Other
AAMS 300 EXAM 1 STUDY GUIDE
- Course
- Institution
AAMS 300 EXAM 1 STUDY GUIDE
[Show more]
Content preview
AAMS 300 EXAM 1 STUDY GUIDEGreat Empires (West Africa) - answer- Ghana (1st)
Mali
Songhay/songhai
Political and economic organizations - answer- Family, Clan state, kingdom and more
When was the first AAMS class started? - answer- 1968, San Fran,
Africa "Dark Continent" - answer- Being taught the bad about Africa
Driving forces behind the T.A.S.T - answer- The Renaissance
The Commercial Revolution
Demand for Goods
Competing interest in the Trade - answer- Portugal
Spain
Netherlands
France
English
Dutch
Alexander Falconbridge - answer- name of the slave ship doctor turned abolitionist
Advantages of enslaving African - answer- Cheaper than other forced labor
Could be purchased outright
Could hold more rigid methods of punishments
Easier to catch if escaped
Assets - answer- Assets are the things the client owns - even if they are not fully paid for.
Liabilities - answer- Liabilities are what the client owes - on credit cards, bank loans, mortgages, etc.
Net Worth formula - answer- Net Worth is a residual figure determined by: Assets - Liabilities = Net Worth
Describe "Use Assets" - answer- Assets used in the course of daily living: automobiles, homes, boats, personal property, etc
Another name for: Statement of Financial Position - answer- Balance Sheet - details a specific date Another name for: Income Statement - answer- Cash Flow Statement - details a period of time, typically a year
Income / Cash Flow Statement - answer- Lists sources of income and expenses that covers a specific period of time, typically a year.
Formula for an Income / Cash Flow Statement - answer- Gross Income - Expenses = Surplus (Deficit)
Difference between Income Statement & Cash Flow Statement - answer- Income Statement - any surplus represents the amount available for savings or investment.
Describe "Income Surplus" - answer- The two periods when income exceeds expenses - the "early working years" (before children) and the "late working years" (after children are through college and out of the house)
Describe "Income Deficit" - answer- The period when expenses outpace income; typically the "family raising" years, when the client incurs the costs of raising a child, buying a home or trading homes, and obtaining consumer credit
Describe "Small Surplus" - answer- The period, during retirement, when income slightly exceeds expenses
List two important forces that affect how most clients live - answer- 1) Income 2) The financial requirements needed to maintain an adequate lifestyle
Five Aspects that make up a client's investment personality - answer- 1) Willingness to take risk
2) Patience
3) Ability to plan in advance
4) Willingness to share private , personal information
5) Client's market attitude
Hierarchy of Financial Goals - answer- ...
Contrarian - answer- An attitude, or person who generally holds an attitude, directly opposite to that of the majority.
Foundation Goals - answer- Goals that provide for the most basic material needs (food, shelter, clothing).
Investment Policy - answer- A coherent set of guidelines for managing financial assets that is in line with a client's goals and the realities of investment markets.
Lifestyle Goals - answer- Financial goals that go beyond the basic requirements of an individual (college education, summer home, financial independence).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now