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BlackZzzverrR [31]
2 years ago
5

Being financially responsible is no easy task for any age, but it is certainly the best choice for everyone to follow. One of th

e first steps to being responsible is to plan a budget for your income and spending This will help you learn to manage your money. Anyone can make a budget plan by listing all fixed expenses for the month, then determining variable expenses, and, finally, planning for miscellaneous expenses. You should know your income-to-debt ratio in order to determine how much money you actually have and how much money you actually spend. It is important to track your spending by making a list and then avoiding impulse purchases. Putting aside some money for savings for emergencies and future goals is crucial to being financially responsible
Another important goal is to use credit wisely and make all payments on time. When borrowing money, you should shop around for the best interest rates and choose wisely by reviewing all the terms and conditions of the loan or credit card. Remember to only charge and borrow what you can afford to repay, not what you are offered in a loan or credit limit. Always use discipline in your borrowing, and be committed to paying back your loans in a timely manner.
You can have control over your finances if you take the right steps. If you do get into trouble with managing your money, there are ways to take back control. There are people and resources to guide you in becoming financially responsible, even if you have made some poor decisions.

OBJECTIVES
Calculate credit card payments at various interest rates.
Identify the three Cs of creditworthiness.
Examine credit scores.
Develop plans for becoming financially responsible.
Compare renting to owning a home.
Before You Begin
Examine the Prompt

Many adults make poor choices about credit and financing. In order to understand smart choices and the results of poor choices, you will complete a research project comparing three people and their circumstances. You will identify, calculate, and project credit-card debt, payments, and mortgage rates. You will write a five hundred word essay comparing the three people, their particular circumstances, and your projected advice.

Directions
Meet Gary. He has a great credit score and little credit card debt, with only two cards and owing $2,000 on each with a 10% interest rate. He has been working at his current job for four years with a steady income.

Meet Greg. He has a good credit score and some credit card debt, with five cards owing $2,000 on each. He has reached the maximum limit on two of them, but one is late, regularly costing him additional late fees. All have a 12% interest rate. He has been working at his current job for a year.

Meet Bob. Meet Bob. He has a bad credit score and high credit-card debt, with seven cards, owing $4,000 on each. He has reached the maximum limit on five of them, but all are late each month, costing additional late fees. All have a 15% interest rate. He has had six jobs in the past two years but has been working at his current job for three months.

Part I.

Assign a credit rating number to each person.
Explain why each person has a certain credit rating.
How can each person improve or maintain that credit rating?
Estimate the monthly credit-card payments for each of these people.
How can each person become more responsible?
Write a plan of improvement for each person.
Part II.

Each person wants to buy a home. Why should each person buy and not rent? Find each one a $200,000 house to purchase, using a local real-estate listing. What would the interest rate be for each? What would the monthly mortgage payment be? Why is each a different amount?

Part III.

Summarize the results of your research, and explain why it is financially responsible to make wise choices, using these three people as examples.

Prompt
Write a five hundred word essay answering all the questions about the three scenarios. Be sure to discuss the creditworthiness of each person, as listed below.

the credit card problems and payments
the suggestions for having better credit
the mortgage and house choices for each
the final summary comparing each person's credit story
Rubric
Business
2 answers:
tensa zangetsu [6.8K]2 years ago
8 0

Answer:

Jesus christ

Explanation:

That was the longest prompt ive ever read

LUCKY_DIMON [66]2 years ago
5 0

Answer:

This is what I put

Gary: score of 650

Greg:440

Bob:220

Explanation:

To improve their credit score they would have to join a credit union , they help because they typically charge lower fees but if the credit score is too bad then even they wont help. First thing would be to pay all the bills on time.  

If Gary payed off his debt in 12 months or 1 year he would have to pay a minimmum$352 a month for 12 months.  

In order for Greg to pay off his he's going to have to pay 888 a month for 13 months in order to pay off his debt but then he a;;so has to pay off his late fees so probably around almost 2 years until he can start working on his credit.  

Bob would probably have to pay 666 a month in his current situation for 5 years in order t pay off his debt but then he also has the late fees so maybe around 6-6.5 years until he can start building his credit.

so  its best for all of them to get rid of all their credit cards but more than 2 is deadly they can work on paying stuff on time.

If they all wanted to buy a home it would be better than renting because at least they wouldn't have to pay every month for rent cost along with the debt they all already owe, but even buying a home is dangerous because if they cant buy it all at once they are in debt on paying for the house along with everything else they are in debt for.

They chose not to pay for everything they were in debt for already at the time the bills were due and because of that its going to cost more than before because the longer you wait the more you will owe, all because they hold off on their payments. hence why it's deadly because again the longer they wait the more money they have to give, leaving them in bad debt and no money to help pay their fees and bills.

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Your Competitive Intelligence team is predicting that the Chester Company will invest in adding capacity to their Cent product t
____ [38]

Question Completion:

Product    Segment    Capacity Next Round

Attic          Core           1,130

Axe          Core          1,200

City          Core          1,300

Cent  Core          1,550

Dome  Core           1,145

Dug          Core          1,023

Answer:

Competitive Intelligence Team

The industry can produce 8,083 units in the Core segment next year.

Explanation:

a)Data and Calculations:

Product    Segment    Capacity      Increasing  New Capacity

                   Next Round     by 10%         next year

Attic          Core           1,130           113               1,243

Axe          Core          1,200         120         1,320

City          Core          1,300    130         1,430

Cent  Core          1,550    155         1,705

Dome  Core           1,145     115        1,260

Dug          Core          1,023    102         1,125

Total industry capacity   7,348        735              8,083

b) A Competitive Intelligence is an analysis for decision-makers that uncovers competitive gaps, products, and services.  It uses information about a firm's industry, business environment, and competitors' strategies to develop strategic initiatives and identify opportunities and threats facing the firm in the marketplace.

8 0
2 years ago
Following types of businesses are devoted to carrying out marketing activities
katen-ka-za [31]

Answer:

i think lawyers

Explanation:

8 0
2 years ago
A firm's current profits are $400,000. These profits are expected to grow indefinitely at a constant annual rate of 4 percent. I
Valentin [98]

Answer:

A. $21,200,000

B. $20,800,000

Explanation:

A. Calculation to determine The instant before it pays out current profits as dividends

Value of the firm =[(Current profits) × (1 +Opportunity cost of funds)} ÷ (Opportunity cost of funds - Constant growth annual rate)

Let plug in the formula

Value of the firm= [($400,000) × (1 + 0.06)]÷ (0.06 - 0.04)

Value of the firm= [($400,000) × (1.06)]÷0.02

Value of the firm= $424,000 ÷ 0.02

Value of the firm= $21,200,000

Therefore The instant before it pays out current profits as dividends will be $21,200,000

B. Calculation to determine The instant after it pays out current profits as dividends

Using this formula

Value of the firm =[(Current profits) × (1 +Constant growth annual rate)} ÷ (Opportunity cost of funds - Constant growth annual rate)

Let plug in the formula

Value of the firm= [($400,000) × (1 + 0.04)] ÷ (0.06 - 0.04)

Value of the firm= [($400,000) × (1.04)] ÷ (0.06 - 0.04)

Value of the firm= $416,000 ÷ 0.02

Value of the firm= $20,800,000

Therefore The instant after it pays out current profits as dividends will be $20,800,000

3 0
3 years ago
Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to irrig
zmey [24]

Answer:

Explanation:

PREPARE COST OF GOODS MANUFACTURED :

Beginning work in process 42000

Raw material consumed

Beginning raw material 38000

Add : raw material purchase 184500

Less : Ending raw material (52700)

Raw material consumed 169800

DIrect labour 42000

Factory overhead

Factory supplies used 16800

Factory utilities 10200

Depreciation factory equipment 16800

Indirect labour 48000

Property taxes 5500

Reent factory equipment 47000

Repairs factory equipment 4500

Total manufacturing overhead 148800

Total manufacturing cost 360600

Less : Ending work in process (52700)

Cost of goods manufactured

INCOME STATEMENT :

Sales revenue 1350000

Cost of goods sold

Beginning finished goods inventory 72550

Cost of goods manufactured 349900

goods available for sale 422450

Less : endin finished goods inventory (68800)

Cost of goods olsld (353650)

Gross profit 996350

Less : advertising expenses (54000)

Less : selling commission (40500)

Less : dep on office equipment (2400)

Less : office suppplies used (1600)

Less : other administrative exp (72000)

Less : Salaries exp (325000) (495500)

Net income 500850

BALANCE SHEET CURRENT SECTION :

ASSETS

Current assets

Cash 260000

Account receivable 275000

Prepaid exp 41250

Inventory

Raw material 52700

Work in process 52700

Finished goods 68800 174200

Total current assets 750450

8 0
3 years ago
Adam’s Computer Shop had the following transactions last week. Record the general journal below.
Setler [38]

Answer:

Oct 1

Dr Supplies $620

Cr Accounts Payable $620

Oct 6

Dr Cash $350

Cr Fees Earned $350

Octd 7

Dr Equipment $2500

Cr Cash$900

Cr Accounts Payable $1400

Oct 9

Dr Accounts Payable $620

Cr Cash $620

Explanation:

Preparation of the journal entries

Oct 1

Dr Supplies $620

Cr Accounts Payable $620

Oct 6

Dr Cash $350

Cr Fees Earned $350

Octd 7

Dr Equipment $2500

Cr Cash$900

Cr Accounts Payable $1400

($2,500-$900)

Oct 9

Dr Accounts Payable $620

Cr Cash $620

4 0
3 years ago
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