...median pay scale. You and possibly a pet are the only ones in your household. Based on this information you will be responsible for setting up the household and for putting together the budget. You cannot go bankrupt. This project is worth a 100 point test grade. It will be graded on the how well you meet the requirements in this document. Be sure to look closely at the grade sheet. You will not be able to complete this is class. You will need to put this together outside of class. The due date for the project is October 8th. Late projects will be accepted deducting 10 points per day. I am looking for a realistic approach to a somewhat unrealistic problem you are presented with. I want you to take the information (numbers) you find and to apply them to a budget. If you make lots of money you are required to spend lots of money. Make sure you do. All work must be presented to me in a three ring binder. Dividers are fine but NO plastic sleeves. No content from the notebook will be returned, but you are welcome to have your binder back. Requirements Family: You must include a description of your household and a picture of those involved. It serves as a summary of your project. Be sure to include such things as occupation, salary, tax situation, housing information, car information. Also include how much you save each month and your projected age of retirement. With this include how much you expect to have when you are to retire. You must include...
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...When creating a personal budget, there are several expenses to include such as Transportation, Insurance, and Food cost. These costs and many more expenses are necessary to operate in everyday life. The major categories when budgeting are housing, communication, medical/insurance, food, clothing, transportation, and entrainment. When began budgeting for housing I took many aspects into consideration like, the location, how many bedrooms, or whether I wanted an apartment or a house. Overall in the end I choose a 1 bedroom apartment, located in North Charleston, South Carolina. The rent cost would be an estimate of 730$ per month. The way I was able to find this information was through an apartment finding website called “Move”. Also, because...
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...A budget is a financial plan for the future concerning the revenues and costs of a business. However, a budget is about much more than just financial numbers. Budgetary control is the process by which financial control is exercised within an organisation. Budgets for income/revenue and expenditure are prepared in advance and then compared with actual performance to establish any variances. Managers are responsible for controllable costs within their budgets and are required to take remedial action if the adverse variances arise and they are considered excessive. There are many management uses for budgets. For example, budgets are used to: * Control income and expenditure (the traditional use) * Establish priorities and set targets in numerical terms * Provide direction and co-ordination, so that business objectives can be turned into practical reality * Assign responsibilities to budget holders (managers) and allocate resources * Communicate targets from management to employees * Motivate staff * Improve efficiency * Monitor performance Whilst there are many uses of budgets, there are a set of guiding principles for good budgetary control in a business. In an effective budget system: * Managerial responsibilities are clearly defined – in particular the responsibility to adhere to their budgets * Individual budgets lay down a plan of action * Performance is monitored against the budget * Corrective action is taken if results...
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...The Ford Family Budget My family, the Ford family, lives in a small town outside of Birmingham. They live in a newly purchased house in Chelsea, Alabama. The Ford’s have three children (13, 15, 17), the youngest of which is special needs and requires adult supervision constantly. While the Ford family loves eachother, they have a lot of financial struggles. They have one car, which the mom drives to get to her part time job at a catalog warehouse. Occassionally the father and mother will car pool to and from work since they both work in the city, but occassionally, when schedules don’t match up, the father has to take public transportation to his full time job at a refridgerator plant. The use of public transportation sometimes makes him late for work and he is scared he may face loosing his job, therefore he is looking to purchase a used car for his commute. While a second car would greatly benefit this family, they really can’t afford it with the two eldest children asking to join the football and cheerleading teams. He wants to provide the best experiences for his children but is lost as to how to do that. My family’s yearly income is $40,000.00. That isn’t much considering the following is the ideal cost of living for their area: Since they are in a garden/starter home they are able to drive their house payment down to $800 a month (they have excellent credit). They follow their expected budget with food and usually spend around $930 a month on food, which includes...
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...John Armstrong MA, BSc. BA (Hons) Dip Teaching Dip Ed. Management Principal Henley School 56a William Street Richmond 7020 Nelson INF755 Project Management Lecturer – Annette Garcia Week 1 Practical Exercise Topic: What do project managers do? Exercise 1 1.1 Range of salaries for four jobs designated as Project Management. Four project management jobs were identified through www.seek.co.nz A broad search of this site brings up over ten pages of jobs in the project management field across a range of sectors such as construction, information and communication technology, and engineering to name a few. The salary ranged from $55-60K for a Junior Project Manager through to $200K plus for a Senior Project Manager in the Information and Communications Technology field. 1.2 Lowest paid Project Management job in the four selected was responsible for the day to day management of smaller internal projects. Highest paid Project Management job was in the Information and Communications Technology field with experience in technical aspects, stakeholder management, vendor management, ability to manage multiple projects. It would appear that the main reasons for the salary differences are due to the size and scale of the project; the level of self- management required and the prior experience the manager is bringing to the job. 1.3 The ‘range of experience’ between the lowest and highest paid jobs was 10 years plus. 1.4 Job Title | Years of project related experience &...
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...A budget is a financial plan for the future concerning the revenues and costs of a business. However, a budget is about much more than just financial numbers. Budgetary control is the process by which financial control is exercised within an organisation. Budgets for income/revenue and expenditure are prepared in advance and then compared with actual performance to establish any variances. Managers are responsible for controllable costs within their budgets and are required to take remedial action if the adverse variances arise and they are considered excessive. There are many management uses for budgets. For example, budgets are used to: * Control income and expenditure (the traditional use) * Establish priorities and set targets in numerical terms * Provide direction and co-ordination, so that business objectives can be turned into practical reality * Assign responsibilities to budget holders (managers) and allocate resources * Communicate targets from management to employees * Motivate staff * Improve efficiency * Monitor performance Whilst there are many uses of budgets, there are a set of guiding principles for good budgetary control in a business. In an effective budget system: * Managerial responsibilities are clearly defined – in particular the responsibility to adhere to their budgets * Individual budgets lay down a plan of action * Performance is monitored against the budget * Corrective action is taken if results...
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...RESTAURANTS (CAFÉS) ARCHITECTURAL DESIGN H1 Restaurants architectural design required mixing outdoor design constraints (site analysis and effective land use) and interior design elements, Developers and restaurants owners need the design to be impressive and unique, in addition, to be built on original estimated budget and within time schedule, and to rabidly engage potential customers. MARKETING ASPECTS IN RESTAURANTS (CAFÉS) DESIGN: H2 Banan teams deliver this marketability by designing, flexible buildings architectural and structural module that provide efficient use in all diverse functions of space in the restaurants, starting from dining halls which is need efficient design to maximize no. of dining tables, also utilization of natural...
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...instead of spending their savings. Chapter 2 4 Building a strong financial position: The total of their liquid assets should be more than the total of their current liabilities to avoid insolvency or the inability to pay debts and bills whey they are due. 5 Cash flow statement: Keep tracking their incoming and outgoing cash. 6 Budgeting: Preparing a budget is the key to achieving their goal of financial independence. (Go into details) Chapter 5 7 Saving versus borrowing: It is always better to save and collect interest than to borrow and pay interest. Because the Hopeful’s family is always borrowing money, they are facing financial bondages. (Go into details) 8 The cost of making minimum monthly payments: They should know only paying minimum payments for their debts will make them have more debts eventually. (Go into details) 9 Use credit wisely: They have couple loan for credit cards now, so it is important for them to learn how to use credit cards wisely. (Go into details) Chapter 6 10 Cost of ownership: The total of owning and operating a car. Calculate the fixed costs and variable costs. Can they afford to own a car? Will it increases their financial burden? 11 What can you afford? Vehicle selection: They should consider the total cost including all of the above...
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...ECON 157 Midterm Solution Click Link Below To Buy: http://hwcampus.com/shop/econ-157-midterm-solution/ Question 1 (45 points) Consider a situation where a population of consumers is deciding whether or not to buy a street drug called Bearoin. A researcher observes these consumers’ purchases over two years, 1 and 2. The price of Bearoin changes from year 1 to year 2, as a result of an increased number of sellers in the market. The researcher observes the following prices of the drug, and quantities sold, in year 1 and year 2: The year 1 price of the drug for consumers is P1 = $80. The year 1 quantity consumed at that price is Q1 = 400 1. (5 points) Write down the formula for arc price elasticity of demand in terms of P1, Q1, P2, and Q2. 2. (10 points) What is the arc price elasticity of demand for Beroin? 3. (10 points) Now consider a second, new population of consumers buying the same drug in another location. In this new market: The year 1 price of the drug for consumers is P1 = $80. The year 1 quantity consumed at that price is Q1 = 240 The year 2 price of the drug for consumers is P2 = $20. The year 2 quantity consumed at that price is Q2 = 1000 What is the arc price elasticity of demand for consumers in this second market? 4. (10 points) Now, there is a music festival where both of these populations come together and form one population. They have the same demand for Bearoin at the prices listed above in each market. What is the arc elasticity...
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...ECON 157 Midterm Solution Click Link Below To Buy: http://hwcampus.com/shop/econ-157-midterm-solution/ Question 1 (45 points) Consider a situation where a population of consumers is deciding whether or not to buy a street drug called Bearoin. A researcher observes these consumers’ purchases over two years, 1 and 2. The price of Bearoin changes from year 1 to year 2, as a result of an increased number of sellers in the market. The researcher observes the following prices of the drug, and quantities sold, in year 1 and year 2: The year 1 price of the drug for consumers is P1 = $80. The year 1 quantity consumed at that price is Q1 = 400 1. (5 points) Write down the formula for arc price elasticity of demand in terms of P1, Q1, P2, and Q2. 2. (10 points) What is the arc price elasticity of demand for Beroin? 3. (10 points) Now consider a second, new population of consumers buying the same drug in another location. In this new market: The year 1 price of the drug for consumers is P1 = $80. The year 1 quantity consumed at that price is Q1 = 240 The year 2 price of the drug for consumers is P2 = $20. The year 2 quantity consumed at that price is Q2 = 1000 What is the arc price elasticity of demand for consumers in this second market? 4. (10 points) Now, there is a music festival where both of these populations come together and form one population. They have the same demand for Bearoin at the prices listed above in each market. What is the arc elasticity...
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...Teamwork in Busy Health Care Call Center Jessica Beasley HCS/325 June 15, 2015 University of Phoenix Instructor: Victor Kintz Proposal Title The call center for a busy health care organization has experienced a substantial increase in the volume of calls over the past year. When observing more closely, as the manager, I’ve noticed that the volume of calls has actually doubled over the past year. This poses an issue because there isn’t any room in the budget to hire additional staff. However, there is an additional $20,000 that can be spent on the department to improve efficiency and customer service. Problem The volume of calls entering the call center, has double over the past year, but it’s not within the budget to accommodate additional staff. Recommendations Although hiring more staff is the most sensible remedy to this situation, the budget will not allow this decision can to be made. I propose three recommendations that could help keep customers satisfied as best as possible, without having to hire additional staff. Number one, instead of all the calls being answered by phone, with the additional funds, develop a website that allows the customer an option to receive help via email or live online chat with a representative. To start this process, as the manager, I would first need to hire someone that can set up and design a website for the company. Next, identify which group of health care customer service representatives are more skilled in computer literacy...
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..."Cellphones are eating the family budget," the Wall Street Journal announced this morning. Are they really, though? The typical household's telephone spending is up more than 10% since the beginning of the recession. That sounds pretty bad. Phone services are rising by 5% a year while median incomes are flat-lining. That's no good, either. While spending on cars, clothes, and dining out has dropped since 2007, phone services have increased by more than the typical families spending. The WSJ is 100% right: Cell phones are getting smarter, better, and more expensive. But the real "eater" of the family budget isn't our new smart phone. It's something older. Actually, it's three things. And they're the same three things that have been eating middle class budgets for the last 30 years: housing, health care, and education. Over the last few decades, the U.S. and the global economy have been very good at making the production of some things more efficient. TVs are a good example. So are socks and paper. These things are much cheaper as a share of a family's budget than they used to be. Meanwhile, however, other things haven't gotten much cheaper. Spending on housing, health care, and education has grown over the last 100 years, 50 years, ten years ... and they're still rising. Some of this is explained by global competition. Several countries can compete down the price of televisions and ship them anywhere in the world, but a Connecticut doctor isn't competing with a South...
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...Family Budget Basics It's not always easy to meet our financial obligations each month, and that's where creating a family budget can help. Nearly every day, we have multiple financial demands placed upon us. Whether it is grocery shopping or paying the monthly electric bill, we're faced with family budget decisions all the time. Family Budgeting It's sometimes difficult to deal with financial planning matters such as family budgeting. There is one more bill to pay, or a big decision needs to be made on an expensive family vacation. But no matter how people might try to deny it, this is a hard rule of life: We make decisions all the time that affect our ability to stay out of debt. Additional Resources Household Budget Basics Budget Worksheet Budget Worksheet Part II Family Budget Basics Saving Money Surviving a Recession Staying Out of Debt Financial Planning After a Death Family budgeting is all about choosing between the options available to us, including those that help us to stay out of debt. One of those important options we have includes creating a family budget that meets our individual needs. Unfortunately, for many of us, budgets are a reality check that we try to avoid. For example, our family budget might tell us that we make enough money each month to pay that electric bill, but we need to give up going out to eat twice a week, or eliminate a habit of buying such expensive clothing. These are the types of decisions we are talking...
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...only transport choice available to a city’s millions of citizens is by car? The answer is chaos. A city without public transport is a city that regularly grinds to a halt. First of all, Public transport is at least twice as energy efficient as taking private cars; a full car has far less toxic waste as 50 private cars. Whereas a full train provides a greatly reduced amount of pollution than 600 cars. In addition, the cost of petrol is quickly on the rise. Car payments, gas prices and parking can be a major budget drain. Therefore taking public transport is a much cheaper option. It can be up to four times cheaper than taking a car. This means taking public transport will leave more money for more important things like taking your family on a holiday. Furthermore, taking public transport is far less stressful. Without having to be constantly focused on driving or wasting time sitting in traffic or looking for an elusive car park, public transport allows time to relax, listen to music, play games, talk to a friend, read a book or get work done. Public transport can be linked to many health benefits by promoting active lifestyles. By walking or cycling even some of the way to your closest public transport stop or final destination, you can improve your physical fitness. As a result of this, and by avoiding the stress that can result from being behind the wheel (due to congestion, directions, etc.), mental health can also be improved. In conclusion, public transport is a vital part...
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...Personal Budget, Balance Sheet, and Cash Flow Statement ACC/547 January 21, 2013 Personal Budget, Balance Sheet, and Cash Flow Statement Memo: Some people save less than their financial capacity is and this fact leads them to serious financial problems and lack of financial security. Therefore, successful money management should be a life decision undertaken at the early adulthood in order to plan money distribution effectively that would eventually provide financial prosperity. The purpose of this memo is to analyze my client's financial situation, their personal budget, balance sheet, and cash flow statement and give them recommendations and support for improving their financial situation. My client, John Morgan is a 49 year old engineer who is married and has two dependents. Kate Morgan, John's spouse is a 43 year old teacher and the mother of those two children. My client and his family live in a gorgeous 4-bedroom house, in a nice neighborhood with a good school district. Although, the family leads a peaceful life their financial situation is in a great disarray. Though, John and Kate make together close to $140,000 a year they don't have much of a life savings, or emergency fund, and too much credit card debts. In order to help them understand the significance of saving more money instead of spending it, personal balance sheet, cash flow statement, and budget need to be prepared. Personal balance sheet reflects their assets and liabilities and determines...
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