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Financial Check Up - Essay Example

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It avoids misuse of money and account for money to avoid losing some. Daily misuse of money may end up leading to high loss if the misused or lost…
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Financial Check Up
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Download file to see previous pages First worksheet entry reflects money I used to fuel my car. I used $100 in every week to fuel my car. For one month, I spent $400 dollars to fuel my car. This is equivalent to 8% of my monthly income.
The second worksheet entry shows the amount of money I used to go for a movie show for a single month. To go for Movie Theater to watch a movie, I spent $20. This was part of my entertainment expenses equivalent to 0.4% of my income.
According to Gibson (145-189), financial tracking sheet maintain a record of individual’s financial progress. It reflects individual decisions before they complete a budget, fulfill diverse distribution demands and meet their main requirements (Gibson, pp145-189). From my spreadsheet, there were only nine entries for a whole month. Each entry showed some financial decisions I made for the whole month. The spreadsheet give information like the date I spent, the amount of money I spent, amount of income, category of the event and description of the event.
The tracking sheet measured my financial performance over the one-month financial duration. To find expense statement, I determined how I acquire cash and sustain some in the pocket amidst expenses. My overall expenses amounted to $2545 and my income was $5000.
The tracking sheet displays my new worth statement; it displays my underlying money, liabilities and the net worth after subtracting cash from liabilities (Gibson, 145-189). After adding my expenses ($2545), and subtracting it from my income ($5000), my net worth was $2455.
Financial ratios are useful determiners of financial condition. They reveal my financial strengths and weakness. The liquidity ratios (1.96464) measured the presence of cash to settle debts. Since it is greater than one, I could easily meet my debts. The debts ratios measure my ability to repay the long-term debts. For this case, I did not have any debt. The profitability ...Download file to see next pages Read More
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