|
Standard |
Format
Updated:
Provides knowledge and applications in the management of personal and
consumer finance.
Topics include: record keeping, budgeting, credit principles, investment
principles, and forecasting.
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Competency Areas |
Hours |
|
|
Record
Keeping |
Class |
4 |
|
Budgeting |
D. Lab |
1 |
|
Credit
Principles |
P.
Lab/O.B.I. |
0 |
|
Investment
Principles |
Credit |
4 |
|
Forecasting |
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|
|
|
|
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Prerequisite: |
Program
admission |
|
Corequisite: |
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|
Course Guide |
|
Competency |
After completing this section,
the student will: |
Hours |
||
|
Class |
D.Lab
|
P.Lab/ O.B.I. |
||
|
RECORD
KEEPING |
5 |
5
|
0 |
|
|
Terms |
Define
terms associated with record keeping. |
|
|
|
|
Types |
List
types of records (i.e., personal, financial, and business). |
|
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|
|
Purpose |
Explain
the purpose of record keeping. |
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|
|
|
Application |
Devise a
record keeping system. |
|
|
|
BUDGETING
|
5 |
5
|
0 |
|
|
Terms |
Define
terms associated with budgeting. |
|
|
|
|
Purpose |
Compare
the advantages and disadvantages of budgeting. |
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|
|
|
Approaches
to budgeting |
Describe
the life cycle approach to budgeting. |
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|
|
|
Steps |
List the
steps in developing a financial plan. |
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|
|
|
Factors
that affect budgeting |
Explain
the factors that affect income. |
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|
|
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Analyze
family budgets. |
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|
|
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Savings |
Discuss
various methods of saving. |
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|
|
|
|
Compare
the advantages and disadvantages of savings. |
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|
|
|
|
Compare
the earnings potential of various savings plans. |
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|
|
|
|
Calculate
interest earnings. |
|
|
|
|
10 |
0
|
0 |
||
|
Terms |
Define
terms associated with credit. |
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|
|
|
Credit
use |
List the
advantages and disadvantages of credit use. |
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|
|
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|
Fill out
an application for credit. |
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|
|
|
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Evaluate
credit applications and contracts. |
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|
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Types of
credit |
Compare
the types of available consumer credit. |
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|
|
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Sources
of credit |
Identify
sources of credit. |
|
|
|
|
Interest
computation |
Identify
methods of interest calculation. |
|
|
|
|
Consumer
credit legislation |
Explain
laws affecting consumer credit. Discuss
consumer bankruptcy laws. |
|
|
|
INVESTMENT PRINCIPLES
|
10 |
0
|
0 |
|
|
Terms |
Identify
terms related to investment. |
|
|
|
|
|
Differentiate
between stocks and bonds. |
|
|
|
|
|
Interpret
investment information. |
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|
|
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Investment
types |
Identify
investment types. |
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|
|
|
Goals |
Identify
investment goals. Relate
investment goals to types of investments. |
|
|
|
FORECASTING
|
10 |
0
|
0 |
|
|
Personal
insurance |
Compare
types of life insurance. |
|
|
|
|
|
Compare
types of health insurance plans. |
|
|
|
|
|
Evaluate
insurance policies. |
|
|
|
|
|
Summarize
the use of insurance in overall financial planning. |
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|
|
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Property
insurance |
Compare
the types of property insurance available. |
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|
|
|
|
Evaluate
automobile insurance coverages. |
|
|
|
|
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List
types of homeowner policies. |
|
|
|
|
|
Compare
homeowner perils to homeowner insurance coverage. |
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|
|
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Estate
planning terms |
Identify
terms associated with estate planning. |
|
|
|
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Wills |
Identify
requirements of a valid will. |
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|
|
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|
Discuss
the importance and advantages of estate planning. |
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Suggested Resources |
Gitman, L. J., & Joehnk, M.
D. (1990). Personal financial planning (5th ed.).
Greene, M. R., & Dince,
R. R. (1987). Personal
financial management (2nd ed.).