Read the “Facts of Life” box in Chapter 5. In Assignment 1, you created an income statement based on your present spending. Do you find it surprising that about half of Americans can’t identify where they spend cash? Do you lose track (or would l

Read the “Facts of Life” box in Chapter 5. In Assignment 1, you created an income statement based on your present spending. Do you find it surprising that about half of Americans can’t identify where they spend cash? Do you lose track (or would lose track, if you’re not presently tracking your expenses) of where some of your money goes?
FACTS OF LIFE

One problem with carrying cash is that it’s easy to spend and many times you can’t even recall where you spent it. According to a recent survey, every year about $2,340 in cash “disappears” from Americans’ wallets—they simply lose track of that much spending.