Personal Finance

Topics: Income, Tax, Tax refund, Income tax, Goal, Taxation in the United States / Pages: 6 (1270 words) / Published: May 29th, 2013
Assignment 2: Financial Planning
(25.0 points) 1. Describe one short-term goal that you have and at least one thing you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points)

One short-term goal that I have is to graduate from high school. I will need to do all of my work and do my best in all of my classes to accomplish that goal. 2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points)

My long-term goal is to go to college. I will need to finish high school with good grades. I will also need to prepare a plan to pay for the college of my choice.

3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points)

My long-term financial goals are to buy a house and to retire. These are important to me because it pertains to how I will live when I am too old to work. I will need to make a budget, prepare my finances, and spend and save wisely. 4. Describe an example of a common financial resource, an expense, and a debt. These can be examples from your own life or from other people you know or can imagine. (3-6 sentences. 3.0 points)

A financial resource can be a house because it is worth money to the banks. It is an expense because you have to spend money to pay for it. And it can be a debt if you choose a house that is out of your price range and you cannot meet the payments for the house.

5. Describe a real or made up but realistic example of earned income that you or someone you know has received. What type of work was the income from? Was the income in the form of a salary or wages? (1-2 sentences. 1.0 points)

A teenager working at a fast food restaurant is an example of earned income. The income is in the form of wages because they are paid by the hour.

6. Describe a real or made

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