During the last 25 years the financial world of students has become very sophisticated. Unfortunately, many students are not prepared for the world of acquiring money, spending it, saving it, and avoiding needless debt. Achieving a sound financial future combines an understanding of behavior and accounting. What do you really need to buy? What is simply an emotional purchase? Why do consumers spend less when they use cash than credit cards? How much does it really cost to use a credit card? Well, you have come to the right place to answer these and many more questions that can truly change your life. This may be the most important unit of study you have ever taken.
This course not only teaches financial concepts, but also allows you to make simulated financial decisions and discover the consequences. The simulation portion of the course deals with realistic scenarios and financial data. Then it requires you to make informed decisions about purchases, loans, insurance, and retirement.
Objectives: Students will be able to…………………..
· Explain the role of behavior in reaching your financial goals
· Differentiate between needs and wants
· Identify sources of income
· Explain the relationship between career choice and earning potential
· Differentiate between gross and net wages
· Explain the purpose of payroll taxes and explain how they are computed
· Differentiate between hourly and salaried jobs
· Explain the benefits of having a budget (spending plan)
· Identify types of expenses
· Construct a personal budget
· Explain the time value of money
· Describe the concept of inflation
· Demonstrate how to use the Rule of 72
· Demonstrate how to write a check
· Differentiate between a credit card and a debit card
· Use simple percentages to compute taxes, interest, and finance charges
· Demonstrate the use of various financial calculators
· Explain how a savings account works
· Explain the importance of saving (pay yourself first or PYF)
· Explain the difference between saving and investing
· Compare investment options
· Explain the risks and rewards of investing
· Explain the importance of establishing savings programs early in their working career
· Compare the advantages and disadvantages of using credit
· Explain how a credit cards works
· Explain credit history
· Explain why credit history is important
· Explain the consequences of excessive debt
· Explain the purpose of a credit rating and credit report
· Compute the cost of purchasing a product through the use of credit
· Explain what it costs to borrow money
· Explain the purpose of a credit rating
· Explain how individual decisions influence credit rating
Simulation Roadmap: During the unit, you will work in small groups to make real world financial decisions. Your simulation will reinforce the financial planning concepts presented in class.
Course Schedule/Assessment: You will have several small assessments during the unit. The final is a case study and you assume the role of a financial advisor and give advice to someone experiencing typical financial problems.
Vocabulary Terms
Automated Teller Machine (ATM)
Budget
Certificate of Deposit
Check
Credit Card
Credit Limit
Debit Card
Down Payment
Gross Pay
Income
Inflation
Interest Rate
Mortgage
Net Pay
Pay Yourself First (PYF)
Payroll Taxes
Return
Risk
Salary
Savings Account
Social Security
401K
This course not only teaches financial concepts, but also allows you to make simulated financial decisions and discover the consequences. The simulation portion of the course deals with realistic scenarios and financial data. Then it requires you to make informed decisions about purchases, loans, insurance, and retirement.
Objectives: Students will be able to…………………..
· Explain the role of behavior in reaching your financial goals
· Differentiate between needs and wants
· Identify sources of income
· Explain the relationship between career choice and earning potential
· Differentiate between gross and net wages
· Explain the purpose of payroll taxes and explain how they are computed
· Differentiate between hourly and salaried jobs
· Explain the benefits of having a budget (spending plan)
· Identify types of expenses
· Construct a personal budget
· Explain the time value of money
· Describe the concept of inflation
· Demonstrate how to use the Rule of 72
· Demonstrate how to write a check
· Differentiate between a credit card and a debit card
· Use simple percentages to compute taxes, interest, and finance charges
· Demonstrate the use of various financial calculators
· Explain how a savings account works
· Explain the importance of saving (pay yourself first or PYF)
· Explain the difference between saving and investing
· Compare investment options
· Explain the risks and rewards of investing
· Explain the importance of establishing savings programs early in their working career
· Compare the advantages and disadvantages of using credit
· Explain how a credit cards works
· Explain credit history
· Explain why credit history is important
· Explain the consequences of excessive debt
· Explain the purpose of a credit rating and credit report
· Compute the cost of purchasing a product through the use of credit
· Explain what it costs to borrow money
· Explain the purpose of a credit rating
· Explain how individual decisions influence credit rating
Simulation Roadmap: During the unit, you will work in small groups to make real world financial decisions. Your simulation will reinforce the financial planning concepts presented in class.
Course Schedule/Assessment: You will have several small assessments during the unit. The final is a case study and you assume the role of a financial advisor and give advice to someone experiencing typical financial problems.
Vocabulary Terms
Automated Teller Machine (ATM)
Budget
Certificate of Deposit
Check
Credit Card
Credit Limit
Debit Card
Down Payment
Gross Pay
Income
Inflation
Interest Rate
Mortgage
Net Pay
Pay Yourself First (PYF)
Payroll Taxes
Return
Risk
Salary
Savings Account
Social Security
401K