Question

In: Accounting

1. Provide five (5) recommendations on how to improve your credit. 2. How would you respond...

1. Provide five (5) recommendations on how to improve your credit. 2. How would you respond to someone who says purchasing life insurance is a waste of time and money? 3. Provide four (4) ways to transfer money electronically. In your opinion, which method is the “safest?” 4. Do you think paying bills with a check will be eliminated one day? Explain. 5. Of the goals you identified, which two (2) are the most important, in your opinion? 6. If you received $1,200 from the U.S. government and you did not have to repay it, how would you use it? 7. How would you respond to the following comment: “Investing in the stock market is like gambling so I would rather invest in real estate or keep my money at home.” 8. How would you respond to the following comment: “People who shop with discount coupons are cheap so I use cash because I can usually negotiate a better price by paying with cash.” 9. How would you respond to the following comment: “Using a credit card is dangerous so that is why I will never use them.” 10. How would you respond to the following comment: “You have a spend money to make money so saving money is a waste of time.”

Solutions

Expert Solution

(1) Recommendations to improve your credit:

  1. Pay Your Bills on Time.
  2. Get Credit for Making Utility and Cell Phone Payments on Time.
  3. Pay off Debt and Keep Balances Low on Credit Cards and Other Revolving Credit.
  4. Apply for and Open New Credit Accounts Only as Needed.
  5. Don't Close Unused Credit Cards.

(2)

Purchasing life insurance is not wasting time and money since everything out there is becoming more and more uncertain each day. Life insurance provides an affordable way to help financially protect your family in the event of unfortunate things. Life insurance is worth it especially if you have loved ones who rely on you financially. Life insurance acts as an essential financial safety net if you were to pass away suddenly. Term life insurance, in particular, provides coverage at an affordable price during the years your financial dependents need it most.

(3). Electronic money transfer can be done using:

  • Wire transfer from own bank
  • Paypal
  • Zelle
  • Western Union

(4) May be paying bills will be eliminated one day. We are witnessing widespread use of electronic ways to transfer funds, to settle bills. There is a constant rise in transaction volumes because if globalization. If we pay our bills with a check, it involves time taking procedures in clearing the bill which needs human resources. Since we can eliminate such problems in electronic bill payments, we may do away with checks soon.

(5)

  • Being financially independent
  • Setting up alternative sources of income

(6)

I will use them to signup for some skill development program which will improve my knowledge as well as earning potential.

(7)

Investing in the stock market is not completely gambling. It depends on how much homework the investor did before investing. If investors got enough knowledge about the risks and rewards of such investment and had calculated risks, it's no gamble. Otherwise, its gamble.  

Keeping money at home is the most foolish thing since such action actually reduces the purchasing power of one's money.

Investing in real estate may generate stable income flow but returns may always not be as good as the stock market.

(8)

Shopping with money coupons comes with pre-determined benefits like discounts and cash backs. But, if there is a situation which saves better for someone with their negotiation skills, maybe money coupons won't be much useful.

(9)

Using a credit card is mostly safe these days because of the increased availability of insurance facilities for credit cards. we should not forget advantages if credit cards like increased spending capacity, grace period, reward points etc.

(10)

That is not always correct. If someone is employed, he need not spend anything beyond is normal living expenses. He may choose to save remaining money for his future use through banks or financial institutions.

On the other hand, if one is a business man. he must always search for ways to invest to grow money,spend money to create new opportunities. Saving money makes less sense in this case.


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