Note: This is one part of a Personal Finance Portfolio in the course that we will be working on throughout the semester. The completed portfolio will count 10% of your final grade.
This Personal Finance Activity will help you understand the pros and cons of using cash, debit cards, and credit cards. This activity will also help you to decide which ways of using money are best for you and why.
Read the following scenario, complete the chart, and then answer the questions.
Imagine that you have just gotten a part-time job. You earn about $150 a week after taxes. You have decided to save about $75 per week and spend the rest. You open a bank account and discover that you have several options for how you spend your money. You can withdraw cash from your account and spend it, you can establish a checking account and get a debit card, or you can apply for a credit card and use your money to pay the credit card bills.
What are the advantages and disadvantages of each type of way to spend money?
Create a chart comparing the advantages and disadvantages of using cash, debit cards, and credit cards (MS Word 15KB) similar to the chart below in order to organize your research for answer the questions below. You may want to refer to 5.3 Comparing Credit Card Offers (opens in a new window) for further information. You do NOT need to submit the chart you create for a grade.
Then answer the following four questions. Your answers to these four questions will be graded.
Comparing Cash, Debit, or Credit?Payment TypeAdvantagesDisadvantagesCashDebit CardsCredit Cards
We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.Read more
The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.Read more
The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.Read more
By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.Read more