Chapter 2. Money Management Skills (Notes and Discussion Questions)
- Due Jan 24, 2018 by 11:59pm
- Points 100
- Submitting a file upload
- Available Jan 17, 2018 at 11:59pm - Jan 24, 2018 at 11:59pm
Please submit your chapter notes along with your responses to the following Discussion Questions:
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1. |
Describe some common money management mistakes that can cause long-term financial concerns. (LO2.1) |
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2. |
What do you believe to be the major characteristics of an effective system to keep track of financial documents and records? (LO2.1) |
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3. |
How might financial ratios be used when planning and implementing financial activities? (LO2.2) |
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4. |
Discuss with several people how a budget might be changed if a household faced a decline in income. What spending areas might be reduced first? (LO2.3) |
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5. |
What are long-term effects of low savings for both individuals and the economy of a country? (LO2.4) |
Self-Test Problems
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1. |
The Hamilton household has $145,000 in assets and $63,000 in liabilities. What is the family's net worth? |
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2. |
Harold Daley budgeted $210 for food for the month of July. He spent $227 on food during July. Does he have a budget surplus or deficit, and what amount? |
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