It is recommended that you complete the portion of the homework referred to at the end of each lesson. You should also complete the required readings. Be sure to observe the homework submission procedures in the Introduction to Course Module. Relate the material to your own life and go beyond the textbook and presentation definitions. Answer questions in essay format, 1 paragraph minimum each. 30 points total Questions: 2 points each. #1. #2. Compose your own definition of the term money management. Do not use book or powerpoint definition. What are three components of money management? List and explain each component. #3. #4 #5 What are the 5 benefits of an organized system of keeping financial records and documents? Explain each in multiple sentences. What are some ways in which you could make savings easier in your own life? Explain whether an envelope system, as shown in the video could work for you. Give the rational for your answer. Application Problems: You are to follow these directions, not the instructions shown in the book. Use the information in Problem #3 Page 72, 20 points Note: the problem has Rent for month $650 Show all calculations. You are to complete a personal balance sheet and a personal cash flow statement using data from the book. Do not use your own personal information. Each statement is worth 10 points Each statement should be in the format as shown in examples on page 55 and page 58. Make sure you have an Asset, Liability and Net Worth section on the personal balance sheet. It isn't required you classify assets and liabilities into types, although you can if you want. You also don't need to classify expenses as fixed or variable, you may make I list of expenses, however you can if you like.