Family Resource Management

FCS320      Family Resource Management

Assignment #1: (100 points)                   Name ______________

                                                                                       (Please print)

James (36) and Nikki (33) have a daughter (3).  Nikki works for ABC Company and James is self-employed. They bought a house four years ago as their primary residence. Their health insurance plan (BlueCross) is offered by ABC Company. Neither of them has life insurance or disability insurance. James does not buy business liability insurance for his mechanic shop. They do not have will or trust. They do not name guardian for their daughter, either.

  1. Calculate the following ratios and comment on your results. (60 points) Show your work for full credits.
    1. Solvency ratio
    2. Current ratio
    3. Emergency fund ratio
    4. Savings ratio
    5. Front-end ratio (housing-expenses)
    6. Back-end ratio (total debt)

 

  1. Based on their financial statements and calculations, evaluate their financial strengths and weaknesses. (30 points)

 

  1. What should they do to improve their financial status? (10 points)

 

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