GAC 3000 MCBS Personal Finances & Cash Budgets & Economic Targets Essay Personal Finance
4,200 words FACULTY OF BUSINESS AND MANAGEMENT STUDIES
UNDERGRADUATE BUSINESS PROGRAMME
ACADEMIC YEAR2019-2020, 2nd Semester
August – 2020
WRIT 2
Programme Title: BMS, A&F, MM, BE, BIS
Module Title: Personal Finance
Module Code:GAC3000
Assessment Method: Assignment
Level: 3
Module Credits: 20
Due Date:
Examiner(s):Ms. Pavithra Shetty
Block: 2
Weighting: 70%
Word Count: 4,200
Due date for submission: 23rd June 2020
Version: 1
Gulf College – Faculty of Business and Management Studies – In academic
Affiliation with CARDIFF SCHOOL OF MANAGEMENT
A.
B.
Written work
A signed declaration that the work is your own (apart from otherwise referenced
acknowledgements) must be included after the reference page of your assignment
Each page must be numbered.
Where appropriate, a contents page, a list of tables/figures and a list of abbreviations should
precede your work.
All referencing must adhere to School/Institutional requirements.
A word count must be stated at the end of your work.
Appendices should be kept to the minimum and be of direct relevance to the content of your
work.
All tables and figures must be correctly numbered and labelled.
Other types of coursework/assignments
Where coursework involves oral presentations, discussions, poster presentations, etc.,
specific instructions will be provided by your module leader/team.
——————————————————————————————————————————————–Rewrite below part just after the References of your assignment.
WORK DECLARATION
I, [Name of Student], hereby declare that the submitted assignment is my own work. I affirm that this
has been researched and completed in accordance with the college rules and regulations on
plagiarism.
I acknowledge the advice given by the module tutors on proper referencing to avoid plagiarism and
the rules on the academic unfair practice.
I acknowledge that I read and understand the plagiarism guide written at the end of this assessment.
Any academic misconduct will be handled according to the rules and regulations of the university.
[Name of Student]
Pg.2 Version1
General instructions
Assignment must be uploaded through the Turnitin before due date. An acknowledgement will be
given to you by your teacher upon presentation of the finance clearance. This is your receipt, keep
it.
The only circumstance in which assignments can be submitted late like a Mitigating Circumstances
(MC) form is submitted at the same time. In these circumstances work may be submitted within five
(5) working days. Make sure to secure MC form and submit the same to the concerned staff.
Write the number of words used, excluding references, at the end of your assignment. Provide the
list of sources you used at the last page of your assignment with proper label ‘Reference’. You may
include diagrams, figures etc. without word penalty. The number of words will be + or – 10% of the
total words allowed.
A work declaration must be included just after the reference page of your assignment. This ensures
that you prepare your work in good faith. Any form of collusion and/or academic unfair practice will
be dealt with according to the pertinent rules and regulations of the partner university. Please read
carefully the plagiarism guide.
Assessment Details
This Assignment comprises 70% of the total assessments’ marks. These will develop the following
skills:
•
Writing skills – the abilities that students can collect ideas and information and present them in a
required format for others to read and judge
•
Analytical skills – assessing the student’s ability to collect and analyse the information and making
decisions
•
Problem solving skills – students will be able to identify and define the problem, finding the solutions
and implementing the selected solution
•
Digital skills – students will be able to find, utilize, evaluate and create content using information
technologies and the internet
•
Innovation and creativity – students will use their own innovative ideas and creativity based on the
topic given to prepare the report using table, flow charts, calculations etc.
In addition, the assessment will test the following learning outcome:
•
Analyse the reasons why individuals buy financial products and the factors that affect their choices
•
Compare the main features of financial products and providers
•
Analyse the effects on consumers of changes and trends in the financial market-
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Assessment Task
A personal budget or home budget is a finance plan that allocates future personal income towards expenses,
savings and debt repayments.
I.
On this topic, you are required to prepare your monthly cash budget for the month of June 2020, if
(assuming) there are 4 different sources of income and 12 different expenses and debt repayments.
“Preparing monthly cash budget is an indicator for your personal financial growth’’. In reference to
this statement, you are required to provide the reasons/importance of preparing your monthly cash
budget.
II.
(1200 words)
Based on the monthly cash budget you have prepared, you are required to calculate monthly
savings, yearly savings, 7 years saved money and set any two long term financial goals that you could
achieve in the next 7 years which generates income for the future.
III.
(1200 words)
Achieving the chosen long-term financial goals is not an easy task, you are required to discuss the
factors which you will be considering in achieving your chosen long-term financial goals. Is there any
role of financial institutions in achieving your chosen long-term financial goals?
IV.
(1200 words)
Write a conclusion stating how a monthly cash budget helps you during an unforeseen situation like
COVID-19.
(600 words)
***END OF ASSIGNMENT TASK***
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Additional instructions:
Your assignment should contain the following:
•
Personal cash budget – Introduction which includes the meaning, purpose of preparing personal cash
budget, and calculation following your own format for showing 4 different sources of income, 12
different expenses and debt repayments and finding out the monthly cash surplus. Further
explanation should be provided on supporting the statement and the importance of preparing
monthly cash budget.
•
(approximately 1200 words)
You are required to analyse and calculate monthly savings, yearly savings and seven years saved
money. In addition to this, you need to choose any two long-term financial goals you could set and
achieve in the future which generates incomes for the future. So, the chosen long-term financial goals
may be, start investing for retirement, buying/owning a home, invest in a college education, savings
for
your
kids’
college
education,
buying
an
empty
land,
buying
a
commercial
complex/farmhouse/rental apartment, saving for an emergency fund etc. Here, you need to discuss
the steps to be followed for achieving your chosen long-term financial goals. (approximately 1200
words)
•
Based on the chosen long-term financial goals you need to discuss the factors you will be considering
in achieving the long-term financial goals. If you have taken any financial assistance from the financial
provider, provide the name of the financial provider, financial services offered and discuss the
procedure of loan taken to meet your long-term financial goals.
•
(approximately 1200 words)
Write a conclusion – based on your understanding you need to conclude how a prepared monthly
cash budget will help you to meet any unforeseen situation like COVID-19. (approximately 600 words)
Guidelines to students:
–
You are required to write an assignment report (4,200 words) based on the given task
–
The font type must be Arial with a font size of 12 and with 1.5 line spacing. It should be a Microsoft
Word Document based on required format
–
You are required to provide 7 to 8 references which includes all sources like books, e-books, online
sources, newspapers and journals using the proper Harvard referencing system
–
Maintain module title and module code as header and Student ID and name as footer
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GAC3000 – Personal Finance
AY:2019-2020/ 2nd Semester
Marking Scheme
Question
Description
No.
Marks
Allocated
Personal cash budget:
–
Introduction (Meaning and purpose)
–
Preparing monthly personal cash budget
5
(4 incomes * 1 mark each, 12 expenses* 1mark each, incomes
I.
total -1 mark, expenses total -1 mark, finding out monthly cash
20
surplus – 2 marks)
–
Reasons/importance of preparing monthly cash budget
(8 points * 1.25 marks each)
–
Analysis and calculation shown for monthly, yearly and 7 years
savings (3 points * 2 marks each)
II.
–
Factors affecting/considering in achieving the chosen longterm financial goals (6 points * 2 marks each)
III.
–
Financial provider – Identification and financial services
offered
–
Role of financial institution in achieving your long-term
financial goals (2 points * 4 marks each)
IV.
–
10
Steps to be followed for achieving two long-term financial
goals (2 points * 7 marks each)
–
6
Discussion on setting up of two long-term financial goals (2
points * 5 marks each)
–
10
Conclusion
12
5
8
10
Total
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14
100
Plagiarism
1. Plagiarism, which can be defined as using without acknowledgement another person’s words or ideas
and submitting them for assessment as though it were one’s own work, for instance by copying,
translating from one language to another or unacknowledged paraphrasing. Further examples of
plagiarism are given below:
Use of any quotation(s) from the published or unpublished work of other persons, whether published
in textbooks, articles, the Web, or in any other format, which quotations have not been clearly
identified as such by being placed in quotation marks and acknowledged.
Use of another person’s words or ideas that have been slightly changed or paraphrased to make it
look differentfrom the original.
Summarising another person’s ideas, judgments, diagrams, figures, or computer programmes without
reference to that person in the text and the source in a bibliography or reference list.
Use of services of essay banks and/or any other agencies.
Use of unacknowledged material downloaded from the Internet.
Re-use of one’s own material except as authorised by the department.
2. Collusion, which can be defined as when work that has been undertaken by or with others is submitted
and passed off as solely as the work of one person. This also applies where the work of one candidate
is submitted in the name of another. Where this is done with the knowledge of the originator both
parties can be considered to be at fault.
3. Fabrication of data, making false claims to have carried out experiments, observations, interviews or
other forms of data collection and analysis, or acting dishonestly in any other way.
Plagiarism Detection Software (PDS)
As part of its commitment to quality and the maintenance of academic standards, the University reserves the
right to use Plagiarism Detection Software (PDS), including Turnitin. Such software makes no judgment as to
whether a piece of work has been plagiarised; it simply highlights sections of text that have been found in
other sources.
The use of plagiarism detection software fulfills two functions. The first is to enhance student learning (i.e. as
a developmental tool); the second is to guard against and identify unfair practice in assessment.
Further information and guidance can be found in the University’s policy on the Use of Plagiarism Detection
Software.
Pg.7 Version1
Personal Finance – end term assignment contains the following:
•
Personal cash budget – Introduction which includes the meaning, purpose of preparing personal
cash budget.
•
(200 words)
Personal cash budget statement – Statement/your own format followed to show the monthly
personal cash budget by having 4 different sources of income and 12 different expenses & debt
repayments to find out the monthly cash surplus.
•
(approximately 600 words)
“Preparing monthly cash budget is an indicator for your personal financial growth’’. Discussions
should be provided on supporting the statement with your own examples as well as the
importance of preparing monthly cash budget.
•
(approximately 400 words)
Based on the above monthly personal cash budget preparation – students’ need to analyse and
calculate the monthly savings, yearly savings and seven years saved money. (approximately 300
words)
•
In relation to your analysis and calculation on the monthly, yearly and seven years saved money
you need to choose any two long-term financial goals you could set and achieve in the future
which generates incomes for the future. So, the chosen long-term financial goals may be, start
investing for retirement, buying/owning a home, invest in a college education, savings for your
kids’ college education, buying an empty land, buying a commercial complex/farmhouse/rental
apartment, savings for an emergency fund etc.
•
Based on the two long-term financial goals you have chosen, discuss the steps to be followed for
achieving your chosen each long-term financial goal.
•
(approximately 400 words)
(approximately 500 words)
Based on the chosen long-term financial goals, students’ need to discuss the factors
affecting/considering in order to achieve their chosen long-term financial goals. (approximately
600 words)
•
Students need to identify any one financial provider existing in the Sultanate of Oman mentioning
the financial services offered as well as the role of financial institution in achieving the chosen
long-term financial goals.
•
(approximately 600 words)
Write a conclusion – based on your understanding you need to conclude how a prepared monthly
cash budget will help you to meet any unforeseen situation like COVID -19. (approximately 600
words)
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