Cam went home sick.

Assets and Liabilities: Liquid assets and fixed assets. Real assets and financial assets. Tangible assets vs intangible assets. Liabilities: Definition as debt, money owed, obligations etc. Video presentation of assets and liabilities. Numerous examples of types of assets: Liquid assets as jewelry, collectibles. Fixed assets as long-term "frozen" assets. Tangible assets as physical objects that have value and can be sold/converted to cash. Intangible assets as Brands, copyrights, trademarks etc.

Cam and I reviewed how financial literacy encompasses the decisions and activities of an individual or family regarding their money, including spending, saving, and budgeting. We also discussed the importance of being financially responsible, as personal values, goals, and choices directly influence a person's financial well-being and future.

Liquid Assets and Fixed Assets, Budgeting software programs and Spreadsheets. Personal and Business/commercial (enterprise) software budget programs. Financial audits: Review of budgets and expenses of public funds. Need for audits to insure that funds are collected and spent properly, legally, and accurately.

Quiz to calculate income losses and gains.

We learned the meaning of opportunity cost. When you buy something, you give up the opportunity to do something else with the money. We often spend money without considering whether we really need the item or not. We learned the term impulse purchase and taking responsibility for your actions in order to recover what you have lost.

Budgets for Businesses: Commercial software programs and spreadsheets for small business and enterprise budgeting. Review of Personal budget assignment.

Completion and review of Personal Budget written exercise. College Student budget used as a basis for creating a 6-month budget with several fixed and variable expenses. Income sources/cash inflow from Student loan and part-time lab tech employment. Aiden established a reasonably accurate, organized, and detailed personal budget for a hypothetical college student. This 6-month budget has several criteria and assumptions for tuiton and room rent monthly costs.

6-month budget assignment: Written exercise of a personal budget for a College student who has both fixed and variable expenses as well as a few income sources. Monthly income from a College student loan and part-time lab assistant job. The intent of the 6-month budget is to provide experience with how to balance a budget and also create a savings plan. Expense items include College tuition, room rent, food, health insurance, gasoline, discretionary/leisure expenses etc.

We discovered that hundreds of thousands of people file for bankruptcy every year. We are learning the reasons for this. Since many employers check credit history before offering employment, it is essential that people learn how to manage their personal finance. Then we computed pay lost by missing a weekend of work and money earned per month from a second job. We also computed the yearly savings of driving an electric versus gasoline powered vehicle.