MCS 2100 Study Guide - Final Guide: Ontario Health Insurance Plan, Child Care, Premium Bond

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: D E

Document Summary

This chapter provides the framework for the chapters that follow. The information that is covered in the remaining chapters will be used by individuals to assist them in carrying out their financial plans. An important part of a budget is to have methods to help you monitor and control expenditures and savings. Methods for monitoring can be as simple as keeping a running total of expenditures as they occur in a notebook or as complex as using double entry book keeping. You need to set up a system that works for you and decide how often you will update it. Also important are ways to control expenditures and savings. *the discussion on page 78 of the textbook is misleading. Average tax rate (atr) is the percentage of an individual"s income that is paid in income taxes. A taxpayer in the 15% tax bracket will have an average tax rate that is less than 15%.