Fin 101 Chapter 3 Essay

3305 Words Sep 28th, 2015 14 Pages
CH1
1.How can using personal financial planning tools help you improve your financial situation? Describe changes you can make in at least three areas.

a. Personal financial planning tools can help with expenses for house and groceries (example: making a grocery list before you go out so you don’t over spend on food that looks “yummy”), changes in investment (starting up a 401k), and increasing savings by proper financial planning.
2. Recommend three financial goals and related activities for someone in each of the following circumstances:

a. A Junior in college
1. Apply for a credit card through his or her local bank to begin establishing credit
2. Begin searching for an apartment to live in after college. Also, it would
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Geographic location can make a difference, as well. If you are in an area that is known for agriculture but has had an environmental crisis, it can cause an impact.
6. Assume that you graduated from college with a major in marketing and took a job with a large consumer products company. After three years, you are laid off when the company downsizes. Describe the steps you’d take to “repackage” yourself for another field.

a. I would remind myself that career planning is a life long process and that anything can happen. I would revise my CV and resume and look for both inside and outside of my industry. I Would focus on having a more self-directed career approach and focus on self growth, while networking to expand my connections and potential options.
CH2
1. Scott Bennett is preparing his balance sheet and income and expense statement for the year ending June 30, 2016. He is having difficulty classifying six items and asks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items?
a. Scott rents a house for $1,350 a month. 
 Rent that has been paid is an expense, rent that is still to be owed is a current liability
b. On June 21, 2016, Scott bought diamond earrings for his wife and charged them using 
his MasterCard. The earrings cost $900, but he hasn’t yet received the bill. 
 Diamond earrings are an asset. The charge on…

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