Decide 3. Act 4. Review You start with the assess stage; this is where you clarify you financial goals and work on prioritising them (Brown and Shipman, 2012). These goals could be personal or household goals; or a mix of both. You then need to work out your resources (income) and constraints (expenditures). This stage is used to help realise if the current financial position is likely to lead to achieving the goals you set out – this can be done through research of seeking out professional advice.
Axia College Material Appendix B Personal Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a. Developing goals. b.
At my work I help individuals with budget plans, etc. 4. Describe how and when to access specialist expertise about managing financial affairs. Specialist expertise can be sought in cases where the power of attorney may need to be agreed if the service user is of a mental state that they are no longer able to make decisions for themselves. In this instance the service user will name the person they wish to be their power of attorney then fill in a form available from
According to Schroeder, Clark, & Cathey (2011), a contingency is a future event that could have an impact on the business. The “concern has been that disclosures under the current standard do not provide enough information to allow those who use the financial statements, such as investors to adequately assess the likelihood, timing and amount of liability related to the loss contingency” (Holme, C.). When a loss is possible, we can report the contingency financial statements—the statements do not reflect
Business Involvement in a Roth 401k. Among the major concerns for employers are the costs associated with managing the plan, and educating their workforce about this new investment option. A secondary concern is what percentage of employees would want the additional option. What Will a Roth 401k Cost. An employer plan sponsor should expect to incur costs associated with additional service for some or all of the following.
Consider the following questions and prepare a report based upon your conclusions. Your report should be created as a Word document, but you are encouraged to create graphs and charts (which can be made in Excel and copied to the Word document) to illustrate your points. Remember: make sure you explain what the charts and/or graphs mean; do not assume the reader understands what they mean. Most credit cards require that you pay a minimum monthly payment of two percent of the balance. Based upon a balance of $5,270.00, what would be the minimum monthly payment (assuming no other fees are being applied)?
During each seminar, the instructor will be asking students lots of questions from the reading assignments, so there will be many opportunities to answer and to make additional comments or ask questions of your own. Your attendance at the weekly seminar for this course is very important. The seminar is an excellent source of information and explanation of the weekly material in this course. However, if you are unable to attend the seminar, you can still learn the information that was provided and also earn the seminar points. In order to earn the seminar points, you must complete an alternative assignment and submit it as a Word document attached to an email.
2. How do you ensure your work goals, plans and activities reflect your organisation’s plans and your personal work responsibilities (as detailed in your job description, performance plans, code of conduct, etc.)? I ensure that my work goals, plans and activities reflect my organisation’s plans and my personal work responsibilities by carefully setting out what tasks are scheduled to be completed and by when. This allows me to complete work on or before the due dates given. If there are changes to the schedule, the schedule will be replaced and redone to ensure everything is still completed on time.
Manage budgets and financial plans Assessment 2 A budget is an itemised forecast of an individual's or company’s and expenses expected for some period in the future. With a budget an individual is able to carefully look at how much money they are taking in during a given period, and figure out the best way to divide it among a variety of categories. When making a personal budget, an individual will typically designate the appropriate amount of money to fixed expenses such as rent, car payments, or utility bills, and then make an estimation for how much money they will spend in other categories, such as groceries, clothing, or entertainment by keeping track of where one's money goes, one may be less likely to overspend, and more likely to meet their financial goals. 1. You have the responsibility of disseminating the information to your team members.
Prepaid expenses are costs that have been paid but that apply to future periods or to the production of future revenue. Examples include insurance, rent, taxes, patent, trademark and copyright. When designing the audit program the auditor should consider the nature of prepaid account balances and the risks associated with transactions flowing through the accounts. Also other assets that provide economic benefit for less than a year are classified as current assets and are called prepaid expenses. When preparing this program the auditor should consider and design audit procedures that address relevant presentation and disclosure requirements.