csu CreativiTea Company Operation Technology and Management Plan

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ECON1010 Taking Charge of Your Economic Future
Unit 2 Touchstone Template
Income
Expenditure
ANNUAL BUDGET
Amount
$50.000
Housing
Food
Transportation
Education
Utilities
Taxes
Health Care
Family Care
Miscellaneous
Savings
Total
Name:
Date:
Note:
To increase the height of a row, hover over the b
the far left margin until your cursor becomes and
and drag the bottom border to the desired row h
you can use the shortcut Ctrl + Z to undo it.
Percent
100%
Savings Goal:
PART 1: CREATING A PERSONAL FINANCIAL PLAN
SCENARIO: Imagine that you are in a position where you need to move—this could be because of a change in job, a need to m
arrangements, or something else. In addition to searching for different housing, you want to begin saving for a specific financ
STEP 1: Think about the productivity strategies you’ve learned in this course. Make a mental plan for how you will break dow
into smaller steps. Think about ways you can stay organized and be productive. With your ideas in mind, move on to step 2.
STEP 2: Choose an annual income as a starting point for your financial plan and insert the value in the ANNUAL BUDGET abov
• Use the provided annual income of $50,000.
• Use your current annual income.
• Use the average (or median) income of a career that you’re interested in. Consider doing a quick online search.
STEP 3: Choose a financial goal you would like to save for. It can be a short-term goal (1 to 2 years) or a long-term goal (more
value in step 4. Select from the following:
• Create an emergency fund of $1,000.
• Save for a vacation that will cost $2,000.
• Save to buy a $15,000 vehicle.
• Save for a down payment of $40,000 to buy a house.
• Save $50,000 for education for you, a spouse, or a child.
STEP 4: Now set a realistic time frame (in years) for reaching the goal in step 3. The recommended range is one to 10 years. T
of savings:
• To understand your savings rate ($ per year), divide your financial goal by the number of years you plan to save for it.
• Enter the result in the Savings cell of the ANNUAL BUDGET.
• Briefly describe your overall savings goal and the time to achieve it next to the ANNUAL BUDGET in the space provided.
STEP 5: Choose a housing cost (rent or mortgage) and enter the amount in the Housing cell of the ANNUAL BUDGET. Select fr
• Pay an annual mortgage of $15,000 per year.
• Rent an apartment for $12,000 per year.
• Rent a room only for $9,000 per year.
• Use your current annual rent or mortgage.
STEP 6: Fill in the other expenditure amounts in the ANNUAL BUDGET according to your preferences. Do some online researc
exercise, be sure to use all the income that you designated ($50,000 or otherwise). Look ahead to step 7 to see how you can
balance your budget as you work.
STEP 7: Your ANNUAL BUDGET may or may not be balanced. To check, do the following:
• Enter a formula to calculate your total expenditures. Adjust your expenditures until the total equals your annual income.
• Next, enter formulas in the percent column to calculate each expenditure as a percentage of the total expenditure.
• Finally, using your ANNUAL BUDGET as a reference, complete the REFLECTION QUESTIONS on the right side of this spreads
Sophia Learning, LLC. Copyright © 2021. All rights reserved.
of a row, hover over the bottom border of that row in
l your cursor becomes and up-down arrow. Then click
order to the desired row height. If you make an error,
ut Ctrl + Z to undo it.
PLAN
a change in job, a need to modify your living
saving for a specific financial goal.
PART 2: REFLEC
QUESTION 1. In step 4, you selected a time frame to achieve your
savings goal. How can you tell that the time frame you chose is
realistic? Explain.
or how you will break down creating your financial plan
mind, move on to step 2.
QUESTION 2. In step 5, you selected a housing option. Explain the
reasons for your housing choice in terms of the following:
• The time frame needed to achieve your savings goal
• Your family’s anticipated living arrangements
• Your desired quality of life
• Any trade-off decisions
• Other
the ANNUAL BUDGET above. Select from the following:
QUESTION 3. In step 6, you entered more annual expenditures into
the budget.
A. What process did you use to make those choices?
B. How do your expenditures align with the financial goal you
selected?
k online search.
) or a long-term goal (more than 2 years). You’ll use this
QUESTION 4. In step 1, you thought about productivity strategies
that you might use to break your annual budget into smaller steps
for staying organized and productive.
A. How closely did you follow the plan that you thought about?
B. How does a step-by-step and organized approach help you
adjust priorities in a financial plan?
C. How did creating the annual budget draw from productivity
strategies that you learned in this course?
range is one to 10 years. This will yield a required rate
ou plan to save for it.
T in the space provided.
ANNUAL BUDGET. Select from the following:
es. Do some online research, if necessary. For this
step 7 to see how you can use formulas to help you
uals your annual income.
e total expenditure.
he right side of this spreadsheet.
PART 2: REFLECTION QUESTIONS
ed a time frame to achieve your Your Answer (75 words or less):
t the time frame you chose is
ed a housing option. Explain the
terms of the following:
eve your savings goal
arrangements
Your Answer (75 words or less):
ed more annual expenditures into Your Answer (75 words or less):
ake those choices?
n with the financial goal you
A.
B.
ht about productivity strategies
annual budget into smaller steps
ive.
Your Answer (150 words or less):
plan that you thought about?
rganized approach help you
?
udget draw from productivity
course?
B.
A.
C.
12:41 7
CS
I Have you directly answered each
question that was asked?
I Have you provided sufficient evidence
to support each of your answers?
Have you made clear and logical
connections between your conclusions
and the data used in the annual budget?
o Have you referred to the skills in this
course, if required by the prompt?
I Have you included sufficient detail in
your answers?
B. Rubric
Advanced (90- A
100%)
Setting Up the
Budget (P1S2-P155)
Enter values in the
annual budget for
income, housing, and
required savings rate
based on the hosen
savings goal.
Annual budget includes A
income, housing, and a in
savings rate. The
sa
savings rate is
Sc
calculated correctly ??
based on one of the bi
given financial goals gi
and the chosen time ar
frame. Goal has been fri
described clearly.
m
strayer.sophia.org
12:41 7
CS
above. You II use your productivILY SKIIS
to organize your plan, and you’ll use
your problem solving skills to determine
a reasonable rate of savings to reach
your goals. Finally, you’ll apply your
technology skills to ensure that your
budget is balanced, and expenditures
(like housing) don’t exceed your
employment income.
In part 2, you will answer reflection
questions about the decisions you
made and the skills you leveraged while
building your plan.
For this assignment, you will:
• Create a budget for a
financial plan using Microsoft
Excel, ensuring that the
information is organized,
accurate, and complete.
• Identify a personal savings
goal and a time frame for
reaching it.
• Explain how your choice of
housing will help you
ambiare
donal
strayer.sophia.org
12:41 7
CS
1. Creating a Financial Plan
I Have you populated the table cells for
income, savings, housing, and other
expenditures?
I Have you selected a rate of savings
that is realistic in terms of achieving your
financial goal?
I Have you verified that the sum of your
expenditures (including savings) equals
your employment income?
I Have you verified that the percent
column for the expenditures totals 100%?
2. Reflection Questions
I Have you directly answered each
question that was asked?
I Have you provided sufficient evidence
to support each of your answers?
Have you made clear and logical
connections between your conclusions
and the data used in the annual budget?
I Have you referred to the skills in this
strayer.sophia.org
12:41 7
CS
reaching it.
Explain how your choice of
housing will help you
achieve your personal
savings goal.
• Align your expenditures to
support your goal.
• Reflect on how creating a
step-by-step and organized
approach to the assignment
helps you adjust the financial
priorities in your plan.
Download the Excel template below,
which further breaks down the steps
involved in this assignment. You will
return the completed template as your
Touchstone submission.
Assignment Template
A. Assignment Guidelines
DIRECTIONS: Refer to the lists below
throughout the writing process. Do not
submit your Touchstone until it meets these
strayer.sophia.org
12:41 7
CS
Touchstone: Creating a
Personal Financial Plan
SCENARIO: Imagine that you are in a
position where you need to move – this
could be because of a change in job, a
need to modify your living
arrangements, or something else. In
addition to searching for different
housing, you want to begin saving for a
specific financial goal.
You will use the Assignment Template
(an Excel file) to create a budget that
satisfies the scenario. You’ll also answer
reflection questions related to your
goals.
ASSIGNMENT: This assignment has two
parts. In part 1, you will create a financial
plan based on the scenario described
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