Stock Current Price 1 Day Change 52-Week High 52-Week Low Explain to your merit badge counselor the importance of the following information for each stock: a. Select five publicly traded stocks from the business section of the newspaper. 6 of 20ħ How these affected the results of your investment exercise: 5. Simple interest: Compound interest: Personal Management - Merit Badge Workbook Page. The concepts of simple interest and compound interest and how these affected the results of your investment exercise. The concepts of return on investment and risk. Saving: Investing: Reasons for using one over the other: b. The differences between saving and investing, including reasons for using one over the other. Explain the following to your merit badge counselor: a. Personal Management - Merit Badge Workbook Page. What you can do to better manage your money. Explain its purpose and your thoughts about it. Your understanding of what happens when you put money into a savings account. Did the item work as well as advertised? f. Your experience of an item you have purchased after seeing or hearing advertisements for it. How hunger affects you when shopping for food items (snacks, groceries). Your thoughts when you buy something new and your thoughts about the same item three months later. Your understanding of how the amount of money you have with you affects your spending habits. The emotions you feel when you receive money. Discuss with your merit badge counselor FIVE of the following concepts: a. If income exceeds expenses, state how you would use the excess money (new goal, savings). If expenses exceed income, determine steps to balance your budget. Compare expected income with expected expenses. (There is a blank Sample Budget Plan table and a blank table for tracking your actual income and expenses that you can use at the end of this workbook.) b. (You may use the forms provided in this pamphlet, devise your own, or use a computer-generated version.) When complete, present the results to your merit badge counselor. Track your actual income, expenses, and savings for 13 consecutive weeks. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Can you buy the item used? Should you wait for a sale? 2. (Provide prices from at least two different price sources.) Source Price Call around study ads. Find out where you can buy the item for the best price. Determine the quality of the item or service (using consumer publications or ratings systems). Develop a written shopping strategy for the purchase identified in requirement la. Discuss how other family needs must be considered in this plan. All Rights Reserved Requirements Copyright, Boy Scouts of America (Used with permission.)Ģ 2. Discuss the plan with your merit badge counselor. Write a plan that tells how your family would save money for the purchase identified in requirement 1a. Choose an item that your family might want to purchase that is considered a major expense. The requirements were last issued or revised in 2004 This workbook was updated in November Scout s Name: Counselor s Name: Unit: Counselor s Phone No.: Please submit errors, omissions, comments or suggestions about this workbook to: Comments or suggestions for changes to the requirements for the merit badge should be sent to: 1. No one may add or subtract from the official requirements found in Boy Scout Requirements (Pub SKU 34765). The work space provided for each requirement should be used by the Scout to make notes for discussing the item with his counselor, not for providing the full and complete answers. 1 Merit Badge Workbook This workbook can help you but you still need to read the merit badge pamphlet.
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