904 Personal Finance

1 semester, ½ credit

Open to sophomores, juniors, and seniors

Personal Finance is designed to give students an extensive understanding of several basic personal finance concepts and to have students meet objectives in personal finance in a framework of 21st Century Skills. These skills will include opening and maintaining savings, checking, and other bank accounts, household budgeting, fundamentals of credit, investing in bonds and stocks, vehicle, casualty and life insurance, retirement accounts and maintaining financial information. The class is structured by eight strategies that can be utilized to achieve success in personal finance.  They are Obtain, Plan, Spend Wisely, Save, Borrow Wisely, Invest, Manage Risk, and Plan for Retirement.  In addition, effective workplace skills will be addressed.

Note: 904 Personal Finance is required for graduation.

Skills

By the completion of this course, students will be able to…

  1. Analyze and evaluate the relationships between education, income, and standard of living.
  2. Assess opportunity costs and trade-offs involved in making choices using scarce economic resources.
  3. Develop and evaluate a spending/savings plan using budgeting software.
  4. Locate appropriate resources to perform banking functions.
  5. Evaluate services provided by financial deposit institutions.
  6. Analyze the factors that affect the choice of credit, the cost of credit, and the legal aspects of using credit as it relates to auto loans, mortgages, and credit cards.
  7. Analyze choices available to consumers for protection against risk and financial loss.
  8. Apply decision making models to maximize consumer satisfaction.
  9. Create and manipulate a personal budget.
  10. Complete job applications. 

Knowledge

By the completion of this course, students will know…

  1. How to research a career 
  2. The principles of banking including checking and timed deposits 
  3. The principles of auto purchasing and financing 
  4. The principles of home purchasing 
  5. The principles of insurance purchasing 
  6. The principles of investing 
  7. The principles of credit cards 
  8. The principles of taxes 
  9. How to avoid identity theft

 

This course last updated on January 8, 2019, by the Practical Arts Department.