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Introduction to Personal Finance: Beginning Your Financial Journey 2nd Edition by Palmer and Grable | All 10 Chapters | SOLUTIONS MANUAL R496,43
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Introduction to Personal Finance: Beginning Your Financial Journey 2nd Edition by Palmer and Grable | All 10 Chapters | SOLUTIONS MANUAL

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SOLUTIONS MANUAL for Introduction to Personal Finance: Beginning Your Financial Journey 2nd Edition by Lance Palmer and John E. Grable. ISBN-10 3, ISBN-13 978-7. 10 Chapters (Comp lete Download). TABLE OF CONTENTS Chapter 1: Beginning Your Financial Journey: The Interior Finance Point Chapter 2: T...

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  • February 23, 2023
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  • introduction to personal finance beginning your financial journey 2nd edition by lance palmer and john e grable isbn 10 1119797063
  • solutions manual for introduction to personal finance beginning y

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, Chapter 1—Solutions Manual
Beginning Your Financial Journey: The Interior Finance Point of View

Introduction to Personal Finance: Beginning Your Financial Journey
By John Grable and Lance Palmer

Learning Objectives
1.1 Describe how your financial knowledge, experience, risk tolerance, and feelings of control
influence the way you view the financial world.
1.2 Explain how your human and social capital relate to your financial well-being.
1.3 Discuss how financial risk tolerance relates to financial goal achievement.
1.4 Use your unique time perspective to create SMART financial goals.
1.5 Describe strategies to overcome mental biases and improve financial decision making and
well-being.

Key to metadata for questions:
LO: Learning objective number
BT: Bloom’s taxonomy [Knowledge (K), Comprehension (C), Application (Ap), Analysis (An),
Synthesis (S), Evaluation (E)]
Diff: Difficulty level [Easy (E), Medium (M), Hard (H)]
TOT: Expected time for student to complete
AACSB: Communication (C), Ethics (E), Analytic (A), Technology (T), Diversity (D),
Reflective Thinking (RT), Not Applicable (n/a)



Sample rubric for writing questions:

Note: It is generally recommended that the rubric be shared with students, so it should be
sufficiently general to not give away answers.

Notes for instructor:

Each writing question will have criteria which are specific to the question. The instructor may
want to add or delete grading criteria (rows) depending on the topic and assignment. How each
grading criterion will be assessed and the associated points for each level of performance are
found in columns 2–5.

In the sample rubric, a total of 16 points are possible for this assignment. Each grading criterion
(row) is worth up to 4 points (column 2).

,Rubric: (It is suggested that the rubric be shared with the students.)

Full points 75% of points 50% of points 25% of points
Criteria
(4 out of 4) (3 out of 4) (2 out of 4) (1 out of 4)
Thoroughness of The question is The response is The response is The response is
answer to the answered lacking a few lacking incomplete and
question thoroughly details significant details limited
Amounts and The response
Much of the
information Some of the does not
response is
Answer is discussed are response is represent realistic
irrelevant,
realistic/relevant relevant and irrelevant to the or relevant
unrealistic, or
pertinent to the question understanding of
overly simplistic
question topic
Organization/clarity
Adequate Limited
of thought Well organized Poor organization
organization organization
(25% of score)
A clear
Appropriate conclusion or Conclusion or
recommendations recommendation recommendation Conclusion or No conclusion or
and conclusions are is presented that is is mostly clear recommendation recommendation
reached appropriate given and appropriate is incomplete is provided
(25% of score) the content given the content
discussed
Please refer to the sample writing assignment rubric in the solutions manual.



1.1 Describe how your financial knowledge, experience, risk tolerance, and feelings of
control influence the way you view the financial world.

1.1 Multiple-Choice Questions
1. b. how well you understand personal finance information.

Answer: b; Section: 1.1; LO: 1.1; BT: K; Diff: E; TOT: 2 min; AACSB: n/a


2. c. I and II only.

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: n/a
.
3. d. your financial knowledge, financial risk-taking, and feelings of control over your situation.

, Answer: d; Section: 1.1; LO: 1.1; BT: K; Diff: E; TOT: 2 min; AACSB: RT

4. c. believe strongly in luck and fate

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

5. a. more knowledgeable about the financial marketplace over time and increase his personal wealth.

Answer: a; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

6. c. Having and raising a child.

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: n/a

7. a. Consumer spending.

Answer: a; Section: 1.1; LO: 1.1; BT: K; Diff: E; TOT: 2 min; AACSB: n/a

8. b. GDP would fall because consumers would spend less on goods and services.

Answer: b; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

9. a. A willingness to save money on a regular basis.

Answer: a; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: n/a

10. c. Michelle, who gives regularly to charity, reads about investing and is self-confident.

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: n/a



1.1 Adventures in Personal Finance
Short Answer

1. Answer: High-quality responses should include a discussion of how the wealth was
accumulated, work effort, and locus of control (chance versus work), and also include
a discussion of the student’s perception of his or her locus of control. Please refer to
the sample writing assignment rubric in the solutions manual.

Section: 1.1; LO: 1.1; BT: C; Diff: M; TOT: 15 min; AACSB: RT, E

2. Answer: Risk tolerance describes your willingness to engage in financial activities
that have uncertain outcomes. Individuals with low risk tolerance may be fearful of
the financial markets and financial activities and avoid them. As your financial
literacy increases and risk perceptions are properly understood, your willingness to
engage in risks may increase.

Section: 1.1; LO: 1.1; BT: Ap; Diff: M; TOT: 5 min; AACSB: RT, A

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