UNIV 104 Homework MT Aplia Taking Charge of Your Time and Money Assignment solution complete answers

UNIV 104 Homework MT Aplia Taking Charge of Your Time and Money Assignment solutions complete answers 

 

1. Identify your immediate, short-term, and long-term goals

DISCOVER THE CONCEPT

Most goals fall into one of three categories: immediate, short-term, or long-term. This categorization is usually based on the complexity of the goal and the amount of time it will take to accomplish it. The following table reviews the three types of goals in greater detail.

Types of Goals

Immediate Goal

An immediate goal, sometimes called a task, can often be urgent in nature. Whether it’s cooking dinner, reviewing notes before class, or registering for classes before the deadline, these goals need your attention right away.

APPLY YOUR KNOWLEDGE

 

Select whether the following goals are immediate, short-term, or long-term.

Read chapter assignments before next week’s quiz         

Return overdue library books         

Earn project management certification      

 

Read about the student, and identify the best immediate, short-term, and long-term goals.

Andrew has always dreamed of being some kind of business leader. At one point, he wanted to work in entertainment, and later on, he wanted to do something in the stock market. One thing has never changed, though, and that is his desire to quit his entry-level job and become a respected member of the business community. He can already see himself in the fancy suits, with the briefcase and the beautiful home in the hills. This is his vague idea of success.

 

Andrew’s Goal: Become a Business Owner

 

Select whether the following goals are immediate, short-term, or long-term.

Research sources for term paper    

Catch the 3:30 train so I can get to class on time  

Move to San Francisco, and find work as a nurse  

 

Read about the student, and identify the best immediate, short-term, and long-term goals.

Eric spent the bulk of his childhood playing many different sports. Whether it was football, baseball, or basketball, he was always the first one to arrive at the schoolyard and the last one to leave. These days, he is shorter and slower than the men who play for the college team, and his dreams of playing professional sports now seem unrealistic. Yet his passion for anything related to athletics remains. He knows he wants to continue to be a part of it in some way, but he isn’t sure how.

Eric’s Goal: Stay Involved with Athletics

 

Select whether the following goals are immediate, short-term, or long-term.

Study for next week’s exam 

Pay rent and utility bills before tomorrow  

Gain related work experience before graduation   

 

Read about the student, and identify the best immediate, short-term, and long-term goals.

Dave has noticed over time that, unlike most of the people he knows, he is not bothered by the sight of blood. Someone very close to him recently passed away, and he was angered by the sense of helplessness he felt. He wanted to help. He thinks that he wants to become a nurse someday.

Dave’s Goal: Become a Nurse

 

2. Understanding time and goals - How do you spend your time?

DISCOVER THE CONCEPT

Many people don’t realize how they actually spend their time. Tracking how you spend your time is important because it gives you a clearer picture of whether you are aligning your daily actions with your long-term goals.

APPLY YOUR KNOWLEDGE

 

Read about Felix’s long-term goals, and then consider how he spends his time.

Felix is working part time to pay for school. He hopes to become a pediatric nurse after graduation.

Felix used a tool called a Time Monitor to estimate and track how he spent his time over the course of a week. Using his Time Monitor, determine if Felix spent more or less time than estimated on a specific activity or category. (All estimates and actual time spent were recorded based on the total number of hours for that week.)

Felix’s Estimated versus Actual Time

 

Align Felix’s daily activities with his long-term goals. Consider what he wants after graduation, and select the best category or activity to add to Felix’s daily schedule. Keep in mind that when you do this in your own life, you can cut or create categories to reflect your personal schedule.

          Write for the school newspaper

          Intern at a local medical facility

          Join an intramural softball team

 

Read about Kevin’s long-term goals, and then consider how he spends his time.

Kevin is working part time to pay for criminal justice classes. He hopes to become a crime scene investigator after graduation.

Kevin used a tool called a Time Monitor to estimate and track how he spent his time over the course of a week. Using his Time Monitor, determine if Kevin spent more or less time than estimated on a specific activity or category. (All estimates and actual time spent were recorded based on the total number of hours for that week.)

Kevin’s Estimated versus Actual Time

 

Align Kevin’s daily activities with his long-term goals. Consider what he wants after graduation, and select the best category or activity to add to Kevin’s daily schedule. Keep in mind that when you do this in your own life, you can cut or create categories to reflect your personal schedule.

          Intern at a crime lab

          Help organize student events

          Enroll in an American literature class

 

Read about Stasia’s long-term goals, and then consider how she spends her time.

Stasia is working part time to pay for Web design classes. She hopes to become a graphic designer after graduation.

Stasia used a tool called a Time Monitor to estimate and track how she spent her time over the course of a week. Using her Time Monitor, determine if Stasia spent more or less time than estimated on a specific activity or category. (All estimates and actual time spent were recorded based on the total number of hours for that week.)

Stasia’s Estimated versus Actual Time

 

Align Stasia’s daily activities with her long-term goals. Consider what she wants after graduation, and select the best category or activity to add to Stasia’s daily schedule. Keep in mind that when you do this in your own life, you can cut or create categories to reflect your personal schedule.

          Run for student government

          Enroll in a yoga class

          Intern at a local marketing firm

 

3. Avoiding procrastination

DISCOVER THE CONCEPT

Imagine it is a Sunday night, and you have a paper due on Tuesday morning. You've found some articles about your topic and have a general idea about what you want to write about. You plan to start writing on Sunday morning or afternoon. Sunday afternoon comes around, and you start to feel some anxiety because you haven't written a single sentence yet and this essay will be worth 25% of your grade. As you plop down on your bed with your laptop open, you check your Facebook page and then open a Word document. You write a few sentences but then decide that you need to create a playlist of music that inspires and relaxes you. As you are doing that, you get a text from a friend about getting dinner. You immediately text back "yes." After all, you have to eat. Next thing you know, you have less than 24 hours to get your major writing assignment done.

Procrastination, the act of putting off activities that we'd rather not do, can keep you from developing your critical thinking and writing skills. Critical thinking and strong writing takes time, effort, and an objective distance. If you wait until the last minute to complete an assignment, you probably won't have time to revise your purpose, ideas, evidence, clarity, style, and grammatical errors.

APPLY YOUR KNOWLEDGE

Directions: Read the passage and then answer the questions that follow.

 

Tips from Famous Writers

Flannery O'Connor, the famous short story writer, had a good excuse for not writing: she suffered from lupus. However, O'Connor didn't let her disease keep her from her writing desk. O'Connor believed that setting aside time every day was "one of the most important habits for a writer to cultivate. Writing regularly both spurts creativity and speeds productivity." In other words, writing on a schedule not only produces work faster but also work that is better. In addition to establishing a writing schedule, many writers, such as Stephen King, advise writers to close off the outside world. King writes in a telephone, television, and video-game free environment. Also, many writers insist upon what Virginia Woolf famously called "a room of one's own." You should find a suitable space to work where you can distance yourself from distractions. Finally, writers should remember that no first draft is perfect. As Hemingway once said, "I write one page of masterpiece to ninety-one pages of garbage." Keep in mind that your first draft will need revision.

Sources: Ernest Hemingway, “Interview by George Plimpton,” Paris Review,  Paris Review, Spring 1958; Janet Manslin, "Books of the Times; How to Write (If You're Stephen King)," New York Times Co., October 5, 2000, http://www.nytimes.com/2000/10/05/books/books-of-the-times-how-to-write-if-you-re-stephen-king.html; Flannery O’Connor, The Habit of Being: Letters of Flannery O'Connor, Ed. Sally Fitzgerald (New York: Farrar, Straus and Giroux, 1988).

 

What tips from famous authors help writers avoid procrastination? Check all that apply.

          Remember that no first draft is perfect.

          Find a suitable place to work.

          Stick to a writing schedule.

          Shut yourself off from distractions.

          Reward yourself after every good paragraph with a walk.

 

The Prolific Ian McEwan

Most writers do not wait for the muse to come to them and then expunge an entire novel in one long writing session. For example, Ian McEwan, the author of the novel Atonement, which was made into a film with Kiera Knightly, has methodology behind his writing. First, McEwan reserves a time and place for working. He goes to a large desk every morning, whether he feels like it or not, whether he has ideas or not. Then, McEwan says that "he shuts off all avenues to the outside world" by turning off the phone and Internet. McEwan sets a daily writing goal of between 500 to 800 words, which he usually completes by the afternoon. The afternoon is spent reading and thinking, which feeds his writing for the following day. After a day of hard work, McEwan looks forward to dinner and conversation with friends. With the knowledge of this evening ahead of him, McEwan can better focus on his writing.

Source: Ian McEwan, "Ian McEwan on His Writing Process," Knopf Doubleday Publishing Group. n.d., http://reading-group-center.knopfdoubleday.com/2011/04/21/in-conversation-with-ian-mcewan-reading-and-writing/.

What habits does Ian McEwan have that keep him from procrastinating? Check all that apply.

          He has a "carrot," or a reward, for himself after he finishes his writing and reading.

          He avoids distraction from the outside world.

          He rewrites his first draft over and over until it is perfect.

          He breaks up his writing tasks into 500 to 800 words per day.

          He works in a suitable place.

 

The Writing Habits of Ernest Hemingway

Ernest Hemingway's novels often feature characters who enjoy an unscheduled life of drinking, smoking, and conversing with friends. However, Hemingway himself was disciplined and methodical in his work. He would start at six in the morning and go on until noon. In an interview with the Paris Review, Hemingway shared, "When I am working on a book or story I write every morning as soon after first light as possible. There is no one to disturb you and it is cool or cold and you come to your work and warm as you write." Hemingway, like many writers, needed a space without intrusion to focus. Also, Hemingway didn't try to write too much at once. He liked to reread what he had written and stop when he knew what he was going to write next. Hemingway recorded his word count every day, "so as not to kid" himself. Having written and recorded his progress, Hemingway looked forward to his daily half-mile swim.

Source: Ernest Hemingway, “Interview by George Plimpton,” Paris Review, Paris Review, Spring 1958.

What habits did Ernest Hemingway have that kept him from procrastinating? Check all that apply.

          He thought about and planned what he would write before he started writing it.

          He wrote only when he felt inspired by a fresh idea.

          He gave himself a daily reward after he wrote.

          He wrote every day.

          He chose a time and place when and where he would not be disturbed.

 

4. Financial literacy

DISCOVER THE CONCEPT

Many students mistakenly believe that money management is only for the wealthy. In truth, every student should develop financial literacy, a knowledge of how to earn, save, invest, and spend wisely. Students who master these concepts make conscious, systematic decisions when planning, spending, saving, and budgeting.

APPLY YOUR KNOWLEDGE

This brief self-assessment asks you to identify your current money management habits. Answer the questions that follow by selecting whether the statement is A (Always true), S (Sometimes true), or N (Never true). You cannot answer incorrectly.

 

Complete the following paragraph about financial literacy:

Financial literacy is a knowledge of how to invest, save, earn and    wisely. Financial literacy can help you make    informed and    decisions about your spending habits. It can also increase your    to accommodate life changes and events.

 

Which of the following would contribute to your overall financial literacy? Check all that apply.

          A knowledge of your own values, as well as attitudes and behaviors regarding money, spending, and saving

          A knowledge of the world around you, including events occurring at local, national, and international levels

          The development of an effective plan that is followed and revised based on changes in your financial situation

 

5. Spend less money, and take charge of your credit

DISCOVER THE CONCEPT

The first step to taking control of your personal finances is to use a Money Monitor so you will know exactly what you spend and why. Once you have a clear picture of your income, expenses, and spending habits, you can then identify how to spend less and take charge of your credit. Click on the tabs in the table, and then answer the following questions.

 

Spending Less and Building Credit

To learn more about a specific concept, select the relevant tab.

 

Look to big-ticket items

When you start looking for places to cut costs, start with the items that cost the most. This could mean reevaluating where you live as you identify the safest place to live with the lowest rent. Living with a roommate is cheaper than living alone, and you might ask whether you really need a car while you’re a student. Check your Money Monitor and identify the most costly expenses. How could you spend less in each category?

APPLY YOUR KNOWLEDGE

 

Suppose that you checked your Money Monitor and realized that you needed to spend $200 less next month. What could you do to reach your goal? Check all that apply.

          Eat at cheap restaurants when you’re hungry

          Cook your own food

          Make your own coffee

          Use an envelope system

          Go on road trips with friends

 

You would like to improve your credit score. Select the positive actions you could take in order to achieve this. Check all that apply.

          Use the card to pay for friends who are short on cash

          Pay the balance when you can

          Find hidden costs

          Go online for your credit report

          Transfer balances for a lower APR

 

Suppose that you checked your Money Monitor and realized that you needed to spend $200 less next month. What could you do to reach your goal? Check all that apply.

          Tell friends that you’re only going out for a little while

          Instead of going out with friends, spend more time on social networking sites

          Use student discounts

          Get a better cell phone plan

          Look for deals at the grocery store

 

You would like to improve your credit score. Select the positive actions you could take in order to achieve this. Check all that apply.

          Only shop at places where you can get benefits for using their credit card

          Call the credit company to complain about its fees

          Pay down your balance each month

          Check for mistakes in your credit report

          Avoid cash advances

 

Suppose that you checked your Money Monitor and realized that you needed to spend $200 less next month. What could you do to reach your goal? Check all that apply.

          Spend less on entertainment

          Develop relationships with restaurant staff

          Habitually compare prices

          Go out with your friends only when they ask

          Avoid high rents

 

You would like to improve your credit score. Select the positive actions you could take in order to achieve this. Check all that apply.

          Sign up for travel points and other rewards programs

          Transfer balances for a lower annual percentage rate (APR)

          Borrow from your family to pay off credit cards

          Only use one credit card

          Check credit statements for mistakes

 

6. Financial aid

DISCOVER THE CONCEPT

When you decide to pursue higher education, one of your first challenges is to determine how you will pay for it. Explore ways to identify and take advantage of financial aid, and then answer the questions that follow.

Financial Aid and You

 

Federal and State Funding

U.S. federal government aid: You can apply for this online. The U.S. government awards around $150 billion each year in grants, work-study funds, and low interest loans to roughly fourteen million students.

State government aid: Contact your state grant agency for information, or go to the U.S. Department of Education website’s Education Resource Organizations Directory.

The idea of repaying loans can be intimidating, but it becomes less frightening when you take control of your finances and plan ahead. Now that you have had a chance to consider the big picture in terms of financial aid and student loans, let’s look at a basic balance sheet and explore how repayment works.

Interest is added during each payment period and is based on the current outstanding balance. The lender initially calculates a schedule to have the balance repaid in full after a certain number of months. You can vary the repayment rate by making payments larger than those scheduled, and you can repay the loan in full at any time.

Each month, a portion of your repayment is dedicated to the principal (the total amount you owe) and a portion to the interest (the amount by which the loan grows each month).

APPLY YOUR KNOWLEDGE

The following table is a sample repayment schedule for a loan with $2,000 plus interest at a rate of 1.5% per month:

Month

Outstanding Balance

Payment

Interest

Principal

Ending Balance

1        $2,000.00       $183.36         $30.00 $153.36         $1,846.64

2        $1,846.64       $183.36         $27.70 $155.66         $1,690.98

3        $1,690.98       $183.36         $25.36 $158.00         $1,532.98

4        $1,532.98       $183.36         $23.00 $160.36         $1,372.62

5        $1,372.62       $183.36         $20.58 $162.78         $1,209.84

6        $1,209.84       $183.36         $18.14 $165.22         $1,044.62

7        $1,044.62       $183.36         $15.66 $167.70         $876.92

8        $876.92         $183.36         $13.16 $170.20         $706.72

9        $706.72         $183.36         $10.60 $172.76         $533.96

10      $533.96         $183.36         $8.00   $175.36         $358.60

11      $358.60         $183.36         $5.38   $177.98         $180.62

12      $180.62         $183.32         $2.70   $180.62         $0.00

 Now let’s practice reading and working with these numbers.

In month 8, the payment amount is $183.36. Of this payment amount, $     pays interest, and $    repays the principal.

You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a    percentage of the payment pays interest, and a    percentage repays the principal.

 

In month 5, the payment amount is $183.36. Of this payment amount, $     pays interest, and $    repays the principal.

 

In month 9, the payment amount is $183.36. Of this payment amount, $     pays interest, and $    repays the principal.