UMHS Economy Worksheet

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Fiscal and Monetary Policy Exercises Assignment
Directions: Use the given scenarios and the information you have learned about Fiscal and
Monetary policy to complete the questions that follow
Scenario 1:
Over the past 2 years, the unemployment rate in Westerlight has risen from 4% to 8%, while
GDP growth has been 1.5%. Milo, a citizen of Westerlight, currently doesn’t have a job and
though he is looking he is finding it hard to find one.
Part I: The Business Cycle and the Problem
a.
b.
c.
d.
e.
f.
What stage of the business cycle is the economy currently in? ? _________________
What is the current problem in the economy? ___________________________
Does it need money in or out of the economy? ___________________________
What type of monetary policy is that? __________________________________
What type of fiscal policy is that? ______________________________________
Doing any of these will ___________________ the money supply and availability of
credit.
Part II: The Federal Reserve notices this slowdown in the economy and decides to take steps to
correct it. They can use their 4 tools in the following ways:
a. Open Market Operations ____________________________________________
b. Reserve Requirement _______________________________________________
c. Interest on Reserves ________________________________________________
d. Discount Rate _____________________________________________________
Part III: Congress and the President also notice this slowdown in the economy and decides to
take steps to correct it. They can use their 2 tools in the following ways:
a. Taxes ____________________________________________
b. Government spending _______________________________________________
Part IV: The Results
As the money supply (increases/decreases), businesses will get (more/less) money and will
(hire/fire) workers so that unemployment (increases/decreases).
When that happens Milo will earn (more/less) money and will be able to spend (more/less) so
that the economy and GDP will (expand/contract) and prices will (rise/fall).
Directions: Use the given scenarios and the information you have learned about Fiscal and
Monetary policy to complete the questions that follow
Scenario 2:
The economy of Northhurst is currently experiencing GDP growth of over 7% with inflation
rates of 4% and unemployment of 1%. Jaelyn finds that everything she wants to buy costs more
money but her wages haven’t increased. She is worried about being able to afford everything she
needs.
Part I: The Business Cycle and the Problem
g.
h.
i.
j.
k.
l.
What stage of the business cycle is the economy currently in? ___________________
What is the current problem in the economy? ___________________________
Does it need money in or out of the economy? ___________________________
What type of monetary policy is that? __________________________________
What type of fiscal policy is that? ______________________________________
Doing any of these will ___________________ the money supply and availability of
credit.
Part II: The Federal Reserve notices this slowdown in the economy and decides to take steps to
correct it. They can use their 4 tools in the following ways:
e. Open Market Operations ____________________________________________
f. Reserve Requirement _______________________________________________
g. Interest on Reserves ________________________________________________
h. Discount Rate _____________________________________________________
Part III: Congress and the President also notice this slowdown in the economy and decides to
take steps to correct it. They can use their 2 tools in the following ways:
c. Taxes ____________________________________________
d. Government spending _______________________________________________
Part IV: The Results
As the money supply (increases/decreases), businesses will get (more/less) money and
eventually unemployment (increases/decreases).
When that happens Jaelyn will see prices (rise/fall) as the economy (expands/contracts).
Why Do We Pay Taxes? Assignment
Part I: Comparing Incomes and Tax Rates
Directions: Use the information on each type of tax to complete the questions and charts that
follow.
Proportional/ Flat Tax
Some Americans are supporting switching to a flat income tax rate of 15%. How much would each
income bracket pay under this plan?
1. $25,000 X 15% (or .15) = _______________
2. $95,000 X 15% (or .15) = _______________
Calculator Tip: To multiply by a percentage, you can use your calculator in two ways. You can use the
percent symbol key or you can enter the percentage as a decimal. To change a percentage to a
decimal, move the decimal point two digit places to the left. Example: 20% becomes 0.20
Regressive Tax
Based on your yearly income above, calculate the amount of tax each income bracket would pay
under a regressive tax plan. Each row up to the total income amount should be filled in. For an
example of a completed chart, go to Page 4 of Lesson 05.03 : Sharing with Uncle Sam.
Proposed Regressive Plan
40% on income up to $25,000
30% on income between
$25,000 and $34,000
25% on income between
$34,000 and $44,000
20% on income between
$44,000 and $80,000
10% on taxable income over
$80,000
TOTAL TAX PAID (sum of all
rows):
Calculate the tax for $95,000.
For example,
$10,000×40%=$4,000 in tax.
Show your work!!
Calculate the tax for
$25,000. For example,
$10,000×40%=$4,000 in
tax. Show your work!!
Progressive Tax
Based on your yearly income above, calculate the amount of tax each income bracket would pay
under a progressive tax plan. Each row up to the total income amount should be filled in. For an
example of a completed chart, go to Page 4 of Lesson 05.03 : Sharing with Uncle Sam.
Proposed Regressive Plan
Calculate the tax for $95,000.
For example,
$10,000×40%=$4,000 in tax.
Show your work!!
Calculate the tax for
$25,000. For example,
$10,000×40%=$4,000 in
tax. Show your work!!
10% on income up to $25,000
20% on income between
$25,000 and $34,000
25% on income between
$34,000 and $44,000
30% on income between
$44,000 and $80,000
40% on taxable income over
$80,000
TOTAL TAX PAID (sum of all
rows):
Part II: Reflection Questions
Directions: Use the information from your charts to answer these questions
27. What are the main differences between the flat, regressive, and progressive tax plans?
_________________________________________________________________________________________________________
_________________________________________________________________________________________________________
28. Under which plan would a person earning $25,000 pay the most in taxes? _____________________
29. Under which plan would a person earning $95,000 pay the most in taxes? _____________________
30. Under which plan would a person earning $25,000 pay the least in taxes? _____________________
31. Under which plan would a person earning $95,000 pay the least in taxes? _____________________
32. Of the three types of tax plans (proportional, regressive, progressive) which is most fair to
someone earning $25,000 per year? ________________________________________________________________
33. Of the three types of tax plans (proportional, regressive, progressive) which is most fair to
someone earning $95,000 per year? ________________________________________________________________
Part II: Impact of a Sales Tax Increase
Archie Windsor is a 19 year old college student at the University of Washington in Seattle. He works
at Royal Foods earning $10.25/hour and his salary is used to purchase mostly goods and services
such as food and basic day to day items. Also, to save money, he does not own a car but relies on
campus transportation and the local area transit system to travel. Most of his food items are
purchased at his job for convenience. Archie estimates 45% of his income is spent on food and basic
items.
Jeff Gates is a 60 year old CEO of a major corporation and lives in Medina, Washington. His hourly
salary is roughly estimated to be $4400. He purchases food, basic day to day items as well as
various luxury goods. Jeff hates shopping so relies on grocery delivery services for most of his food
purchases. However, he does like to attend local farmers markets and artisanal grocery stores for
his favorite specialty items. He estimates 15% of his income is spent on food and basic items.
The current sales tax is 10% for the city of Seattle. This means that each time Archie and Jeff
purchase $150 worth of food and basic items, they must also pay $15 in sales tax.
34. $15 represents how much of Archie’s hourly income? Show your work!!
35. $15 represents how much of Jeff’s hourly income? Show your work!!
36. Who does the sales tax impact more? Why?
37. If the sales tax increases to 12%, what percentage of Archie’s income will he now pay in tax
on his $150 bill? Show your work!!
38. Will he make adjustments to his purchases and if yes, how will he adjust? If no, why not?
39. If the sales tax increases to 12%, what percentage of Jeff’s income will he now pay in tax on
his $150 bill? Show your work!!
40. Will he make adjustments to his purchases and if yes, how will he adjust? If no, why not?
41. Overall, who is impacted the most by the sales tax increase? Why?
Who Should Produce Soybeans? Assignment
First, let’s review a few key terms. Opportunity cost is the value of the next best alternative. For example,
the opportunity cost of studying on a Friday night is missing your high school team’s football game.
Directions: Using your understanding of the concept of opportunity cost, answer this question.
1. In terms of opportunity cost, why would a UGA football player choose to enter the NFL draft rather
than finish their senior year in college?
Absolute advantage is the ability to produce something user fewer resources than other producers i.e. the
ability to produce more of something than other producers
Comparative advantage is the ability to produce something at a lower opportunity cost than other
producers. The Law of Comparative Advantage states an individual, firm, region, or country with the
lowest opportunity cost of producing a good should specialize in that good. To calculate comparative
advantage, we look at per unit opportunity cost. This is calculated with the formula loss/gain. What are
you giving up divided by what you are producing.
We are going to use apply these terms to an example about Soybean production. Assume that the United
States produces large amounts of soybeans each year. However, Brazil is also willing and able to produce
soybeans.
Directions: Calculate the per unit opportunity cost for soybeans and sugar in the United States and
Brazil and then use that information to answer the questions that follow.
Soybeans
United States
Brazil
Calculate the per unit
opportunity cost of
producing Soybeans
108 tons
86 tons
Sugar
Calculate the per unit
opportunity cost of
producing Sugar
20 tons
10 tons
2. Who has the absolute advantage in producing soybeans? Why?
3. Who has the comparative advantage in producing soybeans? Why (use data from the chart to explain
your answer)?
4. Who has the comparative advantage in producing sugar? Why (use data from the chart to explain
your answer)?
5. Would the United States benefit from a trade? Why or why not (use data from the chart to explain your
answer)?
6. What would need to happen for Brazil to benefit from the trade?
Calculating Exchange Rates Assignment
Directions: Use the information in Table 1 to answer questions 1-3.
Table 1: How much does $1 (i.e., sometimes abbreviated USD) buy in each of these currencies for the
month of January and the month of March?
Name of Country
Exchange Rate
Exchange Rate
January
March
$1 =
$1 =
Polish Zloty
4.50
4.08
Mozambique
Meticals
62.50
66.00
Albanian Lek
109.08
111.60
Australian Dollar
1.85
1.67
1. If you knew the price of an item such as a hamburger combo meal in Polish Zlotys, how would you
determine how many dollars you would need to buy it? Provide a possible equation below:
2. Directions: Use the equation you developed in question 1, to complete Table 2 below. Show your
work!
Price of a Combo Meal
A hamburger combo meal in
Poland = 5.08 Polish Zlotys
A hamburger combo meal in
Mozambique = 338
Mozambique Meticals
A hamburger combo meal in Albania =
421 Albanian Lek
A hamburger combo meal in
Australia = 17 Australian
Dollars
January Dollar Price
March Dollar Price
Directions: Using the tables above, answer the following questions
3. Analyzing the exchange rates above, how would it be determined if the value of the U.S. dollar
has appreciated or depreciated?
4. Using the calculations from Table 2, did the value of the dollar appreciate or depreciate
between January and March? Place a check mark in the corresponding column.
Appreciate
Polish Zloty
Mozambique Metical
Albanian Lek
Australian Dollar
Depreciate
FOREIGN EXCHANGE WINNERS AND
LOSERS ASSIGNMENT
Background:
Currency Appreciation v Currency Depreciation
Currencies can appreciate (gain in value) against other currencies which means they get stronger in value
– it takes less domestic currency to equal foreign currency. Foreign goods look cheaper now so imports
rise.
For example: in 2006 the dollar to pound exchange rate was $2 = 1£ so you needed $2 to get 1£ today
the exchange rate is $1.59 = 1£ so now it only takes $1.59 to get 1£
That means the dollar has appreciated in value against the pound. This is great for American consumers
because their money goes further in England but bad for American producers because now British
consumers buy less US items AND Americans are importing more from Britain.
Currencies can depreciate (fall in value) against other currencies which means they get weaker in value –
it takes more domestic currency to equal foreign currency. Foreign goods look more expensive now so
imports fall.
For example: in 2006 the dollar to euro exchange rate was $1.40 = 1€ so you needed $1.40 to get 1€
today the exchange rate is $1.31 = 1€ so now it only takes $1.31 to get 1€
That means the euro has depreciated in value against the dollar. This is bad for European consumers
because their money does not go as far in America so they buy less which hurts American producers as
exports fall. American consumers benefit because their money goes farther in Europe and they can buy
more imports.
Because different countries use different currencies, international trade requires a system for exchanging
money among nations. If an American wants to buy goods made in Japan, somewhere along the line
dollars must be exchanged for Japanese yen. The price of one currency in terms of another is called the
exchange rate. If this exchange rate is prevented from changing it is called fixed (or pegged) and if it
changes with supply and demand it is called flexible (or floating). Exchange rate tables, which can be
found in newspapers, at banks, and on the internet, show the price of one currency in terms of another.
For example, in Month 1 of the following exchange rate tables, one US dollar is worth 110.8 Japanese
yen and conversely, a single Japanese yen is worth $.0093
TIPS FOR READING AN EXCHANGE RATE CHART: Read down the chart. For example,
in column 1 it says the US Dollar is equal to each of the currencies below it. Therefore $1 = .87
£ or $1 = .94 €.
US Dollar
British Pound
Chinese Yuan
Japanese Yen
Euro
US Dollar
British Pound
Chinese Yuan
Japanese Yen
Euro
US Dollar
$1 =
–.81
6.96
110.8
.98
Exchange Rate Table for Month 1
British Pound
Chinese Yuan
Japanese Yen
1£=
1Y=
1¥=
1.24
.14
.0093
–.11
.0075
8.76
–.066
132.73
15.15
–1.14
.13
.0086
Euro

1.08
.88
7.68
116.41

US Dollar
$1 =
–.87
7.09
107.78
.94
Exchange Rate Table for Month 2
British Pound
Chinese Yuan
Japanese Yen
1£=
1Y=
1¥=
1.19
.12
.0152
–.09
.0070
8.83
–.069
157.89
15.11
–1.09
.12
.0082
Euro

1.11
.92
7.74
116.5

Part A Directions: Use the two exchange rate tables to answer questions 1-3.
1. Based on the reading and the table above, is the exchange rate of dollars to euros fixed or
flexible? Explain your answer.
2. A currency appreciates (or gets stronger) if it buys more of a foreign currency than it did before.
Did the dollar appreciate against the Chinese Yuan from month 1 to month 2? Explain using
numbers from the chart above.
3. A currency depreciates (or gets weaker) if it buys less of a foreign currency than it did before.
The US dollar depreciated against what currency(s) from month 1 to month 2?
Part B Directions: Now use the exchange rate tables to answer questions 4-8.
4. An American family goes on vacation to see the beautiful city of Berlin in Germany. They have
budgeted $6000 to spend while they are there. How many Euros will $6000 buy in month 1?
Month 2? When should the family go on vacation? Explain your answer using the numbers
from the chart above (show your math).
5. An American family is buying British wool in the local retail store. Which month will those
products be cheaper for the family? Explain your answer using the numbers from the chart
above (show your math).
6. A French company contracts a Chinese architect to design a new building in Lyon for 800,000
Yuan. How much (in Euros) would it cost the French firm in month 1? Month 2? So in which
month would the French company prefer to pay off the contract? Explain your answer using the
numbers from the chart above (show your math).
7. US holders of real estate and transportation are attracting investments from Chinese investors
using the Yuan. In which month should the Chinese investors buy US real estate and
transportation? Explain your answer using the numbers from the chart above (show your
math).
8. Japan Airlines is interested in purchasing new commercial aircraft from US manufacturer Boeing
at a price of $89 million per plane. What is the difference in the yen price between month 1 and
month 2? During which month is Japan Airlines more likely to buy more planes? Why? Explain
your answer using the numbers from the chart above (show your math).
Part C Directions: Answer the remaining two questions (HINT: you may want to refer
back to the lesson).
9. When a currency appreciates, there are always groups, in each country, who benefit from a
stronger currency. What two groups would benefit from the US dollar becoming stronger
(appreciating).
10. When a currency depreciates, there are always groups, in each country, who benefit from a
weaker currency. What two groups who would benefit from the US dollar becoming weaker
(depreciating).
Credit Worthiness Assignment
Background: Lenders look at a variety of criteria when deciding whether to grant someone credit, how
much to loan and what interest rates to charge. That criteria can be summarized as the 3 C’s of Credit
Worthiness: capacity, character and collateral.
•
•
•
Capacity: What is the individual’s ability to repay the loan?
• The amount of debt a borrower has relative to his or her income
• Ex. Someone with debt that represents 80% of their current income lacks the capacity to
take on a large amount of further debt versus someone whose current debt represents only
30% of their income
Character: What is the individual’s reliability to repay the loan?
• A credit score is an indication of “character” because it indicates a person’s reputation
for paying bills and debts based on past behavior.
? Credit scores generally range from 350 to 850, with 350 indicating low reliability
and 850 indicating high reliability.
Collateral: What assets does the individual own that could be sold to repay the loan?
• Collateral is property required by a lender and offered by a borrower as a guarantee of
payment on a loan. Also, a borrower’s savings, investments, or the value of the asset
purchased that can be seized if the borrower fails to repay a debt.
Part I: Everfi Module
Directions: Complete the Everfi module “Credit and Debit”
Part II: What is their score?
Directions: For each scenario, use the items in the tables to indicate whether the item will improve or
decrease the individuals credit score. Then answer the question that follows.
George just turned 21 and has applied for a few credit cards. Here are some details about his profile
Item
Improve or
decrease
credit score
He currently has 2 credit cards
He got his first credit card 8 months ago
He has no student loans
He has applied for 4 credit cards in the last year (and had 2 applications accepted)
He opened his last credit card 4 months ago
All of his credit cards currently have a balance, as he has trouble paying off his card each
month
He has $5,000 currently outstanding on all his credit cards
He missed a payment in the last three months when he forgot to notify the card company that
he had recently moved out of his apartment. He was 30 days behind on making a payment.
He has no cards currently past due
His credit card balances of $5,000 are about 55% of his overall limits
He has never gone through a bankruptcy or other proceeding
12. Now, go to the myFICO Credit Score Estimator and use George’s information to complete it.
What is George’s estimated credit score?
Xenia has had access to credit since she was 17 because her parents made her an authorized user on their
credit card. As an authorized user on their account, she benefited from her parent’s diligent credit card
habits. She also has a few student loans in college that she will start repaying after she graduates. Here
are some details about her for the profile:
Improve or
decrease credit
score
Item
She currently has 1 credit card
She got her first credit card only four years ago but her report says she has had it for 15
years because her parents had it first.. This is a great credit score hack; she benefits
from the fact that her parents had this credit card for 15 years.
She got her first student loan 3 years ago
She has received one student loan in the last year
She got that student loan over six months ago
Only her three student loans carry a balance, since she and her parents always pay the
credit card bill off in full every month
She has $10,000 currently outstanding on her student loans
She (and her parents) have never missed a payment
None of her loans or credit cards are past due (and her parents are always on time with
their credit card)
Since she and her parents pay off the bill every month, she has $0 balance
She has never gone through a bankruptcy or other negative proceeding
24. Now, go to the myFICO Credit Score Estimator and use Xenia’s information to complete it. What
is Xenia’s estimated credit score?
Part III: Can they get a loan?
Directions: Use the information below to assess the capacity, character, and collateral of a potential
borrower and then answer the questions.
Loan Request: $60,000 for a new Hyundai NEXO Fuel Cell SUV
Capacity
• Annual household income:
$80,000
• Years working for current
employer: 10 years
• Education: College graduate
• Monthly debt payments: 10%
of monthly income
Character
• FICO score: 720
• Years living at current
address: 2 months
• Criminal record: 1 minor
traffic violation
• Length of credit history: 6
years using a major credit
card
Collateral
• Short-term financial assets:
$200 in checking account
• Long-term financial assets:
$1,000 in savings account
• Equity in home: $20,000
• Market value of other real
assets: Cars and electronics
$10,000
25. Given an individual with the characteristics above, evaluate how likely it is that this person will
repay the loan in each of the three categories. Give a rating of “low risk,” “medium risk,” or
“high risk.”
a. Capacity: ________________________________
b. Character: ________________________________
c. Collateral: ________________________________
26. Which factors support approving this individual’s loan request?
27. Which factors support denying this individual’s loan request?
28. Would you approve or deny this person’s loan request?
29. Explain your decision.
Loan Request: $15,000 for 1 year college tuition
Capacity
• Annual household income:
$10,000 salary
• Years working for current
employer: 2 years
• Education: some college
• Monthly debt payments: 30%
of monthly income
Character
• FICO score: 550
• Years living at current
address: 2 years
• Criminal record: none
• Length of credit history: 1
year using a major credit card
Collateral
• Short-term financial assets:
$500 in checking account
plus $1,000 in savings
• Long-term financial assets:
$5,000 in certificate of
deposit account
• Equity in home: None
(renter)
• Market value of other real
assets: Old car ($1,500)
30. Given an individual with the characteristics above, evaluate how likely it is that this person will
repay the loan in each of the three categories. Give a rating of “low risk,” “medium risk,” or
“high risk.”
a. Capacity: ________________________________
b. Character: ________________________________
c. Collateral: ________________________________
31. Which factors support approving this individual’s loan request?
32. Which factors support denying this individual’s loan request?
33. Would you approve or deny this person’s loan request?
34. Explain your decision.
Investing Options Assignment
Part I: Investment Options: Which type of investment is best for me?
Directions: use the chart below and what you learned in your investment module to determine the best investment type for
each of the following scenarios.
Investment
Options
Savings
account
Pros
•
•
•
Certificate of
Deposit
IRA
Government
Treasury
Bond
Mutual Fund
•
•
•
•
•
•
•
•
low risk investment
can be traded for cash value prior to maturity
low required initial investment
•
allows for diversification of assets and
risk/return
management by professional
greater liquidity as a fund than as some
individual investments
dividend reinvestment options
Possibility of seeing large increases on
investment in a short time frame
High liquidity allowing for selling or buying
stocks
Flexibility for investors
Tax free until stocks are sold
Potential to earn dividends from investment
•
•
•
•
•
Stock
cash savings allow for easy access should you
need to money
very low risk if the bank is insured by the FDIC
higher interest rates than a typical savings
account
Can be purchased for different amounts and time
frames
very low risk if the bank is insured by the FDIC
higher rates than traditional savings accounts
very low risk if the bank is insured by the FDIC
contributions may be tax deductible (traditional
IRA) or withdrawals are tax exempt (Roth IRA)
•
•
•
Cons
•
•
very low interest rates
typically lower than inflation so the money loses value
over time
•
money is locked in the account for a specified amount of
time and may incur penalties for early withdrawal,
interest rates are locked in for the duration of the CD and
cannot be changed even if market rates increase
•
•
money is locked in account until recipient reaches a
specific age
•
•
low rate of return, interest rates are locked in once
purchased even if market rates change
this can lower the market value if the bond is traded
before maturity
•
•
•
•
typically requires a minimum level of investment
management fees
no control over the portfolio
market value risk (value of the portfolio can decrease)
•
Stocks can incur great risks and investors can lose large
amounts of money
Fluctuations in value, stock prices can fluctuate daily
Individual stock investment can be expensive (a single
share of Berkshire Hathaway is $253,500; Amazon stock
trades for $2,409.78)
•
•
Each of the investors below has been given $5,000. None needs to use the money right now so they each decide to invest it.
What type of investment should each choose?
1. Josiah, a 16 year old high school student, plans to use the $5,000 for a car down payment in two years. He would like
to earn a good rate of return but needs to access his money exactly in two years. He prefers something with a lower
risk as well. What is the best type of investment for Josiah? _______________ Why?
__________________________________________________
2. Abigail is 22 years old and would like to save up for emergencies. She wants to be able to access her money as
needed and incur a low risk. What is the best type of investment for Abigail? ____________ Why?
____________________________________________________________
3. Martin is a 45 year old teacher and plans to use the money for his retirement. He is not planning to retire for at least
20 years and is willing to weather some risk in his investments. He doesn’t have a lot of time or expertise to manage
his investment. What is the best type of investment for Martin? ____________ Why?
______________________________________________
4. Hernan is 61 years old and will retire in 6 years. He wants to see growth on his investment but is rather risk adverse
at this age. What is the best type of investment for Hernan? ____________ Why?
________________________________________________________________________
5. Demetria is a 26 years old MBA graduate starting her first job. She is willing to weather risk in her investments as
she feels she has plenty of time to grow. What is the best type of investment for Demetria? ____________ Why?
_______________________________________________
Part II: Diversification of Investments: Do I need more than one type of investment?
Background: The purpose of diversification in investment is to manage risk by investing in a variety of options of
differing risk levels. People choose their diversification based on a variety of factors such as risk aversion, age,
time to recover from fluctuations, location of investment (domestic v international investments).
Directions: take the quiz linked below and use your results to answer the questions that follow.
A. Go to https://pfp.missouri.edu/research_IRTA.html and take the Investment Risk Tolerance Assessment.
B. Paste a screenshot of your score level here
C. Do you agree with your score on the assessment? Why or Why not?
D. Based on your score, what type of investment(s) do you think would be best for you?
E. If you were given $10,000 to invest, what investment options would you chose based on your score? What
percentage of the $10,000 would you place in each option?

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investing options

Credit Worthiness Assignment

Calculating Exchange Rates

Produce Soybeans

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