Section 1 Personal Finance Assignment
1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points) * Plan for retirement- planning for retirement can make for a better and easy future. Planning for retirement will also help you learn how to make investments and save money * Create a budget- creating a budget will help you not spend more money than you have. Creating a budget will also help you stay out of debt.
2. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) * Phone, and clothes.
3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) * Babysitting, and painting.
4. One of the functions of money is as a store of value. How does inflation affect money's ability to store value? (3-6 sentences. 2.0 points) * As inflation increases it requires more and more dollars to buy the same thing. Hence, the dollar is worth less.
5. Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy's strength or weakness, and explain how each factor would affect your decision to move there. (4-6 sentences. 3.0 points) * Fuel prices- if the fuel prices are high it would make it difficult to travel, or it would result in losing a tremendous amount of money. * Transportation- if there is a poor transportation system it will make it very difficult to get to and from places. Possibly playing a huge factor in getting a job. * Demand for labor- if there is a low demand for labor it will be very hard to find a job. If you cannot find a job you will be unable to support yourself.
6. Explain which
2. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) * Phone, and clothes.
3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points) * Babysitting, and painting.
4. One of the functions of money is as a store of value. How does inflation affect money's ability to store value? (3-6 sentences. 2.0 points) * As inflation increases it requires more and more dollars to buy the same thing. Hence, the dollar is worth less.
5. Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy's strength or weakness, and explain how each factor would affect your decision to move there. (4-6 sentences. 3.0 points) * Fuel prices- if the fuel prices are high it would make it difficult to travel, or it would result in losing a tremendous amount of money. * Transportation- if there is a poor transportation system it will make it very difficult to get to and from places. Possibly playing a huge factor in getting a job. * Demand for labor- if there is a low demand for labor it will be very hard to find a job. If you cannot find a job you will be unable to support yourself.
6. Explain which