Please answer the questions below.

1) Describe the components of personal financial statements and their role in the financial planning process by addressing the following: a) Balance Sheet: 1) Describe the purpose of this statement along with its three components in the order in which they appear in this report. ii) For the first two components, provide two examples of the categories that would be reported. iii) Finally, indicate if the information presented is in the form of actual or estimated amounts. b) Income and Expense Statement: i) Describe the purpose of this statement along with its three components in the order in which they appear in this report ii) For the first two components, provide two examples of the categories that would be reported. ili] Finally, indicate if the information presented is in the form of actual or estimated amounts. c) Budget: i) Describe the purpose of this statement along with its three components. ii) Describe how this report is similar to and/ or different from an Income and Expense Statement 2) Using the information provided by your friend in the above table, evaluate personal financial progress