We are finally in our last session. Hurray! Your final classroom instruction covers Chapter 17 Financial Planning and Control Concepts. Topics of this chapter include forecasting the income statement, balance sheet, raising additional funds needed and accounting for financial feedbacks. Other considerations in forecasting include excess capacity, economies of scale, and lumpy assets. We will complete this chapter by looking at budgeting and leverage of which topics include operating breakeven analysis, operating leverage, financial breakeven analysis, financial leverage, and combining operating and financial leverage.

This week's assignment does not involve a video. I want you to use the chapter and personal experience to design a budget that would fit your family's needs. You can use arbitrary numbers as I don't expect you to disclose personal income data. Since this is from your personal perspective, I expect every student's budget to be different. Please give the reasons on why having a budget is important and how to stay on track on a monthly basis.