Strategies Avoid Debt

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Date Submitted: 09/11/2011 05:02 PM

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Title Understanding Effective Money Management

Assessment A, Part 1: Creating a Personal Financial Statement - Assests

Drag your assets from the notebook to the screen.

Savings account - $826.00

Cash - $378.00

Car - Bluebook value $1250.00

Assessment A, Part 2: Creating a Personal Financial Statement - Debts

Drag your debts from the notebook to the screen.

Rent - $750.00

Cable/Internet/Phone bill - $80.92

Electric/Gas bill - $131.75

Credit Card Balance - $1379.90

Assessment A, Part 3: Identify Money Management Tool

Explain to Monica how you identified the different money management tools and why you chose Money Pro.

I was separating debt from assets. Does it matter how many assets you label on Money Pro?

Assessment A, Part 4: Creating a Personal Financial Statement - Steps

Drag the steps listed on the right into their correct sequences on the left.

Step 1: I got all my financial stuff together - bills, loans, bank statement, etc.

Step 2: I decided what were assets and what were debts.

Step 3: I entered the assets into the program.

Step 4: I entered the debts into the program.

Step 5: I balanced my checkbook.

Step 6: The program gave me a Net worth figure at the end.

Assessment B: Creating a Monthly Cash Flow Statement

For each item listed, decide whether or not it is a fixed or a variable expenditure.

Credit card bill: variable

Groceries: fixed

Coffees: variable

Gas: variable

Electric bill: variable

Entertainment: variable

Phone bill: fixed

Cable bill: fixed

Student loan payment: fixed

Rent: fixed

Haircuts: variable