Standard

ACC 154 Personal Finance

Course Description

Introduces practical applications of concepts and techniques used to manage personal finance. Topics include: budgeting, cash management, credit, housing, transportation, insurance, investments, retirement, and estate planning.

Competency Areas	Hours
Budgeting	Class	5
Cash Management	D. Lab	0
Credit	P. Lab/O.B.I.	0
Housing	Credit	5
Transportation
Insurance
Investments
Retirement
Estate Planning

Prerequisite:	Program admission
Corequisite:

Course Guide

Competency	After completing this section, the student will:	Hours
		Class	D.Lab	P.Lab/ O.B.I.
BUDGETING		4	0	0
Personal budget	Structure a budget which matches current income with current expenditures
CASH MANAGEMENT		8	0	0
Financial goals	Set financial goals in conjunction with career and income objectives and/or limitations.
Financial records	Use adequate financial records to accomplish personal financial goals.
Taxes	Explain the tax implications of financial decisions.
Asset management	Manage liquid investments safely and in a manner consistent with meeting credit obligations.
CREDIT		4	0	0
Credit management	Manage liquid investments safely and in a manner consistent with meeting credit obligations.
HOUSING		4	0	0
Home buying/renting	Discuss aspects of home buying and compare buying to renting
TRANSPORTATION		3	0	0
Transportation	Discuss aspects of buying or leasing personal transportation vehicles.
INSURANCE		10	0	0
Risk management	Discuss the problem of personal risk.
Property and liability	Identify and manage personal property and liability risks using a variety of options.
Health insurance	Identify and manage personal health risks using a variety of options.
Life insurance	Identify and manage personal life risks using a variety of options.
INVESTMENTS		12	0	0
Investing fundamentals	Identify and employ investing principles and concepts.
Securities markets	Identify sources of security financing and markets in which securities are traded.
Investment vehicles	Identify and characterize the types of investments that are available.
Investment management	Identify and use personal investment sound management principles.
RETIREMENT		3	0	0
Introductory concepts	Explain fundamental principles and concepts behind retirement planning
Planning	Explain how to prepare for retirement given the many different investment options that are available
ESTATE PLANNING		2	0	0
Estate planning basics	Explain the fundamental principles and concepts behind estate planning
Legal matters	Define some of the legal methods and tools employed in estate matters, and describe the resulting impact on the estate.
Tax matters	Define some of the tax methods and tools employed in estate matters, and describe the resulting impact on the estate.
Estate planning strategies	Formulate an estate planning strategy utilizing some of the legal and tax methods learned.

Suggested Resources

Books

Kapoor, J.R., et al. (1991). Personal Finance (2nd ed.). Homewood, IL: Irwin.

Ryan, J.S. (1991). Managing your Personal Finances (2nd ed.).Cincinnati: South-Western.