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AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724
Name : LIMA KHURAMI Marks : 80 Course : Specialisation
Subject : Personnel Finance Management
Case Studies
CASE STUDY (20 Marks)
Today, many people are writing fewer checks than in the past. Increases in the use of online payments, debit cards, another electronic banking services are resulting in different types of transactions appearing on your bank statement. However, monitoring the correct balance in your account is still a necessary activity. Anita recently realized that she has written checks for more than the amount in her account. She expected her next pay check to be deposited earlier. To avoid various charges for “bouncing” a check, the service representative at Anita’s bank recommended that she ta advantage of overdraft protection.
Answer the following question.
Q1. Define the term bounce cheque?
Answer: A bounced check is a check that was used for payment, but it could not be processed because the check writer did not have
Q2. What fees and deductions may be commonly overlooked when balancing your checking amount?
Answer: What Is a Checking Account?
A checking account is a type of deposit account that you can open at a brick-and-mortar bank, online bank or credit union. Checking accounts allow you to deposit money that you can then draw against to pay bills or make purchases. They
Q3. What are potential benefits of an ‘overdraft protection’ service for your checking amount?
Answer: Overdraft protection typically allows transactions exceeding the balance in your checking account to be approved and can save you steep overdraft fees.
Many banks and credit unions provide the option to enroll in overdraft protection, also known as overdraft coverage/service. When you opt into this service, the additional money you need to cover a transaction will be transferred from a
Q4. What costs should Anita consider before deciding to use the ‘overdraft protection’ service?
Answer: Overdraft fees are charged when you don’t have enough cash in your account to cover a payment you’ve made, and as part of an overdraft protection service, the bank covers the difference for you.
An overdraft happens when you don’t have enough money in your checking or savings account to cover a withdrawal or payment and the financial institution then pays for the transaction anyway, which yields a negative balance in
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CASE STUDY (20 Marks)
Open and two way communication ensures survival of the organization. It is means to make members work togeth Formal communication can be downward and upward. Despite its significance communication can suffer from distortio both intended as well as unconscious. Some of the reasons for distortions are tendency to evaluate pre-existi attitudes, sterotypes, values and perceptions. Feedback can help improve the quality of communication. Feedba however should be prompt both positive and negative, focus an action and behavior instead of individual.
Answer the following question.
Q1. Distinguish between one way versus two way communication.
Answer: 1. Objective: One way communication Transmitting of information to the sender. Two way communication Sharing of information between two or more parties in a constructive exchange.
2. Nature: One way communication is when information is shared to others without a response. Two way communications involves information being shared back and forth.
3. Feedback: One way communication There is no receiver response. So feedback is no needed. Two way communication There is a receiver response in this communication. So, feedback is essential.
Q2. Define the term formal and informal organizational communication?
Answer:
| BASIS FOR COMPARISON | FORMAL COMMUNICATION | INFORMAL COMMUNICATION |
| Meaning | A type of verbal communication in which the interchange of information is done through the pre-defined channels is known as formal communication. | A type of verbal communication in which the interchange of information does not follow any channels i.e. the communication stretches in all directions. |
Q3. Explain the most common channels available for downward communication in an organization?
Answer: Communication that flows from a higher level in an organization to a lower level is a downward communication. In other words, communication from superiors to subordinates in a chain of command is a downward communication. This communication flow is used by the managers to transmit work-related information
Q4. What do you mean by communication filters?
Answer: Five types of filters:
- Distractions.
- Emotional states.
- Beliefs and expectations.
- Differences in style.
- Self-protection.
Distractions:
- When you say something to your partner do you have his/her attention?
- External things like noisy kids, a hearing problem, or background noise can be a problem.
- Internal factors are such things as preoccupation, feeling tired, planning what else is to be done that day,
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CASE STUDY (20 Marks)
An auto accident can take place at any time. Just when you least expect it, a minor ‘fender bender’ can disrupt your da routine. In addition, without proper insurance coverage, an accident can put a strain on your financial resources. In o daily activities, personal injuries can happen while most people have some type of medical insurance coverage, injuri can have other financial implication. Many burglaries of personal property occur each day. Most people do not belie that this type of loss will happen to them. Renters often overlook insurance coverage for their household belongings.
Answer the following question.
Q1. What types of financial losses are commonly covered by automobile liability insurance?
Answer: Auto insurance is a contract between the policyholder and the insurance company. The policyholder agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy.
Auto insurance provides property, liability and medical coverage:
- Property coverage pays for damage to, or theft of, the car.
- Liability coverage pays for the policyholder’s legal responsibility to others for bodily injury or property damage.
Q2. What mistakes can occur when buying this coverage?
Answer: Mistake 1) Avoiding Basic Research:
Shopping for an insurance policy is similar to shopping for any other online product or service. Some kind of basic research is a must when you are looking to buy stuff online. Will you think of purchasing a mobile handset from an unknown website or turn to a trusted e-commerce website for the purchase? The trust factor is crucial, right?
When it comes to buying or renewing car insurance from an online insurer, you can verify if the insurer is a certified entity.
Q3. What are potential benefits of disability insurance?
Answer: Disability insurance, as the name implies, is a sort of insurance that pays out if a policyholder is unable to work and earn an income due to a disability. In case of an accident or disease, such a policy can protect you financially if you become disabled as a result of it. It can replace a portion of the income if the insured individual is unable to work due to their condition. The disability insurance plan will also cover any medical bills you may incur as a result of the therapy, depending on the policy terms.
Q4. What are some reasons renters overlook property insurance?
Answer: Renters insurance generally provides three kinds of protection. The first is damage to your personal property due to theft, fire, certain kinds of water damage, and other covered perils. Most policies also include “off-premises” coverage, which means your possessions are protected for covered events outside your home such as theft from your car.
There are a number of common
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CASE STUDY (20 Marks)
A young woman is tempted to buy clothing that she really likes but knows she cannot afford. However, when she mak the decision to use her credit card, she suddenly goes on a shopping spree. She joints most customers who have limited understanding of consumer credit and the pros and cons of using it. Credit is not free money. In addition repaying the amount she charged, she must pay an additional expense in interest until the full balance is repaid. Why used responsibly, credit is valuable financial tool. When used excessively, credit can destroy financial plan.
Answer the following question.
Q1. Define Credit Card?
Answer: A credit card is a thin rectangular piece of plastic or metal issued by financial institutions, which lets you borrow funds from a pre-approved limit to pay for your purchases. The limit is decided by the institution issuing the card
Q2. What are the pros and cons of using Credit Cards?
Answer: Building credit, earning cash back and benefiting from fraud protection are just a few of the many advantages of using credit cards.
Tack on the convenience of not having to carry cash and the ability to easily track spending, and you may ask yourself why someone would ever choose to put purchases on anything but plastic.
Using a credit card can definitely make life easier, but it also puts a large responsibility on the spender. If misused, credit cards can leave
Q3. What suggestions might you offer the young woman regarding the use of Credit Card?
Answer: The financial decisions taken by women today are more independent than ever before. This trend means making decisions that involve credit, whether it is taking a loan or managing your credit card.
Used responsibly, a credit card can be a very helpful financial tool. Making consistent, on-time payments can boost your credit rating, and some cards offer rewards for purchases or even a 0% interest rate for a short period of time on
Q4. How does the use of Credit affect your financial plan?
Answer: Credit is part of your financial power. It helps you to get the things you need now, like a loan for a car or a credit card, based on your promise to pay later. Working to improve your credit helps ensure you’ll qualify for loans when you need them.
Many aspects of life are affected by credit ratings. They may:
- Determine whether a lender approves a new loan.
- Influence your interest rates and
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