Personal Finance

Transcription

1 Western Technical College Personal Finance Course Outcome Summary Course Information Description Career Cluster Instructional Level This practical course focuses on managing personal financial resources. Topics include budgets, insurance, banking, credit, savings, investing and retirement/estate planning. Students will complete financial projects applying the material learned. Finance Total Credits 3.00 Total Hours Associate Degree Courses Types of Instruction Instruction Type Lecture Credits/Hours 3 CR / 54 HR Course History Purpose/Goals This course is designed to help learners create a personal budget. This course explains the various bank accounts available to consumers. This course will prepare learners to understand the basics of insurance and to be good consumers of insurance products. This course prepares students for making good investment decisions by understanding the investment options available. This course explains the credit process including consumer credit and mortgage loans. This course will prepare learners for the retirement and estate planning process. Textbooks Focus on Personal Finance (Loose-leaf). 5th Edition. Copyright Kapoor, Jack. Publisher: McGraw-Hill Publishing Company. ISBN-13: Required. Core Abilities Course Outcome Summary - Page 1 of 5

2 1. Apply mathematical concepts. 2. Demonstrate ability to think critically. 3. Use effective communication skills. 4. Use technology effectively. Program Outcomes 1. Develop short range and strategic plans Type Local 2. Apply financial laws and regulations Type Local 3. Demonstrate an understanding of the role of financial institutions Type Local 4. Create and analyze budgets Type Local 5. Evaluate and sell financial products Type Local Course Competencies 1. Explore the importance of personal finance. Domain Cognitive Level Applying 1.1. Written Objective Test 1.2. Written Product Criteria Your performance will be successful when: 1.1. you complete written exam with 70% or higher you complete the written product on time and meet all requirements outlined by the instructor you describe how setting goals relates to personal finance. 1.a. Recognize the importance of setting goals. 1.b. Explain basic economic principles. 1.c. Illustrate time value of money concepts. 2. Create budgets and financial statements. Domain Cognitive Level Synthesis 2.1. By achieving a grade of 70% on a test By achieving a grade of 70% on Personal Balance Sheet and Cash Flow Statement Assignment Course Outcome Summary - Page 2 of 5

3 2.a. Create a budget. 2.b. Create an income statement. 2.c. Create a balance sheet. 3. Be aware of the income tax structure and tax planning opportunities. Domain Affective Level Receiving 3.1. By achieving a grade of 70% on a test Complete a personal income tax return 3.a. Examine how the federal tax structure impacts my financial decisions. 3.b. Examine how the state tax structure impacts my financial decisions. 3.c. Calculate taxes in a simple situation. 3.d. Prepare a tax planning scenario. 4. Point out the cash management process Domain Cognitive Level Analysis 4.1. By achieving a grade of 70% on a test By achieving a grade of 70% on Deposit Account Rates assignment Research the various bank accounts available. 4.a. Describe the electronic funds transfer process. 4.b. Compare the features of checking, savings and money market accounts. 4.c. Define the online banking process. 5. Compare the various consumer credit products. Domain Cognitive Level Evaluation 5.1. By achieving a grade of 70% on a test Accurately calculate car payment and credit card payoffs. 5.a. Analyze a consumer credit report and how it affects the cost and availability of consumer credit. 5.b. Explain the benefits and dangers of credit and debit cards. 5.c. Recognize the various consumer loan products including the challenges and features of each product. 6. Recognize the different aspects of the housing decision. Domain Cognitive Level Knowledge 6.1. By achieving a grade of 70% on a test Accurately calculating the length of time to payoff a home mortgage. 6.a. Compare the financial aspects of renting versus buying real estate. 6.b. Acknowledge the value of renters insurance. 6.c. Explain the process involved in buying real estate. 6.d. List the various real estate mortgage options. 7. Explain the principles of property and liability insurance. Domain Cognitive Level Analysis 7.1. By achieving a grade of 70% on a test By achieving a grade of 70% on home and automobile insurance costs assignment. Course Outcome Summary - Page 3 of 5

4 7.a. Determine the various consumer insurance needs. 7.b. Explain personal liability insurance and when it is necessary. 7.c. Explain the process of purchasing homeowners insurance. 7.d. Explain the terms and limits associated with automobile insurance. 8. Explain the principles of health and disability insurance. Domain Cognitive Level Analysis 8.1. By achieving a grade of 70% on a test. 8.a. List the various providers of health-care coverage. 8.b. Differentiate between the various managed-care programs. 8.c. Summarize disability income insurance. 8.d. Acquaint self with the basics of dental insurance. 9. Explain the principles of life insurance. Domain Cognitive Level Analysis 9.1. By achieving a grade of 70% on a test By achieving a grade of 70% on the life insurance needs calculation assignment. 9.a. Determine life insurance needs at the different stages of the life cycle. 9.b. Contrast the various types of life insurance policies. 9.c. Explain long-term care insurance. 10. Determine retirement and estate planning options. Domain Cognitive Level Application By achieving a grade of 70% on a test By accurately calculating the amount necessary to be saved for retirement By achieving a grade of 70% on the personal will assignment. 10.a. Determine the financial resources needed for retirement. 10.b. Explain the various retirement plans available. 10.c. Acquaint self with estate planning goals. 10.d. Explain the relationship between estates and taxes. 10.e. Demonstrate the importance of wills and trusts. 11. Explain investment fundamentals. Domain Cognitive Level Analysis By achieving a grade of 70% on a test. 11.a. Explain the relationship between risk versus return regarding investments. 11.b. List the numerous sources of investment information. 11.c. Explain the buying and selling of securities process. 12. Use the concepts presented to invest in stocks and bonds. Domain Cognitive Level Application By achieving a grade of 70% on a test By achieving a grade of 70% on the stock portfolio value assignment. Course Outcome Summary - Page 4 of 5

5 12.a. Explain the valuation of common stocks. 12.b. Enumerate the different types of bonds. 12.c. Explain the valuation of bonds. 13. Use the concepts presented to invest in mutual funds. Domain Cognitive Level Application By achieving a grade of 70% on a test. 13.a. Explain the types and objectives of mutual funds. 13.b. Outline the process of buying mutual funds. Course Outcome Summary - Page 5 of 5