health Walk your client step by step on how to set up a cash flow statement, balance sheet, and a budget. Items to include in your explanation, what are the components that make up the financial statements, what are they looking at (past, present, future), what are the outcomes? " Remember, this is the first time your client is learning about financial statements. It is essential to break this down to as many steps as possible - try to refrain from using advanced terms/jargon! Cash Flow Statement Balance Sheet Budget The financial data will be attached to the project in Blackboard to complete the ratios. Show Work: Show your calculation inputs and answer. Be specific on what you selected to calculate the ratios. Ratio Explanation: Explain the ratio outcomes and discuss the result in comparison to the recommended benchmark. - think about how you would interpret this to the client. Type out exactly how you would say it to them. I Ratio Show Work Ratio Explanation words FocusThe financial data will be attached to the project in Blackboard to complete the ratios. Show Work: Show your calculation inputs and answer. Be specific on what you selected to calculate the ratios. Ratio Explanation: Explain the ratio outcomes and discuss the result in comparison to the recommended benchmark. - think about how you would interpret this to the client. Type out exactly how you would say it to them. Ratio Show Work Ratio Explanation Living Expenses Covered Ratio Debt Ratio Debt Service to Income Ratio Savings Ratio Investment Assets to Total Assets Ratio Based on the outcome of the client's financial statements and ratios: . Framing Strategy: Select one financial counseling framing strategy, and explain how you would work with the client to improve their financial health. Intervention Strategy: Select one financial counseling intervention strategy, and explain how you would work with the client to improve their financial health.Based on the outcome of the client's financial statements and ratios: Framing Strategy: Select one financial counseling framing strategy and explain how you would work with the client to improve their financial health Intervention Strategy: Select one financial counseling intervention strategy and explain how you would work with the client to improve their financial health. Financial Counseling Strategy Explanation Framing Strategy Intervention Strategy Section II: Client Application Client Scenario Select resources (organizations from the Unit readings) that would help with reducing expenses and increasing income. Along with any tools that can help with keeping track of money. Explain the resources and tools as if you were responding to the client. Client: Susan "I currently don't have a checking or savings account. I had a bad experience with banking once. So, every pay period I stand in line at the grocery store and cash my check Typically, after I cash my check in February, I walk across the aisle and have my taxes prepared That month, I take a hit on my financials, with only making $40,000 a year, it cost me about $200 to have someone prepare my taxes, in addition to the $35 that is taken out to have my check cashed. On the plus side, the Tax Preparer always says I receive the Earned Income Tax Credit, but I do not know what that means - it does helps pay for some of my debt payments in March". Client: Leon 'August is right around the corner. Each year this is where I get set back financially. It is the time of year where I need to purchase back to school supplies for my kids. They are age 7 and 13 - which they are required to wear uniforms. That can be so expensive. That first couple of months, until I get my holiday bonus, is a struggle with getting groceries and making sure they have lunch for school. This explains why my credit card debt is so high I don't even know where to start in getting organized to track my debt".Financial Data Melby Stone - Age 35 Balance Sheet Monthly Cash Flow Statement Assets Income Monetary Assets Gross Monthly Pay $5.440 Checking Account $5.000 Total Income $5,440 Savings Account $1,000 Total Monetary Assets $6,000 Expenses Variable Tangible Assets Food $400 Car $21.900 Clothes $250 Entertainment Center $2,000 Utilities $100 Boat $20.000 Credit Cards $35( House $190.900 Transportation $130 Total Tangible Assets $233.000 Gifts $100 Miscellaneous $600 Investment Assets Total Variable Expenses $1,930 401k $30,000 RA $15,000 Fixed Total Investment Assets $45,000 Mortgage Payment $1,500 Auto Payment $350 Total Assets $284,000 Medical Bills $100 Boat Payment $150 Liabilities Student Loan Payment $200 Short Term Homeowners Insurance $100 Credit Card Debt $7,000 IRS Back Taxes $870 Medical Bills $4,000 Income Taxes $700 Total Short Term Debt $11,000 IRA Contribution $10 Total Fixed Expenses $4,070 Long Term Boat $8.000 Total Expenses $6,000 Mortgage $115,000 Student Loan $40.000 Surplus/ Deficit ($560) Car Loan $13,000 Total Long Term Debt $176.000 Total Liabilities $187 060 Net Worth $97.000