Business Finance - Operations Management FINANCIAL PORTFOLIO ASSIGNMENT
2 years ago 25
FinancialPortfolioWS.docx
FIN-210-RS-T1-BalanceSheet-and-CashFlow-Workbook.xls
FinancialPortfolioWS.docx
FINANCIAL PORTFOLIO ASSIGNMENT
The purpose of this assignment is to set up basic financial documents for the tracking and management of personal financial decisions.
Review both of the following options for approaching assignments in this course:
· Option A: As this is a personal finance course, students are encouraged to utilize their actual personal financial data, related circumstances, and decisions throughout this course.
· Option B: However, instead of using your current situation, you have the option of researching what you think your starting salary will be upon graduation from your degree program. In this situation, you may base your financial details on the assumptions of the job you will be doing. In this case, you will determine what you think your expenses will be and create a budget from there.
If you choose Option B, note that you are highly encouraged to also track and apply the principles in this course to your current financial situation.
After selecting Option A or Option B, address the following using the attached "Balance Sheet and Cash Flow Workbook" and "Daily Spending Log" resources:
1. Using the "Personal Balance Sheet" tab in the "Balance Sheet and Cash Flow Workbook," create your own personal balance sheet with your assets, liabilities, and net worth.
2. Next, set up your daily expenses using the attached "Daily Spending Log." Make plans to track your expenses for the next 30 days. You will need this information to help complete the Topic 6 Benchmark - Personal Finance Plan assignment.
3. Finally, using the "Personal Cash Flow" tab in the "Balance Sheet and Cash Flow Workbook," create your own estimated personal cash flow statement with what you estimate you will have as cash inflows, cash outflows, and surplus for the next 30 days.
Write a 150-250-word summary discussing the following items.
1. What were your thoughts and observations as you created your own balance sheet?
2. How might the balance sheet help you in future financial planning?
3. How close to reality do you think your estimated personal cash flow statement will be compared to when you track your actual income and expenses for a month?
FIN-210-RS-T1-BalanceSheet-and-CashFlow-Workbook.xls
Personal Balance Sheet (15)
| Name: | Date: | 15 | |||||||
| Personal Balance Sheet | |||||||||
| Purpose: To determine your current financial position. | |||||||||
| Instructions: List the current values of the asset categories below; list the amounts owed for various liabilities; | |||||||||
| subtract total liabilities from total assets to determine net worth. | |||||||||
| Suggested websites: | time.com/money | www.thesimpledollar.com | |||||||
| Suggested apps: | Simple Balance Sheet, Personal Capital | ||||||||
| Personal Financial Planner Used and adapted with permission from McGraw Hill. | |||||||||
| Balance Sheet as of | |||||||||
| Assets | |||||||||
| Liquid assets | |||||||||
| Checking account balance | $0.00 | ||||||||
| Savings/money market accounts, funds | $0.00 | ||||||||
| Cash value of life insurance | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total liquid assets | $0.00 | ||||||||
| Household assets and possessions | |||||||||
| Current market value of home | $0.00 | ||||||||
| Market value of automobiles | $0.00 | ||||||||
| Furniture | $0.00 | ||||||||
| Computer, electronics, camera | $0.00 | ||||||||
| Jewelry | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total household assets | $0.00 | ||||||||
| Investment assets | |||||||||
| Savings certificates | $0.00 | ||||||||
| Stocks and bonds | $0.00 | ||||||||
| Retirement accounts | $0.00 | ||||||||
| Mutual funds | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total investment assets | $0.00 | ||||||||
| Total assets | $0.00 | ||||||||
| Liabilities | |||||||||
| Current liabilities | |||||||||
| Charge account and credit card balances | $0.00 | ||||||||
| Loan balances | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total current liabilities | $0.00 | ||||||||
| Long-term liabilities | |||||||||
| Mortgage | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total long-term liabilities | $0.00 | ||||||||
| Total liabilities | $0.00 | ||||||||
| Net Worth | $0.00 | ||||||||
| (assets minus liabilities) | |||||||||
| What's Next for your Personal Financial Plan? | |||||||||
| * Compare your net worth to previous balance sheets. | |||||||||
| * Decide how often you will prepare a balance sheet. |
Personal Cash Flow Stmnt (16)
| Name: | Date: | 16 | |||||||||
| Personal Cash Flow Statement | |||||||||||
| Purpose: To maintain a record of cash inflows and outflows for a month (or three months). | |||||||||||
| Instructions: Record inflows and outflows of cash for a one- (or three-) month period. | |||||||||||
| Suggested websites: | cashmoneylife.com | www.thesimpledollar.com | www.choosetosave.oorg/asec/ | ||||||||
| Suggested app: | Expensify, Prism Pay Bills, Expense Keep, Every Dollar | ||||||||||
| For month ending | Personal Financial Planner Used and adapted with permission from McGraw Hill. | ||||||||||
| Cash Inflows | |||||||||||
| Salary (take-home) | $0.00 | ||||||||||
| Other income : | $0.00 | ||||||||||
| Other income : | $0.00 | ||||||||||
| Total Income | $0.00 | ||||||||||
| Cash Outflows | |||||||||||
| Fixed expenses | |||||||||||
| Mortgage or rent | $0.00 | ||||||||||
| Loan payments | $0.00 | ||||||||||
| Insurance | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Total fixed outflows | $0.00 | ||||||||||
| Variable expenses | |||||||||||
| Food | $0.00 | ||||||||||
| Clothing | $0.00 | ||||||||||
| Electricity | $0.00 | ||||||||||
| Telephone | $0.00 | ||||||||||
| Water | $0.00 | ||||||||||
| Transportation | $0.00 | ||||||||||
| Personal care | $0.00 | ||||||||||
| Medical expenses | $0.00 | ||||||||||
| Recreation/entertainment | $0.00 | ||||||||||
| Gifts | $0.00 | ||||||||||
| Donations | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Total variable outflows | $0.00 | ||||||||||
| Total Outflows | $0.00 | ||||||||||
| Surplus (Deficit) | $0.00 | ||||||||||
| Allocation of surplus | |||||||||||
| Emergency fund savings | |||||||||||
| Financial goals savings | |||||||||||
| Other savings | |||||||||||
| What's Next for your Personal Financial Plan? | |||||||||||
| * Decide which areas of spending need to be revised. | |||||||||||
| * Evaluate your spending patterns for preparing a budget. |
FinancialPortfolioWS.docx
FINANCIAL PORTFOLIO ASSIGNMENT
The purpose of this assignment is to set up basic financial documents for the tracking and management of personal financial decisions.
Review both of the following options for approaching assignments in this course:
· Option A: As this is a personal finance course, students are encouraged to utilize their actual personal financial data, related circumstances, and decisions throughout this course.
· Option B: However, instead of using your current situation, you have the option of researching what you think your starting salary will be upon graduation from your degree program. In this situation, you may base your financial details on the assumptions of the job you will be doing. In this case, you will determine what you think your expenses will be and create a budget from there.
If you choose Option B, note that you are highly encouraged to also track and apply the principles in this course to your current financial situation.
After selecting Option A or Option B, address the following using the attached "Balance Sheet and Cash Flow Workbook" and "Daily Spending Log" resources:
1. Using the "Personal Balance Sheet" tab in the "Balance Sheet and Cash Flow Workbook," create your own personal balance sheet with your assets, liabilities, and net worth.
2. Next, set up your daily expenses using the attached "Daily Spending Log." Make plans to track your expenses for the next 30 days. You will need this information to help complete the Topic 6 Benchmark - Personal Finance Plan assignment.
3. Finally, using the "Personal Cash Flow" tab in the "Balance Sheet and Cash Flow Workbook," create your own estimated personal cash flow statement with what you estimate you will have as cash inflows, cash outflows, and surplus for the next 30 days.
Write a 150-250-word summary discussing the following items.
1. What were your thoughts and observations as you created your own balance sheet?
2. How might the balance sheet help you in future financial planning?
3. How close to reality do you think your estimated personal cash flow statement will be compared to when you track your actual income and expenses for a month?
FIN-210-RS-T1-BalanceSheet-and-CashFlow-Workbook.xls
Personal Balance Sheet (15)
| Name: | Date: | 15 | |||||||
| Personal Balance Sheet | |||||||||
| Purpose: To determine your current financial position. | |||||||||
| Instructions: List the current values of the asset categories below; list the amounts owed for various liabilities; | |||||||||
| subtract total liabilities from total assets to determine net worth. | |||||||||
| Suggested websites: | time.com/money | www.thesimpledollar.com | |||||||
| Suggested apps: | Simple Balance Sheet, Personal Capital | ||||||||
| Personal Financial Planner Used and adapted with permission from McGraw Hill. | |||||||||
| Balance Sheet as of | |||||||||
| Assets | |||||||||
| Liquid assets | |||||||||
| Checking account balance | $0.00 | ||||||||
| Savings/money market accounts, funds | $0.00 | ||||||||
| Cash value of life insurance | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total liquid assets | $0.00 | ||||||||
| Household assets and possessions | |||||||||
| Current market value of home | $0.00 | ||||||||
| Market value of automobiles | $0.00 | ||||||||
| Furniture | $0.00 | ||||||||
| Computer, electronics, camera | $0.00 | ||||||||
| Jewelry | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total household assets | $0.00 | ||||||||
| Investment assets | |||||||||
| Savings certificates | $0.00 | ||||||||
| Stocks and bonds | $0.00 | ||||||||
| Retirement accounts | $0.00 | ||||||||
| Mutual funds | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total investment assets | $0.00 | ||||||||
| Total assets | $0.00 | ||||||||
| Liabilities | |||||||||
| Current liabilities | |||||||||
| Charge account and credit card balances | $0.00 | ||||||||
| Loan balances | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total current liabilities | $0.00 | ||||||||
| Long-term liabilities | |||||||||
| Mortgage | $0.00 | ||||||||
| Other | $0.00 | ||||||||
| Total long-term liabilities | $0.00 | ||||||||
| Total liabilities | $0.00 | ||||||||
| Net Worth | $0.00 | ||||||||
| (assets minus liabilities) | |||||||||
| What's Next for your Personal Financial Plan? | |||||||||
| * Compare your net worth to previous balance sheets. | |||||||||
| * Decide how often you will prepare a balance sheet. |
Personal Cash Flow Stmnt (16)
| Name: | Date: | 16 | |||||||||
| Personal Cash Flow Statement | |||||||||||
| Purpose: To maintain a record of cash inflows and outflows for a month (or three months). | |||||||||||
| Instructions: Record inflows and outflows of cash for a one- (or three-) month period. | |||||||||||
| Suggested websites: | cashmoneylife.com | www.thesimpledollar.com | www.choosetosave.oorg/asec/ | ||||||||
| Suggested app: | Expensify, Prism Pay Bills, Expense Keep, Every Dollar | ||||||||||
| For month ending | Personal Financial Planner Used and adapted with permission from McGraw Hill. | ||||||||||
| Cash Inflows | |||||||||||
| Salary (take-home) | $0.00 | ||||||||||
| Other income : | $0.00 | ||||||||||
| Other income : | $0.00 | ||||||||||
| Total Income | $0.00 | ||||||||||
| Cash Outflows | |||||||||||
| Fixed expenses | |||||||||||
| Mortgage or rent | $0.00 | ||||||||||
| Loan payments | $0.00 | ||||||||||
| Insurance | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Total fixed outflows | $0.00 | ||||||||||
| Variable expenses | |||||||||||
| Food | $0.00 | ||||||||||
| Clothing | $0.00 | ||||||||||
| Electricity | $0.00 | ||||||||||
| Telephone | $0.00 | ||||||||||
| Water | $0.00 | ||||||||||
| Transportation | $0.00 | ||||||||||
| Personal care | $0.00 | ||||||||||
| Medical expenses | $0.00 | ||||||||||
| Recreation/entertainment | $0.00 | ||||||||||
| Gifts | $0.00 | ||||||||||
| Donations | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Other | $0.00 | ||||||||||
| Total variable outflows | $0.00 | ||||||||||
| Total Outflows | $0.00 | ||||||||||
| Surplus (Deficit) | $0.00 | ||||||||||
| Allocation of surplus | |||||||||||
| Emergency fund savings | |||||||||||
| Financial goals savings | |||||||||||
| Other savings | |||||||||||
| What's Next for your Personal Financial Plan? | |||||||||||
| * Decide which areas of spending need to be revised. | |||||||||||
| * Evaluate your spending patterns for preparing a budget. |