When have you used cost comparison?
Provide an example: I used cost comparison while shopping for a new keyboard and mouse.
When have you used cost-benefit analysis?
Provide an example: I used cost-benefit analysis while buying different sizes of dog food.
Identify something you want to do or purchase: I want to buy a new bass guitar.
What is the cost? Mostly around $300-$800
What is the benefit? I get a new and improved instrument.
Identify 3 personal goals. Think about what is needed to accomplish each goal.
Short-term Goal: Fix my car; it may require a lot of money and time.
Medium-term Goal: Get a job; it may require gas money if I drive and knowledge of what I plan to do.
Long-term Goal: Write a novel; it may require time and minor expenses.
Choose one of your goals from above and estimate its expense. How much income do you estimate will be needed to support your goal?
Goal: Fix my car
Estimated (monetary) expense: About $200
Estimated income needed: Around $80 per week
Scenario 1: Saving for a Car
What financial information do you need? How much the car costs, how much insurance will change if the car is purchased, how much a down payment would be, how long the car loan should be, and credit reports.
What financial decision-making strategies can you use? You can use any of the financial decision-making strategies such as cost comparison, cost-benefit analysis, calculating future expenses, and budgeting. All four of these strategies are beneficial when buying a car.
Scenario 2: Saving for College
What financial information do you need? Possible scholarships, tuition for the courses, cost of food, books, shelter, etc.
What financial decision-making strategies can you use? You could mostly use cost-benefit analysis, calculating future expenses, and budgeting in order to help save for college.
Scenario 3: Buying a Cell Phone Plan
What financial information do you need? The cost of the cell phone, information of any of the plans you can choose from, and information of the available contracts.
What financial decision-making strategies can you use? You could use all four of the financial decision-making strategies when deciding on a cell phone plan.
Provide an example: I used cost comparison while shopping for a new keyboard and mouse.
When have you used cost-benefit analysis?
Provide an example: I used cost-benefit analysis while buying different sizes of dog food.
Identify something you want to do or purchase: I want to buy a new bass guitar.
What is the cost? Mostly around $300-$800
What is the benefit? I get a new and improved instrument.
Identify 3 personal goals. Think about what is needed to accomplish each goal.
Short-term Goal: Fix my car; it may require a lot of money and time.
Medium-term Goal: Get a job; it may require gas money if I drive and knowledge of what I plan to do.
Long-term Goal: Write a novel; it may require time and minor expenses.
Choose one of your goals from above and estimate its expense. How much income do you estimate will be needed to support your goal?
Goal: Fix my car
Estimated (monetary) expense: About $200
Estimated income needed: Around $80 per week
Scenario 1: Saving for a Car
What financial information do you need? How much the car costs, how much insurance will change if the car is purchased, how much a down payment would be, how long the car loan should be, and credit reports.
What financial decision-making strategies can you use? You can use any of the financial decision-making strategies such as cost comparison, cost-benefit analysis, calculating future expenses, and budgeting. All four of these strategies are beneficial when buying a car.
Scenario 2: Saving for College
What financial information do you need? Possible scholarships, tuition for the courses, cost of food, books, shelter, etc.
What financial decision-making strategies can you use? You could mostly use cost-benefit analysis, calculating future expenses, and budgeting in order to help save for college.
Scenario 3: Buying a Cell Phone Plan
What financial information do you need? The cost of the cell phone, information of any of the plans you can choose from, and information of the available contracts.
What financial decision-making strategies can you use? You could use all four of the financial decision-making strategies when deciding on a cell phone plan.