Identify how creating a budget, monitoring your spending, and evaluating the results can be the first step in gaining control of your spending and creating financial flexibility.
- Let's be honest, budget is not a fun word.…Imagine giving the average person the choice…of one of the following:…Go to the dentist for a root canal,…give a speech in front of 1,000 people,…or prepare a personal budget.…For most people, this three-way choice…is a battle for last place.…Very few people want to do any of these three things.…Budget or root canal, that's a tough choice.…One reason for this dislike of personal budgets…is that the news is almost always worse…than you've imagined.…In casual thinking, wishful dreaming, really,…our personal finances are fine.…
A budget is likely to make us face some unpleasant,…short-term realities.…But that's precisely why a personal budget…is a good idea.…Life works better if you know the true status of things.…Problems ignored never get better.…The leaky faucet in your kitchen doesn't fix itself.…That research paper doesn't write itself.…And financial problems don't magically go away…by themselves.…A personal budget helps you do three things better.…One, planning your financial activities,…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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