Financial Responsibility Essay

508 words - 2 pages

Deshawn Bryant Period: 1
Financial Responsibility
In my opinion to be financially responsible, you need to live within your means. And to
live within your means, you must spend less than you make. This is the basic guideline that
people should follow if they want to not only be financially responsible, but to actually save and
maybe make money. There are also many "traps" that financially responsible people avoid in
order to maintain their status. According to the article I read it is important for people to start
teaching financial responsibility to their children early so that they will know how to manage
their expenses later in life.
A recent study of over 2000 college students indicates that parent teaching is particularly
important to the development of students' financial habits in adulthood. Central college
recommends involving teens in family financial decisions like budgeting for groceries, a trip, or
major purchase, for example a car. The study also showed that most college students are
unaware of the expenses of college and they should learn how they will manage their money to
pay for the expenses. Some of the typical expenses may include tuition, books, supplies, cable,
parking, food, insurance, and many other bills. It will be critical for a student to live within their
means during their college years in order to exit with as little debt as possible and to start
building their future.
Another issue that the article covered was credit cards, most financially responsible
people would avoid them because of the temptation to spend more than you...

Find Another Essay On Financial Responsibility

fm as a profession Essay

882 words - 4 pages - financial planning and control - Qualified Accountant to lead the day-to-day running of the busy financial planning and control function. The post holder would be a key member of the Finance Senior Management team, with main areas of responsibility to lead the maintenance and development of finance systems and formulate business cases to develop and modernize the trusts services. They would also provide a comprehensive financial service in relation to

Australian Economics Essay

2105 words - 8 pages councils on the state level hand on the other hand the mandate to oversee the operations of the Australian Financial Institutions Commission, which was in turn charged with the responsibility of overseeing the operations of credit unions and building societies (Bakir, 2009, p. 912). Overall, there were 11 supervisory agencies in the country’s financial system, which formed the “Council of Financial Supervisors”, which according to Bakir (2009) were

Rsearch and summarise financial regulators in the Australian ecnonomy as well as interest rates.

702 words - 3 pages insurance and superannuation. The APRC was founded to take over responsibility from the RBA for the supervision of all financial intermediaries. Its two main roles include supervising and ensuring financial intermediaries meet their obligations and sorting out the intermediaries' financial position and their funds are received equally. Adopting the prudential standards formed by the RBA, the APRA supervises building societies, credit unions and friendly

The World Needs International Accounting Standards

769 words - 3 pages Financial reporting has a responsibility to communicate the economic condition and functioning of an enterprise. This has to be accurate, reliable and comply by the accounting standards. Effective financial reporting is essential in maintaining confidence in an economy and encouraging investors to invest. Towards the end of 2008, the financial sector across the world was becoming increasingly unstable. Lehman Brothers had been declared

International Finance

862 words - 3 pages " strategy."Not dealing properly with the financial risk of an international business is equivalent to "passive speculation" and contrary to the rules recommended in the GAAP standards for corporate management and accounting" (Bostas, 2005). The objective of a finance department is to protect the cash flows of the primary business and to manage the financial assets and liabilities of the group.It is the responsibility of the corporate Board and

Discuss how financial markets in Australia are regulated.

1086 words - 4 pages and Investment Commission (ASIC).One of the most important regulators in the financial markets is the RBA. Due to the fact that it is Australia's central bank, it has the responsibility and power to monitor and control Australia's monetary policy as well as the financial system. The RBA plays significant roles in terms of conducting monetary policy on behalf of the government; systemic stability; control of note issue; regulation of the payments

Accounting Regulatory Bodies Paper

1017 words - 4 pages necessitates that public companies disclose important financial data to the public. A business complies with this requirement by releasing full public disclosure of financial statements and annual reports published each year. The public may access a business' annual report and find information on a company's auditor's reports, income statement, statement of cash flows, financial situation, and management's discussion and analysis. (SEC, 2007)The next body

Does social responsibility in a business contribute to its profits?

1062 words - 4 pages social responsibility does for the firm, how it is perceived by managers and views on how it affects financial performance. Finally, the practical implications for managers will be considered, with a look at new accounting practices, which are at the forefront of ethical accounting.There are many ways in which to describe success. It is maximizing the market value of the firm (Ross et al., 2001: 13). The market value is not only affected by financial

Credit Cards : Liberty And Debt, For All

639 words - 3 pages cause of indigence would be the increasing numbers of financially illiterate people in the United States. Many younger adults are emerging into society without adequate knowledge of money and how it works. A large number of schools lack sufficient courses in economics and fail to educate students on real world financial applications. The communication between parents and their children regarding responsibility with money is also deteriorating

Financial and Managerial Accounting: What's The Difference?

2912 words - 12 pages parties affected by the decision. The decision maker must then estimate the outcome and accept responsibility for his/her decision (Smith, Katherine and Murphy, 2005). Individuals in management/financial accounting have a unique set of circumstances relating to their chosen profession, as well as, an obligation to the public, the profession itself, the organization they serve, and

Corporate Goal

1145 words - 5 pages profitability. Finally, Ullmann (2005) presents ambiguous findings regarding the relationship between financial success and social responsibility.Even when financial performance appears to be positively related to socially responsible behavior, the direction of causality is not clear. One argument regarding the positive relationship between financial performance and social responsibility suggests that following socially responsible policies is

Similar Essays

How To Balance Corporate And Social Responsibility With The Need To Enhance Financial Performance.

549 words - 2 pages How to balance corporate and social responsibility with the need to enhance financial performance is a frequently discussed topic with many people across the globe. Liz Emerson stated, "Corporate social responsibility is about how companies relate to their suppliers, how they manage those relationships and if they work in an ethical way"."Corporations can build up shareholder value by involving actively in more corporate social responsibility

Responsibility Centers And Financial Control Essay

643 words - 3 pages Net Present Value (NPV) is a way of assessing the value of a potential investment. This takes the future net cash flows and discounts them by the required rate of return that is needed. If the net present return is still positive then the project is giving the required rate of return. (Horngren, Sundem, Stratton, 2005) In the case given with Deer Valley Lodge we first need to calculate the cash inflows and outflows it will generate. The first

Overview Of The Recent Financial Crisis In The Us

1705 words - 7 pages governance. This position defends that since the 1990s corporate governance codes were introduced, and that corporate governance principles and guidelines were provided by the OECD, the World Bank and the IMF. As a result, reforms would have led to corporate behaviours towards accountability and responsibility. Therefore, corporations were directed adequately in general, and there is no relevant correlation between corporate governance and the financial

Financial Management As A Profession Essay

941 words - 4 pages finance - financial planning and control - Qualified Accountant to lead the day-to-day running of the busy financial planning and control function. The post holder would be a key member of the Finance Senior Management team, with main areas of responsibility to lead the maintenance and development of finance systems and formulate business cases to develop and modernize the trusts services. They would also provide a comprehensive financial service in