Papers

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

Financial planning skills can help you acquire more in term of finance and can also help you secure what you have. When you have skill to plan, you are aware of how to manage your account hence adding on your profit. Securing what you have is important as it ensures that you do not go broke or loose everything.

2. List two examples of goods you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points)

Goods that you can purchase are anything like groceries,gas, clothes or anything else.

3. List two examples of services you have purchased in the past or may purchase in the future. (Complete sentences are not necessary. 0.5 points)

I'll give you more than two to choose from. I've used babysitting / nanny services, painting services, window cleaning services and carpet installation services. I've also used plumbing services and pest control services

4. One of the functions of money is as a store of value. How does inflation affect money's ability to store value? (3-6 sentences. 2.0 points)

"Inflation" is defined as an increase in the overall level of prices over an extended period of time. Or in other words Inflation occurs when the supply of money far exceeds the supply of goods and services.
The functions of money are to serve as a medium of exchange, a unit of account, and a store of value. Inflation mainly affects the ability of money to serve as a store of value, since inflation erodes money's purchasing power, making it less attractive as a store of value. Money also isn't as useful as a unit of account when there's inflation, because stores have to change prices more often and because people are confused and inconvenienced by the changes in the value of money.