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Cash Management Tools
Now that you have relocated to Texas for your first job after graduating from college, you need to get your financial affairs in order. To do this, you decide that you need to open a bank account. Answer the questions below to explain your process of doing this.
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- How will you decide which bank to open an account with? What factors will you consider when making this decision?
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- What kind of bank account will you open (checking, savings, Money Market) and why? Will you open more than one?
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- After your third day in Texas, you call your parents and tell them that you opened a bank account. Your parents tell you that they have been saving money for you as a graduation gift. This is your money to use as you wish. The amount is $2,500. What will you do with this money? Be specific with your response. Will you use a cash management tool? Will you keep it as one lump sum amount or will you divide it up?
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- You just started your third week of work. You were surprised how quickly you were able to learn the duties of your new job. Everyone has been really helpful and accommodating. You even car pool to work with a co-worker. Today it is your turn to drive, but your car won't start. Your co-worker says that he/she can drive. This worked out great for today, but you know you need to get your car fixed. Based on your response to the first few questions, do you have the $600 available to get your car fixed? If not, what will you do? Explain your answer.
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- With you car problem's you are low on money. You take a look at your incoming cash and expenses and decide that you need to cut back on your spending. List 5 ways you will do this. Be creative but realistic in your response.
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