Ask a New Question
Menu

For the sample work assignment, please submit a short reflection that discusses what you feel confident in and what you feel you need to review more before the test.

Properties of MoneyQuick Check
Banking in the U.S. Before 1900Quick Check
U.S. Banking in the 20th CenturyQuick Check
The Free Enterprise SystemQuick Check
Bonds and Financial AssetsQuick Check
Financial Markets Channeling FundsQuick Check
Budgeting Quick Check

1 answer

Reflection on Areas of Confidence and Need for Review

As I reflect on my understanding of the various concepts covered in the quick checks, I can identify both areas where I feel confident and those that require further review.

Areas of Confidence

  1. Properties of Money: I feel confident in my understanding of the essential characteristics of money, such as durability, portability, divisibility, uniformity, limited supply, and acceptability. I can easily explain how these properties contribute to the functionality of money in the economy.

  2. U.S. Banking in the 20th Century: I have a solid grasp of the significant changes and developments in the banking system during the 20th century, including the establishment of the Federal Reserve and the evolution of banking regulations. I can discuss key historical events and their impacts on the banking landscape.

  3. The Free Enterprise System: I feel well-prepared regarding the principles of the free enterprise system, including the role of competition, consumer choice, and profit motive. I can articulate how these principles drive economic growth and innovation.

Areas for Review

  1. Banking in the U.S. Before 1900: While I have a general understanding of early banking practices, I need to review specific details regarding the formation of national banks, the role of state-chartered banks, and the impact of historical events like the panic of 1837. Enhancing my knowledge in this area will give me a more comprehensive view of the evolution of the banking system.

  2. Bonds and Financial Assets: I find the concepts surrounding bonds, including different types, their functions, and how they are valued, somewhat complex. I need to revisit how interest rates affect bond prices and familiarize myself more with the terminology and the importance of bonds in a diversified investment portfolio.

  3. Financial Markets Channeling Funds: I need to review the mechanisms through which financial markets operate and how they facilitate the flow of funds between savers and borrowers. Clarifying the roles of various financial institutions and instruments in this process will strengthen my understanding.

  4. Budgeting: While I have basic knowledge about budgeting principles, I believe I could benefit from more practice with real-world budgeting scenarios. Exploring different budgeting methods and tools will help me feel more equipped to handle personal finance concepts effectively.

Conclusion

Overall, I am confident in my early 20th-century banking knowledge and the properties of money but recognize the need for additional review in the areas of early American banking history, bonds, financial markets, and practical budgeting skills. I plan to allocate focused study time to these topics to ensure I am well-prepared for the upcoming test.