BUS 145-WW Personal Finance Fall 2006 Course of Study

Transcription

1 CHESAPEAKECOLLEGE WyeMills, MD21679 BUS 145-WW Personal Finance Fall 2006 Course of Study INSTRUCTOR: Larry Hearn PHONE: Office: (410) , ext Office: OFFICE: T-109 Home: (302) OFFICE HOURS: WYE MILLS CAMPUS Monday: 9:00-10:00 a.m. 12:45-2:15p.m. Wednesday: 9:00-10:00 a.m. 12:45-2:15 p.m. Course Description: An introductory course dealing with the personal financial environment. This course focuses on financial planning needs for contemporary life situations, such as: spending, saving, borrowing, and investing decisions. Statement of Goals: 1. Planning his/her personal finances. 2. Insuring his/her resources. 3. Investing his/her financial resources. 4. Controlling his/her financial future. 5. Managing his/her personal finances. Course Objectives: Upon completion of this course, the student should be able to: Planning Activities 1. Analyze the process of making personal financial decisions. 2. Develop personal financial goals. 3. Assess the personal and economic factors that influence the personal financial planning environment. 4. Determine the personal and financial opportunity costs associated with personal financial decisions. 5. Identify strategies for achieving personal financial goals for different life situations. 6. Describe the activities associated with career planning and advancement. 7. Evaluate the factors that influence career choice and employment opportunities. 8. Implement employment search strategies. 9. Assess the financial and legal concerns related to obtaining employment. 10. Analyze the techniques available for career growth and advancement. 11. Recognize the relationships among financial documents and money management activities.

2 12. Create a system for maintaining personal financial documents. 13. Develop a personal balance sheet and cash flow statement. 14. Create and implement a budget. 15. Calculate savings needed for achieving financial goals. 16. Describe the importance of Texasfor personal financial planning. 17. Prepare a federal income tax return. (Calculate taxable income & tax liability) 18. Identify tax assistance sources. 19. Select appropriate tax strategies for different financial and personal situations. Management Activities 20. Identify factors that affect selection and use of financial services. 21. Compare the different types of financial institutions. 22. Compare the costs and benefits of various savings plans. 23. Identify factors that affect selection and use of financial services. 24. Compare the costs and benefits of different types of checking accounts. 25. Describe the activities involved in using a checking account. 26. Define consumer credit and analyze its advantages and disadvantages. 27. Differentiate among various types of credit. 28. Assess your credit capacity and build your credit rating. 29. Describe the information creditors look for when you apply for credit. 30. Identify the steps you can take to avoid and correct credit mistakes. 31. Describe the laws that protect you if you have a complaint about consumer credit. 32. Analyze the major sources of consumer credit. 33. Determine the cost of credit by calculating interest using various interest formulas. 34. Develop a plan to manage your debts. 35. Evaluate various private and governmental sources that assist consumers with debt problems. 36. Assess the choices in declaring personal bankruptcy. Purchase Decisions 37. Assess the financial implications of consumer purchasing decisions. 38. Evaluate the alternatives in consumer purchasing decisions. 39. Implement strategies for effective purchasing. 40. Identify steps to take to resolve consumer problems. 41. Evaluate the legal alternatives available to consumers. Risk Management 42. Define insurance. 43. Describe the nature of insurance. 44. Define risk management and evaluate the methods of managing risk. 45. Assess the bases of insurance. 46. Plan and purchase your personal insurance coverage intelligently. 47. Discuss the importance of property and liability insurance. 48. Explain the insurance coverages and policy types available to homeowners and renters. 49. Analyze the factors that influence the amount of coverage and cost of home insurance. 50. Identify the important types of automobile insurance coverage. 51. Evaluate the factors that affect the cost of automobile insurance. 52. Explain why the costs of health insurance and health care have been increasing. 53. Define health insurance and disability income insurance and explain their importance in financial planning. 54. Recognize the need for disability income insurance. 55. Analyze the benefits and limitations of the various types of health care coverage. 56. Evaluate private sources of health insurance and health care. 57. Appraise the sources of government health care programs.

3 58. Define life insurance and describe its purpose and principle. 59. Determine your life insurance needs. 60. Distinguish between the two types of life insurance companies and analyze various types of life insurance policies these companies issue. 61. Select important provisions in life insurance contracts. 62. Create a plan to buy your life insurance. 63. Recognize how annuities provide financial security. Investment Planning 64. Explain why you should prepare for and establish an investment program. 65. Describe how safety, risk income, growth, and liquidity affect your investment options. 66. Identify the major types of investment alternatives available to investors. 67. Recognize the role of the professional financial planner and your role in a personal investment program. 68. Use the various sources of financial information that can reduce investment risks. 69. Identify the most important features of common stock and discuss why people invest in common stock. 70. Discuss the most important features of preferred stock. 71. Explain how investors can evaluate stock investments. 72. Describe how stocks are bought and sold through brokerage firms and securities exchanges. 73. Explain the traditional trading techniques used by long-term and short-term investors. 74. Describe the characteristics of corporate bonds. 75. Discuss why corporations issue bonds. 76. Explain why investors purchase corporate bonds. 77. Discuss why federal, state, and local governments issue bonds. 78. Evaluate bonds when making an investment. 79. Describe the unique characteristics of investment in mutual funds. 80. Classify mutual funds by investment objective. 81. Evaluate mutual funds for investment purposes. 82. Describe how and why mutual funds are bought and sold. 83. Identify types of real estate investments. 84. Evaluate the advantages of real estate investments. 85. Assess the disadvantages of real estate investments. 86. Analyze the risks and rewards of investing in precious metals, gems, and collectives. Retirement/Estate Planning 87. Recognize the importance of retirement planning. 88. Analyze your current assets and liabilities for retirement. 89. Estimate your retirement spending needs. 90. Estimate your retirement housing needs. 91. Determine your planned retirement income. 92. Develop a balanced budget based on your retirement income. 93. Analyze the personal aspects of estate planning. 94. Assess the legal aspects of estate planning. 95. Distinguish among various types and formats of wills. 96. Appraise various types of trusts and estates. 97. Evaluate the effects of federal and state taxes on estate planning. Instructional Materials Personal Finance, 8th edition, by Kapoor, Dlabay, Hughes. Richard D. Irwin, Inc.

4 Criteria for Grading Students Points Exam 1 (Chapters 1 4) 100 Exam 2 (Chapters 5 9) 100 Exam 3 (Chapters 10 12) 100 Exam 4 (Chapters 13 19) 100 Resume 40 Internet Assignments 50 Continuous Cases 60 Total 550 Grading Scale Percent Points A % B 80 89% C 70 79% D 60 69% F Below 60% Below 330 Exams Students will complete four non-cumulative exams. Exams will be administered on-line in the Exams area of the course. Exams are to be completed on or before the posted due date. Exam questions will be primarily in multiple choice format. The best way for the student to prepare for an exam is to redo chapter assignments and to make sure that he/she is proficient in the concepts identified in the exam review (found in the course content). Exam results will be posted in the My Grades tool. If the student would like to review a completed exam, please me to make arrangements. Exam Chapters Due Date Resume It is important to have a current resume in today's employment environment. Therefore, the student will prepare a typed resume using Chapter 2 as a reference (or other accepted format). The resume will be submitted through the Assignment area. Due Date: 9-14 Internet Assignments The internet allows for access to a variety of financial resources. The student will complete five internet-related assignments by visiting the identified website and answering the questions found at the end of each assignment. The assignments are found in the in the "Financial Plannying Activities" or "Internet Connection" sections at the end of each chapter and are to be submitted through the Assignment area. Chapter Page Assignment Due Date 1 27 FPA FPA

5 9 301 FPA IC FPA FPA IC Continuous Cases In an online course, the discussion area takes the place of at least some of the interaction that we would have if we were in a face-to-face classroom. In BUS 145, online discussions will be centered around the Continuous Cases found at the end of chapters 4, 7, 9, 12, 17, and 19. These cases allow the student to apply course concepts to the life of Pam Jenkins as she passes through various phases of her life. For each case, I will post a question(s) in the Discussion area. I expect the student to post a thoughtful response to my question(s), providing not only the answer(s) but also the student s reasoning. Students are also expected to write a substantial reply to at least one fellow classmate s posting for each case. A response of I agree or You did a good job is not good enough. Chapter Page Due Date Personal Financial Planner The author has included a Personal Financial Planner at the end of your text, as well as, on your student CD. This Planner includes worksheets that allow the student to apply topics covered in the course to his/her Personal Financial Situation. Due to the personal information found on these worksheets, the Planner will not be collected for a Grade. However, the Planner is a wonderful resource and the student is encouraged to use these worksheets as a guide to their financial future. The student will find icons throughout the text that will prompt them to complete a worksheet. Communication During the course of the semester, the need will arise for the student to contact me. If the student s question is content related, please post it in the discussion answer so that other students may respond, as well as, benefit from my reply. If the student s question is personal in nature, please use the course in order to contact me. Homework Policy A detailed listing of course requirements can be found in the Course Content area. Solutions to problems and exercises can be found in the Solutions area. The student should redo any problems and exercises that he/she found to be difficult. (Remember, problems and exercises are for self-study and are not to be turned in.) Be aware of due dates, which can be found in the Calendar area and syllabus.