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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Chapter 3, Problem 3FPC

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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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