Concept explainers
Case summary:Ms. J graduated in aeronautical engineering and has secured a job that has led her towards a strong financial position. Her income seems to be more than sufficient in fulfilling her needs. The individual makes a maximum contribution for employer’s retirement account while making a saving of $400 a month. She also maintains a credit card debt of $1000 while making a monthly car payment of $520. However, the individual believes that it would be a waste of time to prepare financial statements and to create a budget.
Characters in the case: Ms. J.
Adequate information:
Makes a maximum contribution to the employer’s retirement account
Savings $ 400
Credit card debt $ 1000
Monthly car payment $ 520
To determine: Importance of preparing financial statements and creating budgets.
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MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 2 terms
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