Touchstone 4 - Assignment Essays

Sheet1

Amount
Percent

Income

100%

Income

$0
100%

Expenditure

Housing

Food

Transportation

Education

Utilities

Taxes

Health Care

Health Care
$400

Family Care

Miscellaneous

Savings

Total

Your Answer (150 words or less):

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

Income

100%

Monthly

Savings

Cumulative Savings

$ to Reach Goal

Expenditure

Month 1

Housing

Month 2

Food

Month 3

Transportation

Education

Utilities

Taxes

Health Care

$400

Note:

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

$100

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

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.

Touchstones are projects that illustrate your comprehension of the course material, help you refine skills, and demonstrate application of knowledge. You can

work on a Touchstone anytime, but you can’t submit it until you have completed the unit’s Challenges. Once you’ve submitted a Touchstone, it will be graded

and counted toward your final course score.

One way to check your progress towards your financial goals is to conduct a personal financial analysis. This will help you see how well you have stayed on

track with your finances over time. Using technology can help you stay organized and help you visualize financial data, uncover trends, and effectively

communicate your findings.

Your goal for this Touchstone is to build your confidence with technology. Using Microsoft Excel, you will organize three monthly budgets, visualize the data

using graphs, and discuss the results. You’ll begin with the budget you created in Excel in the Unit 2 Touchstone. There are many types of technologies

available for personal or professional use that can analyze and display personal financial data. Your experience with Excel spreadsheets in this course is a

skill you can apply to other technology tools in your life and career. If you need a refresher on spreadsheets, review the tutorials in Unit 1, Challenge 3 of this

course (Links are in Section D).

Touchstone 4: Analyzing Your Personal Finances

SCENARIO: Three months have passed since you created your first financial plan (i.e., the Unit 2 Touchstone). In that time, your budget has gone through

some changes. The good news is that your income has increased because of your strong performance at work. However, health care and miscellaneous

costs have gone up along with your earnings. You will need to reallocate your monthly budget based on these changes to see how you’re progressing

toward your original savings goal.

While you appreciate numbers and figures, you also know that a strong financial analysis needs visual information. As part of your progress check,

you’ve committed to creating a set of graphs that you can share with your financial advisor.

ASSIGNMENT: This assignment has two parts. In part 1, you will analyze personal finance data based on the scenario described above. You’ll use your

problem solving and agility skills to balance three monthly budgets, and you’ll use your technology skill to graph the spending allocations in each of

them. Finally, you’ll sharpen all three skills as you calculate and graph the progress you’re making toward your original savings goal.

In part 2, you will answer reflection questions about the decisions you made, identify how to create more savings opportunities, and make predictions

about life and economic impacts that could affect the future of your plan.

For this assignment, you will:

Not Submitted Submitted Scored

You can submit this Touchstone when the previous Touchstone has been
scored. SUBMIT TOUCHSTONE

 It takes 5-7 business days for a Touchstone to be graded once it’s been submitted.

UNIT 4 — TOUCHSTONE 4: Analyzing Your Personal Finances
SCORE

-/100

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https://app.sophia.org/spcc/personal-finance

• Create three monthly budgets and perform a personal financial analysis using Microsoft Excel.

• Summarize changes in expenditures between budgets.

• Show the results of the analysis using appropriate graphs in Excel.

• Explain how the graph types you have selected will help your financial advisor understand the data.

• Discuss the results of the financial analysis including savings achievements, future budget modifications, and life impacts that could derail the

budget in the coming year.

• Reflect on what the analysis might reasonably look like in one year, accounting for economic factors such as inflation and the consumer price

index.

Download the Excel template below, which further breaks down the steps involved in this assignment. You will return the completed template as your

Touchstone submission.

 Assignment Template

A. Assignment Guidelines

DIRECTIONS: Refer to the lists below throughout the assignment. Do not submit your Touchstone until it meets these guidelines.

1. Analyzing Your Personal Finances

❒ Have you populated the tables for Month 1, Month 2, and Month 3 with your budgeting information?

❒ Have you verified that all amounts are displayed on a monthly (not annual) basis?

❒ Have you verified that the sum of your expenditures (including savings) equals your employment income?

❒ Have you populated the Savings Progress table?

❒ Have you selected the most effective graph type for each of your data sets?

❒ Have you left all predetermined formulas intact?

2. Reflection Questions

❒ Have you directly answered each question that was asked?

❒ Have you provided sufficient evidence to support each of your answers?

❒ Have you made clear and logical connections between your conclusions and the data used in the financial analysis?

❒ Have you leveraged content from the course tutorials about economic factors?

❒ Have you included sufficient detail in your answers?

B. Rubric

Advanced (100%) Proficient (85%) Acceptable (75%) Needs Non-Performance

https://app.sophia.org/download/attachment/11642-Unit%204%20Touchstone%20Template.xlsx

Improvement
(50%)

(0%)

Building Monthly
Budgets (P1S1-P1S3) (20
points)

Create balanced budgets
for Month 1, Month 2, and
Month 3 using Excel’s
formula feature and
supplied data.

All formulas are correct,
income equals total
expenditures, percentages
are complete, and supplied
data has been integrated. All
values are realistic, and all
units are displayed.

Most formulas are correct,
income equals total
expenditures, percentages
are mostly complete, and
supplied data has been
integrated. Most values are
realistic, and all units are
displayed.

Some formulas are correct,
income equals total
expenditures, percentages
are nearly complete, and
supplied data has been
integrated. Over half of the
values are realistic, but not all
units are displayed.

Formulas were not used,
income equals total
expenditures, percentages
are incomplete, and supplied
data is missing. Only some
values are realistic, but all
units are displayed.

Formulas were not used,
income does not equal total
expenditures, percentages
are left blank, and supplied
data is missing. Few values
are realistic, and units are not
displayed.

Creating Visuals (P1S4,
P1S6) (20 points)

Graph expenditures for
Month 1, Month 2, and
Month 3, and graph the
rate of savings over these
three months.

All graphs are representative
of the data tables and the
axes are correctly labeled.
The most effective graph
type was chosen in all
instances and cumulative
savings shows an upward
trend.

Three to four graphs are
representative of the data
tables and the axes are
correctly labeled. The most
effective graph type was
chosen in three to four
instances and cumulative
savings shows an upward
trend.

Two to three graphs are
representative of the data
tables and the axes are
correctly labeled. The most
effective graph type was
chosen in two to three
instances and cumulative
savings shows an upward
trend.

One to two graphs are
representative of the data
tables, but the axes are not
labeled. The most effective
graph type was chosen in
one to two instances and
cumulative savings shows an
upward trend.

The graphs are not
representative of the data
tables and the axes are not
labeled. The most effective
graph type was chosen in
only one instance and
cumulative savings is
trending incorrectly.

Measuring Savings
Progress (P1Q3, P1Q4)
(15 points)

Populate the Savings
Progress table with
savings per month,
cumulative savings, and
monthly shortages.

All the values for monthly
savings match their
respective data tables and
monthly shortages are fully
consistent with the original
savings goal. Embedded
formulas are present and
accurate.

All the values for monthly
savings match their
respective data tables and
monthly shortages are mostly
consistent with the original
savings goal. Embedded
formulas are present and
mostly accurate.

Two to three of the values for
monthly savings match their
respective data tables and
monthly shortages are mostly
consistent with the original
savings goal. Embedded
formulas are present and
somewhat accurate.

One to two of the values for
monthly savings match their
respective data tables but
monthly shortages are not
consistent with the original
savings goal. Embedded
formulas are present but
inaccurate.

Zero to one of the values for
monthly savings matches its
respective data table but
monthly shortages are not
consistent with the original
savings goal. Embedded
formulas are not present.

Choosing Graph Types
(P2Q1) (15 points)

Give reasons for the graph
types you selected for
displaying expenditures
and the savings rate. (150
words or less)

Rationale for choosing each
graph type is thorough,
evidence-based, and tightly
connected to the tutorial
content from the course.

Rationale for choosing each
graph type is mostly
coherent, somewhat
evidence-based, and largely
connected to the tutorial
content from the course.

Rationale for choosing each
graph type is somewhat
coherent and evidence-
based, but only loosely
connected to the tutorial
content from the course.

Rationale for choosing each
graph type is somewhat
coherent and evidence-
based, but no connections
have been made to the
tutorial content from the
course.

Rationale for choosing each
graph type is incoherent,
evidence is nonexistent, and
no connections have been
made to the tutorial content
from the course.

Analyzing Results
(P2Q2) 15 points)

Explain the results of your
financial analysis in terms
of progress, improvements,
and anticipated
derailments. (150 words or
less)

Description of savings
progress is exceptional,
improvement plans are
logical and attainable, and
derailments are closely tied
to real-world economic
factors.

Description of savings
progress is well-written,
improvement plans are
logical and attainable, and
derailments are largely tied
to real-world economic
factors.

Description of savings
progress is acceptably
written, improvement plans
are logical and mostly
attainable, and derailments
are only loosely tied to real-
world economic factors.

Description of savings
progress is acceptably
written, improvement plans
are logical but not attainable,
and derailments are only
loosely tied to real-world
economic factors.

Description of savings
progress is poorly written,
improvement plans are
illogical, and derailments are
not tied to real-world
economic factors.

Anticipating Economic
Projections (P2Q3) (15
points)

Looking ahead one year,
describe how economic
factors might impact the
financial analysis and how
you might plan for them.
(150 words or less)

The economic factors chosen
are based on reality and
tightly connected to the
tutorial content from the
course. The one-year plan is
described clearly, is
attainable, and is entirely
logical based on the
economic factors described.

The economic factors chosen
are based on reality and
largely connected to the
tutorial content from the
course. The one-year plan is
described clearly, is
attainable, and is mostly
logical based on the
economic factors described.

The economic factors chosen
are mostly based on reality
and sufficiently connected to
the tutorial content from the
course. The one-year plan is
described sufficiently, is
attainable, and is mostly
logical based on the
economic factors described.

The economic factors chosen
are loosely based on reality
and somewhat connected to
the tutorial content from the
course. The one-year plan is
described sufficiently but is
not attainable or logical,
based on the economic
factors described.

The economic factors chosen
are not based on reality and
are not connected to the
tutorial content from the
course. The one-year plan is
described poorly, is not
attainable, and is illogical
based on the economic
factors described.

C. Requirements

The following requirements must be met for your submission to be graded:

• Abide by the word count limits where applicable. No answer should exceed 150 words.

• Use a readable 11-point font.

• All writing and data entries must be appropriate for an academic context.

• Writing must be original and customized for this assignment.

• Plagiarism of any kind is strictly prohibited.

• Submission must include your name and the date.

• Include all the assignment components in a single file.

• Acceptable file formats include .xls and .xlsx.

D. Additional Resources

The following resources will be helpful to you as you work on this assignment:

Spreadsheet Basics

Computing with Spreadsheets

Data Visualization

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