personal finance, Kapoor - Downloadable Solutions Manual (Revised)
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Personal finance,kappor,7e
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Harvard College
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Personal Finance
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Test Bank for Personal Finance 8th Canadian Editio By Kapoor, Dlabay, Hughes, Stevenson and Kerst All Chapters Updated A+
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Harvard College
Personal finance,kappor,7e
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SECTION B CHAPTER TEACHING MATERIALS 1 PERSONAL FINANCIAL PLANNING: AN INTRODUCTION CHAPTER OVERVIEW This chapter provides the foundation for Personal Finance and the study of financial planning. The chapter starts with a discussion of an overview of the financial planning process. Next, the opportunity costs, or trade -offs, of decisions are considered in relation to personal and financial resources. This is fo llowed by coverage of the personal, social, and economic factors that make up the financial planning environment. Next, the main components of financial planning (obtaining, planning, saving, borrowing, spending, managing risk, investing, and retirement an d estate planning) are discussed. Finally, strategies for creating and using a financial plan are introduced. LEARNING OBJECTIVES CHAPTER SUMMARY After studying this chapter, students will be able to: Obj. 1 Analyze the process for making personal financial decisions. Personal financial planning involves the following process: (1) determine your current financial situation; (2) develop financial goals; (3) identify alternative courses of action; (4) evaluate alternatives; (5) create and implement a financial action plan; and (6) reevaluate and revise the financial plan. Obj. 2 Develop personal financial goals. Financial goals should (1) be realisti c; (2) be stated in specific, measurable terms; (3) have a time frame; (4) indicate the type of action to be taken. Obj. 3 Assess personal and economic factors that influence personal financial planning. Financial decisions are affected by personal factors (income, household size, health, values, and goals), social factors (demographic trends and government actions), and economic factors (prices, interest rates, and employment opportunities). Obj. 4 Determine the personal and financial oppo rtunity costs associated with personal financial decisions. Every decision involves a trade -off; the selection of one alternative prevents the selection of another. Personal opportunity costs may include time, effort, and health. Financial opportunity cost s are based on the time value of money. Future value and present value calculations enable you to measure the increased value (or lost interest) that results from a saving, investing, borrowing, or purchasing decision. Obj. 5 Determine strategies for achi eving personal financial goals for Successful financial planning requires specific goals combined with spending, savings, investing, and borrowing strategies based on different life situation. your personal situation and various social and economic factors . INTRODUCTORY ACTIVITIES • Ask students to comment on the opening case for the chapter (p. 3). • Point out the learning objectives (p. 3) in an effort to highlight the key points in the chapter. • Ask students to provide examples of social and economic factors that have increased the importance of personal financial planning today. • Have students answer these three questions as individuals or in small discussion groups: 1. What do you currently know about personal financial planning? 2. What questions do you need answers for about personal finance? 3. How and where might you obtain answers to the questions you have about personal finance? CHAPTER 1 OUTLINE I. The Financial Planning Process A. Step 1: Determine Your Current Financial Situation B. Step 2: Develop Your Financial Goals C. Step 3: Identify Alternative Courses of Action D. Step 4: Evaluate Alternatives 1. Consequences of Choices 2. Evaluation of Risk 3. Financial Planning Information Sources E. Step 5: Create and Implement a Financial Action Plan F. Step 6: Review and Revise Your Plan II. Developing Personal Financial Goals A. Types of Financial Goals 1. Timing of Goals 2. Goals for Different Financial Needs B. Goal -Setting Guidelines III. Influences on Personal Financial Planning A. Life Situation and Personal Values B. Economic Factors
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