1.2.W - Lesson The Five Wise Money Principles S.3
pdf
keyboard_arrow_up
School
Liberty University Online Academy *
*We aren’t endorsed by this school
Course
101
Subject
Finance
Date
Nov 24, 2024
Type
Pages
2
Uploaded by JusticeFlower9313
1/2
The Five Wise Money Principles
luoa-content.s3.amazonaws.com
/LUOA/APP2500+Personal+Finance/Rise+DY+20/1.2.W+-
+The+Five+Wise+Money+Principles/index.html
At this point in the lesson, you should have a firm grasp of the five wise money principles. To
help you think about these principles more closely, you are going to examine two scenarios.
You will be asked which principle the scenarios most closely align with in today's lesson
assessment.
© Articulate Content Library
Scenario 1
Luke has earned $250.00 with his part-time job. Once he made his tithe and paid his bills, he
had $50.00 remaining with his money. Unfortunately, on the day that he got paid, his video
game controllers stopped working correctly. Luke knew the cost would be about $75.00 to
replace both of the controllers. He thought about the remaining amount that he had until his
next paycheck which was $50.00. He thought about asking his parents to give him $25.00 so
he would have the needed to buy new controllers.
Think about the five principles. Which one would apply to this scenario? What would be the
correct choice for Luke to make?
2/2
© Articulate Content Library
Scenario 2
Leah had learned the keys to financial peace by following the five wise money principles.
She had gotten the opportunity to go on a trip with her cousins to Florida. She was excited
about the fun that she would have on vacation and very happy that she was not in debt.
Leah’s cousins decided to ride together on the vacation and Leah had offered to drive her
car. Unfortunately, on the way to Florida, Leah had a flat tire. Thankfully, everyone was safe
and a nice, Christian repair company came out to change Leah’s tire. The repair cost for the
new tire was $220.00. Leah was able to pay for the expense, too, without going in debt. An
unexpected event had occurred, but Leah was prepared. Which principle applies to this
scenario?
Think about the five principles. Which one would apply to this scenario?
In the next lesson, we will explore four money categories: Live, Give, Owe, and Grow.
We will show how these categories work interdependently.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Documents
Related Questions
Learning
SE MINDTAP
evo/index.html?deploymentid=60338517901669990751687760&elSBN=9780357517642&nbld=3626933&snap... ☆
lomework
6300.
1
mancial Lailuialvi vi a spicoubnicel.
Hide Feedback
Correct
X
f6
Quantitative Problem 1: You plan to deposit $2,200 per year for 6 years into a money market account with an annual return of 2%. You plan
to make your first deposit one year from today.
a. What amount will be in your account at the end of 6 years? Do not round intermediate calculations. Round your answer to the nearest cent.
4
b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Do not round intermediate calculations.
Round your answer to the nearest cent.
6
Hide Feedback
Incorrect
F
Check My Work Feedback
Review the FVAN definition and its equation.
Q Search
Understand the difference between an ordinary annuity and an annuity due.
Be careful about the order of mathematical operations if using the equation.
If using a financial calculator, be…
arrow_forward
Do not use chatgpt
arrow_forward
Determine the most valuable aspect of this course to you and explain how you plan to apply it
to your personal financial practices.Share two ways that you feel you will be able to apply the
concepts you learned in this course to your current or future work position.
arrow_forward
NWP Assessment Builder UI App x
w NWP Adaptive Assessment Playe X
O WileyPLUS: Personal Finance, Enl x+
ôhttps://education.wiley.com/was/ui/v2/adaptive-assessment-player/index.html?launchld=D005b88a2-9bff-4b68-a4dd-b326ecc9384e#/ac..
actice [due Sat]
6.4 Mortgage Financing
Jessica's mortgage payment, including principal, interest, taxes, and insurance, is $750 per month. She also has other
monthly debt payments of $440. If her monthly gross income is $3,950. How would a bank assess Jessica's capacity to
take on an additional credit card?
O Asset ratio
O Debt payment ratio
O Debt ratio
O Mortgage debt service ratio
Save for Later
Submit Answer
arrow_forward
Knowledge Gained
Rate the three most important concepts that you learned in this course in order of importance. Provide a rationale for your ratings.
Propose two applications of knowledge that you have learned in this course to your current or to a future position.
Be sure to respond to at least one of your classmates' posts.
Read a post by one of your peers and provide a substantive response, making sure to extend the conversation by asking questions, offering rich ideas, or sharing personal connections.
arrow_forward
6.2 Saving and Investing
n.hawkeslearning.com/Portal/Lesson/lesson_practice#
niversity
X
Question 9 of 13, Step 1 of 1
X
- Save & Exit Practice Lesson: 6.2 Saving and Investing
Lesson 6.2 Saving and Investin X
Answer
How to enter your answer (opens in new window)
Ⓒ2024 Hawkes Learning
$350
Your answer is incorrect. Please choose one of the following:
Google Chrome - The Fast & Sex
3/13
Correct
Lateral Flexion: What Is It and
Molly starts an IRA (Individual Retirement Account) at the age of 28 to save for retirement. She deposits $350 each month. The IRA has an average annual interest rate of
7% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessary.
X +
GRANT GREENE
Explain Error
5
Incorrect
Formulas
Keypad
Keyboard Shortcuts
Try Again
arrow_forward
I need to find the correct amounts for assets, liabilities, stockholders' equity, and net income.
arrow_forward
Please answer fast
arrow_forward
I need help with question 6 on how to create the customer pivot table as given. Also, can you provide the steps of how to do that in Excel? Also, please provide the steps in order to solve the problem for Finance.
arrow_forward
E Chapter 5 Homework - FINANCIA X
O NWP Assessment Player UI Appli X
b Answered: The accountant of Lati x
M Inbox - dhyani11141999@gmail. X
b My Questions | bartleby
+
i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/5
E Chapter 5 Homework
Question 6 of 6
>
-/ 1
View Policies
Current Attempt in Progress
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
arrow_forward
E Chapter 5 Homework - FINANCIA X
O NWP Assessment Player UI Appli X
b Answered: The accountant of Lati x
M Inbox - dhyani11141999@gmail. X
b My Questions | bartleby
+
i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3D1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/0
E Chapter 5 Homework
Question 1 of 6
>
-/ 1
View Policies
Current Attempt in Progress
Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
2$
2$
1:37 PM
O Type here to search
9/24/2020
2
..
arrow_forward
A CSUF Portal
E MyLab and Mastering
P Do Homework - Chapter 8 Hon x
->
->
a mathxl.com/Student/PlayerHomework.aspx?homeworkld=606850034&questionld=1&flushed%3false&cld%3D6647439&back=https://www.mathxl.com/Student/DOAS..
Update
Financial Management I
Shaheen Behbehani a
10/25/21 8:33 PM
Question 2, P 8-8 (similar...
HW Score: 0%, 0 of 10 points
E Homework: Chapter 8 Homework
O Points: 0 of 1
Save
Part 1 of 3
Your factory has been offered a contract to produce a part for a new printer. The contract would last for 3 years and your cash flows from the contract would be $4.93 million per year. Your upfront setup costs to be ready to produce the part would
be $7.91 million. Your discount rate for this contract is 7.6%.
a. What does the NPV rule say you should do?
b. If you take the contract, what will be the change in the value of your firm?
a. What does the NPV rule say you should do?
The NPV of the project is $ million. (Round to two decimal places.)
Clear All
Check Answer
Help Me Solve…
arrow_forward
S FULL HANDBOOK 2020-X
C Clever | Portal
e Using a Credit Card: Tutorial
O Simple interest calculator||
C合
a f1.app.edmentum.com/courseware-delivery/ua/12298/100001317/aHR0cHM6Ly9mMS5hcHAUZWRIZW50dwouY2
Student Links
O Logos.xlsx A Review Questions A..
Stock market today.
Using a Credit Card: Tutorial
Activity
Event
Credit Payment Interest Principal Balance
$500.00
$0.00
$0.00
$500.00
Payment 1
$100.00
$7.40
$92.60
$407.40
Payment 2
$100.00
$6.23
$93.77
$313.63
Payment 3
$100.00
$4.79
$95.21
$218.42
Payment 4
$100.00
$3.02
$96.98
$121.44
Payment 5
$100.00
$1.86
$98.14
$23.30
Payment 6
$23.64
$0.34
$23.30
$0.00
Grand Total
$500
$523.64
$23.64
$500.00
$0.00
Study this payment schedule and answer the following questions.
Part A
How long will it take to pay off this credit card?
B IU
三E E 三 三
X,
Font Sizes
A -
DELL
arrow_forward
Please help on part a and it’s subparts and part b
arrow_forward
Please solve urgent
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
![Text book image](https://www.bartleby.com/isbn_cover_images/9780357033609/9780357033609_smallCoverImage.jpg)
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning
Related Questions
- Learning SE MINDTAP evo/index.html?deploymentid=60338517901669990751687760&elSBN=9780357517642&nbld=3626933&snap... ☆ lomework 6300. 1 mancial Lailuialvi vi a spicoubnicel. Hide Feedback Correct X f6 Quantitative Problem 1: You plan to deposit $2,200 per year for 6 years into a money market account with an annual return of 2%. You plan to make your first deposit one year from today. a. What amount will be in your account at the end of 6 years? Do not round intermediate calculations. Round your answer to the nearest cent. 4 b. Assume that your deposits will begin today. What amount will be in your account after 6 years? Do not round intermediate calculations. Round your answer to the nearest cent. 6 Hide Feedback Incorrect F Check My Work Feedback Review the FVAN definition and its equation. Q Search Understand the difference between an ordinary annuity and an annuity due. Be careful about the order of mathematical operations if using the equation. If using a financial calculator, be…arrow_forwardDo not use chatgptarrow_forwardDetermine the most valuable aspect of this course to you and explain how you plan to apply it to your personal financial practices.Share two ways that you feel you will be able to apply the concepts you learned in this course to your current or future work position.arrow_forward
- NWP Assessment Builder UI App x w NWP Adaptive Assessment Playe X O WileyPLUS: Personal Finance, Enl x+ ôhttps://education.wiley.com/was/ui/v2/adaptive-assessment-player/index.html?launchld=D005b88a2-9bff-4b68-a4dd-b326ecc9384e#/ac.. actice [due Sat] 6.4 Mortgage Financing Jessica's mortgage payment, including principal, interest, taxes, and insurance, is $750 per month. She also has other monthly debt payments of $440. If her monthly gross income is $3,950. How would a bank assess Jessica's capacity to take on an additional credit card? O Asset ratio O Debt payment ratio O Debt ratio O Mortgage debt service ratio Save for Later Submit Answerarrow_forwardKnowledge Gained Rate the three most important concepts that you learned in this course in order of importance. Provide a rationale for your ratings. Propose two applications of knowledge that you have learned in this course to your current or to a future position. Be sure to respond to at least one of your classmates' posts. Read a post by one of your peers and provide a substantive response, making sure to extend the conversation by asking questions, offering rich ideas, or sharing personal connections.arrow_forward6.2 Saving and Investing n.hawkeslearning.com/Portal/Lesson/lesson_practice# niversity X Question 9 of 13, Step 1 of 1 X - Save & Exit Practice Lesson: 6.2 Saving and Investing Lesson 6.2 Saving and Investin X Answer How to enter your answer (opens in new window) Ⓒ2024 Hawkes Learning $350 Your answer is incorrect. Please choose one of the following: Google Chrome - The Fast & Sex 3/13 Correct Lateral Flexion: What Is It and Molly starts an IRA (Individual Retirement Account) at the age of 28 to save for retirement. She deposits $350 each month. The IRA has an average annual interest rate of 7% compounded monthly. How much money will she have saved when she retires at the age of 65? Round your answer to the nearest cent, if necessary. X + GRANT GREENE Explain Error 5 Incorrect Formulas Keypad Keyboard Shortcuts Try Againarrow_forward
- I need to find the correct amounts for assets, liabilities, stockholders' equity, and net income.arrow_forwardPlease answer fastarrow_forwardI need help with question 6 on how to create the customer pivot table as given. Also, can you provide the steps of how to do that in Excel? Also, please provide the steps in order to solve the problem for Finance.arrow_forward
- E Chapter 5 Homework - FINANCIA X O NWP Assessment Player UI Appli X b Answered: The accountant of Lati x M Inbox - dhyani11141999@gmail. X b My Questions | bartleby + i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/5 E Chapter 5 Homework Question 6 of 6 > -/ 1 View Policies Current Attempt in Progress The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows. CONSTANTINE CAVAMANLIS INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 45,000 $ 13,000 $32,000 Inc. Accounts receivable 91,000 88,000 3,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated Depreciation-Equipment 17,000 11,000 6,000 Inc. Total $158,000 $112,000 Liabilities and Stockholders' Equity, Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. Total $158,000 $112,000 Net…arrow_forwardE Chapter 5 Homework - FINANCIA X O NWP Assessment Player UI Appli X b Answered: The accountant of Lati x M Inbox - dhyani11141999@gmail. X b My Questions | bartleby + i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld3D1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/0 E Chapter 5 Homework Question 1 of 6 > -/ 1 View Policies Current Attempt in Progress Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) КОСН СORPORATION Balance Sheet (Partial) 2$ 2$ 1:37 PM O Type here to search 9/24/2020 2 ..arrow_forwardA CSUF Portal E MyLab and Mastering P Do Homework - Chapter 8 Hon x -> -> a mathxl.com/Student/PlayerHomework.aspx?homeworkld=606850034&questionld=1&flushed%3false&cld%3D6647439&back=https://www.mathxl.com/Student/DOAS.. Update Financial Management I Shaheen Behbehani a 10/25/21 8:33 PM Question 2, P 8-8 (similar... HW Score: 0%, 0 of 10 points E Homework: Chapter 8 Homework O Points: 0 of 1 Save Part 1 of 3 Your factory has been offered a contract to produce a part for a new printer. The contract would last for 3 years and your cash flows from the contract would be $4.93 million per year. Your upfront setup costs to be ready to produce the part would be $7.91 million. Your discount rate for this contract is 7.6%. a. What does the NPV rule say you should do? b. If you take the contract, what will be the change in the value of your firm? a. What does the NPV rule say you should do? The NPV of the project is $ million. (Round to two decimal places.) Clear All Check Answer Help Me Solve…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengagePfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
![Text book image](https://www.bartleby.com/isbn_cover_images/9780357033609/9780357033609_smallCoverImage.jpg)
Pfin (with Mindtap, 1 Term Printed Access Card) (...
Finance
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Cengage Learning