Once you enter into an agreement, you are obligated to perform as agreed. Why do people who enter into agreements later refuse to do what they agreed to do?

What is the purpose of the statute of frauds?

What are the four elements of a binding contract? How is an express contract different from an implied contract?

Based on the following information, prepare a monthly and yearly budget for Brandy and Kenneth Harbour. Use Figure 8.2 as a model.

Average Income

Net paychecks $=\$ 1,800$ monthly

Interest on savings $=\$ 50$ monthly

Average Monthly Expenses

$$\begin{array}{lr}\text { Rent payment } & \$ 400 \\ \text { Utilities } & 120 \\ \text { Gasoline } & 100 \\ \text { Insurance } & 150 \\ \text { Groceries } & 200 \\ \text { Clothing } & 100 \\ \text { Car payment } & 210 \\ \text { Car maintenance } & 50 \\ \text { Cell phone } & 40 \\ \text { Entertainment and recreation } & 200\end{array}$$

Cash Surplus

Savings To be determined

$$\begin{array}{lr}\text { Investment fund } & 60 \\ \text { Miscellaneous } & 120\end{array}$$

Prepare a simple budget for yourself . If your budget does not balance , make adjustments until it does . How much will you set aside for savings? Assume you could set aside this same amount each month. Locate a savings planner tool and calculate your savings after $12$ months at $3$ percent interest, starting with $\$ 0$ in savings .

Financial planning should begin early in your life. Many people revise their plans as major life events occur, such as getting married or having children. Explain how a financial plan is based on personal values and choices and why some people choose not to do any planning.

Prepare a simple budget for yourself. If your budget does not balance, make adjustments until it does. How much will you set aside for savings? Assume that you can set aside this same amount each month. Locate a savings planner tool and calculate your total savings after 12 months, at 6 percent interest, starting with $0 savings.

Explain a paper filing system and an electronic filing system. Why do you need backup copies in both systems?

Why would you prepare a net worth statement?

Use a spreadsheet program to create a budget template that could be used for a monthly and yearly budget. Use the categories shown in Figure 8.2. Insert formulas for calculating totals.

Why would you prepare a net worth statement?

Discuss the role of law in society, such as contract law governing the relationships between people. Explain why laws and rules are important, both in the establishment of and in the enforcement of agreements. What remedies are available to people when the other person in a contract breaches that contract?

Explain a paper filing system and an electronic filing system. Why do you need backup copies in both systems?

How are fixed expenses different from variable expenses?