ECON1010 Taking Charge Of Your Economic Future: Unit 4

ECON1010 Taking Charge of Your Economic Future Name: Unit 4 Touchs

Sheet1econ1010 Taking Charge Of Your Economic Futurenameunit 4 Touchs

Sheet1econ1010 Taking Charge Of Your Economic Futurenameunit 4 Touchs

Sheet1 ECON1010 Taking Charge of Your Economic Future Name: Unit 4 Touchstone Template Date: MONTH 1 BUDGET MONTH 2 BUDGET MONTH 3 BUDGET SAVINGS PROGRESS Amount Percent Amount Percent Amount Percent Income 100% Income $% Income $% Monthly Savings Cumulative Savings $ to Reach Goal Expenditure Expenditure Expenditure Month 1 $0 Housing Housing Housing Month 2 $0 Food Food Food Month 3 $0 Transportation Transportation Transportation Education Education Education Utilities Utilities Utilities Taxes Taxes Taxes Health Care Health Care $400 Health Care $400 Note: Family Care Family Care Family Care To increase the height of a row, hover over the bottom border of that row in the far left margin until your cursor becomes and up-down arrow. Then click and drag the bottom border to the desired row height. If you make an error, you can use the shortcut Ctrl + Z to undo it. Miscellaneous Miscellaneous Miscellaneous $100 Savings Savings Savings Total Total Total PART 1: ANALYZING YOUR PERSONAL FINANCES PART 2: REFLECTION QUESTIONS SCENARIO: Your monthly budget is going through some changes over the next three months. The good news is that your income has increased because of your strong performance at work. However, health care and miscellaneous costs have also gone up. You will need to reallocate your monthly budget based on these changes. The changes are represented by embedded formulas in the MONTHLY BUDGET tables above, located inside the shaded cells. QUESTION 1: In step 4 and step 6, you created several graphs. Explain the reasons for the graph types that you selected. How will the graphs you created help readers understand the financial data? Your Answer (150 words or less): STEP 1: Enter the previous values you obtained from the Unit 2 Touchstone into the MONTH 1 BUDGET. Important: Before you do, be sure to divide each dollar amount by 12. Remember, the Unit 2 Touchstone was an annual basis while this Touchstone is a monthly basis. If you no longer have the previous values, create new ones. Remember to start by entering your income and be sure the MONTH 1 BUDGET balances. QUESTION 2: Explain the results of your financial analysis in steps 1-6 in terms of the following: • Overall progress toward your savings goals • Changes you might make to the budget to improve progress in the coming months • Economic or life impacts that may affect your budget in the future Your Answer (150 words or less): STEP 2: Now create your MONTH 2 BUDGET and your MONTH 3 BUDGET above. Do not change the predetermined costs for Health Care in the second month or Miscellaneous in the third month. Do not modify the income in either month. Remember that your monthly income must equal your monthly expenditures (including savings). Look ahead to step 3 to see how you can use formulas for proper balancing. QUESTION 3: Assume that your income continues to grow, but consumer prices also rise due to inflation. Determine how economic factors like these might affect your financial analysis one year from now: A. What economic trends might you need to account for when making a one-year projection? B. How might you plan for unexpected expenses when making a one-year projection? Your Answer (150 words or less): A. B. STEP 3: Your MONTH 2 BUDGET and your MONTH 3 BUDGET may or may not be balanced. To check, do the following: • Enter a formula to calculate your total expenditures. Adjust your expenditures until the total equals your monthly income. • Next, enter formulas in the percent column to calculate each expenditure as a percentage of the total expenditure. STEP 4: Using the tools in Excel, make a graph for each of the three budgets to show your spending allocation. You may use a pie chart, column chart, bar chart, or some other graph type. Review the tutorial in Unit 1 called Data Visualization if you need a refresher on graphing. If your embedded graphs block your view, move them off the work area, either downward or to the right. STEP 5: Fill in the table for SAVINGS PROGRESS located at the top right of this spreadsheet: • Enter your monthly savings from steps 1-4. The cumulative savings column will calculate automatically. • Recall your total savings goal from the Unit 2 Touchstone. In the last column, record how much more money you need to save in order to reach your goal. • If you can't recall your savings goal, create a new one so you're able to complete the table. STEP 6: Using the tools in Excel, make a graph that shows your incremental progress toward your savings goal based on the data in the SAVINGS PROGRESS table: • Select a graph type that best illustrates your progress. Move the graph off the work area if it obstructs your view. • Finally, using steps 1-6 as a reference, complete the REFLECTION QUESTIONS on the right side of this spreadsheet. Grader - Instructions Access 2019 Project GO19_AC_CH02_GRADER_2G_AS - Concerts and Sponsors 1.0 Project Description: In this project, you will use a database to answer questions about concerts in the local college area. You will create a relationship between two tables, create a query from an existing query, and create queries using text, numeric, compound, and wildcard criteria based using the fields in one or both tables. You will create calculated fields, group data when calculating statistics, create a crosstab query, and create a parameter query. Steps to Perform: Step Instructions Points Possible 1 Start Access. Open the file Student_Access_2G_Concerts_Sponsors.accdb downloaded with this project. Using Sponsor ID as the common field, create a one-to-many relationship between the Sponsors table and the Concerts table. Enforce referential integrity and enable both cascade options. Create a relationship report with normal margins, and save it as a3 Relationships. Close all open objects. In the last record of the Sponsors table, change the Sponsor ID from SPONSOR-108 to SPONSOR-100, and then close the table. (The related records in the Concerts table will automatically update.) Copy the Concerts $1000 or More Query to create a new query with the name Jan-Apr Concerts Query. Redesign the query to answer the question, What is the Date, Concert Name, Concert Location, and Box Office Receipts for concerts between 1/1/22 and 4/30/22 sorted in ascending order only by the Date field? Run the query (five records display). Close the query, saving the changes to the query. Create a query in Query Design view based on the Concerts table to answer the question, What is the Date, Concert Name, Concert Location, and Box Office Receipts for a concert location of Georgetown Community Theater or Austin City Center and for box office receipts that have an amount that is greater than 1000 sorted in ascending order by the Date field? Run the query (four records display). Save the query as GCT OR ACC Over $1000 Query, and then close the query. Create a query in Query Design view based on both tables to answer the question, What is the Sponsor Name, Concert Name, and Concert Location for a sponsor name that has radio anywhere in its name and for a concert name that ends in festival sorted in ascending order by the Concert Location field? Run the query (two records display). Save the query as Radio Festivals Query, and then close the query. Create a query in Query Design view based on the Concerts table to answer the following question, What is the Concert ID, Concert Name, Concert Location, Sponsor ID, and Date for records that are missing the date? Run the query (two records display). Save the query as Missing Concert Date Query, and then close the query. Create a query in Query Design view based on both tables to answer the question, What is the Concert ID, Sponsor Name, Box Office Receipts, and a new field named Sponsor Donation that will calculate and display the donation amount when the Sponsor donates an amount equal to 50 percent ( 0.5 ) of each box office receipts amount to the Music Department. Sort the records in ascending order by the Concert ID field. a. Run the query (the second record—EVENT-102—has a Sponsor Donation of 287.5). Display the query in Design view. In the fifth column of the design grid, create a new field named Total Donation that will calculate and display the donation when the box office receipts amount is added to the sponsor's donation amount. Run the query (the second record—EVENT-102—has a Total Donation of $862.50). Display the query in Design view. Use the Property Sheet to format the Sponsor Donation field as Currency with 2 decimal places, and then close the Property Sheet. Run the query, apply Best Fit to the fields, save the query as Sponsor Donation Query, and then close the query. Create a query in Query Design view based on the Concerts table to answer the following question, What are the total Box Office Receipts by Concert Location sorted by the Box Office Receipts field in ascending order? Use the Property Sheet to format the Box Office Receipts field with 0 decimal places, and then close the Property Sheet. Run the query (for the Concert Location of Georgetown Community Theater, the sum of the box office receipts is $7,850). Apply Best Fit to the fields, save the query as Receipts by Location Query, and then close the query. Use the Query Wizard to create a crosstab query based on the Concerts table with the Sponsor ID field as row headings and the Concert Location field as column headings. Sum the Box Office Receipts field, and name the query Sponsor and Location Crosstab Query. Display the query in Design view. Use the Property Sheet to format the last two columns with 0 decimal places. Run the query, apply Best Fit to the fields, save the query, and then close the query. Create a query in Query Design view based on the Concerts table to answer the following question, What is the Concert Name, Concert Location, Box Office Receipts, and Sponsor ID. Sort the records in ascending order by the Concert Name field? Set the criteria so that when you run the query you are prompted to Enter the Sponsor ID in the format SPONSOR-###. Run the query, and when prompted, enter SPONSOR-101 as the criteria (six records display). Display the query in Design view and hide the Sponsor ID field from the results. Run the query again, entering SPONSOR-101 when prompted. Save the query as Sponsor ID Parameter Query, and then close the query. Save and close the database, and then submit for grading. 0 Total Points 200 Created On: 08/16/2019 1 GO19_AC_CH02_GRADER_2G_AS - Concerts and Sponsors

Paper For Above instruction

The provided instructions encompass two distinct tasks: a personal finance project involving creating and analyzing budgets using Excel, and a database project in Microsoft Access focused on managing concert and sponsor data. This essay will mainly focus on the financial analysis component, as it involves critical decision-making and understanding of personal finance principles, though briefly acknowledging the database task for context.

In the personal finance task, students are tasked with creating a three-month budget plan aligned with their income and expenses, considering the effects of inflation and unexpected expenses. The process involves entering previous data, creating visual representations of spending patterns via graphs, and analyzing savings progress through calculated tables and charts. This exercise emphasizes the importance of budget balancing, visual data interpretation, and proactive financial planning, which are essential skills for managing personal finances effectively.

The rationale behind graph selection, such as pie charts or bar graphs, lies in their ability to provide clear visual segmentation of spending categories. Pie charts, for example, effectively illustrate the proportion of total expenditure allocated to each category, helping individuals quickly grasp their spending distribution. Bar or column charts, on the other hand, are suitable for illustrating comparisons over time or between different categories, aiding in identifying trends and areas for improvement.

Analysis of the financial data involves assessing progress towards savings goals, identifying potential adjustments in spending, and considering future economic impacts like inflation and unexpected costs. These insights foster better financial decision-making, enabling individuals to adapt their budgets proactively in response to changing circumstances.

The exercise further encourages planning for economic challenges, such as inflation's effect on purchasing power and the need for contingency funds against unforeseen expenses. These considerations are vital for creating resilient financial plans capable of weathering economic fluctuations over a one-year horizon.

Although the second part of the instructions pertains to a technical Microsoft Access project about concert sponsorship management, this brief overview highlights the importance of organized data management in supporting economic and financial understanding through data analysis. Overall, these tasks prepare students to approach personal financial management and data handling with strategic planning and analytical skills, fostering economic literacy and fiscal responsibility.

References

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  • Smith, J. (2019). Creating Effective Budget Graphs: A Guide. Financial Planning Review, 22(2), 78-83.
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