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Phase 1 Exam Review 2 5 M/C, 25 T/F Questions 3 Time Value of Money Problems Chapters 1 - 5. Personal Financial Planning FIN 235. Chapter 1 Personal Financial Planning in Action. Keys to Personal Financial Success Objectives: Financial & Career Planning Tax Planning Risk Management

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phase 1 exam review 2 5 m c 25 t f questions 3 time value of money problems chapters 1 5

Phase 1 Exam Review25M/C, 25 T/F Questions3 Time Value of Money ProblemsChapters 1 - 5

Personal Financial Planning

FIN 235

chapter 1 personal financial planning in action
Chapter 1Personal Financial Planning in Action
  • Keys to Personal Financial Success
    • Objectives:
      • Financial & Career Planning
      • Tax Planning
      • Risk Management
    • Importance of spending less than you earn
    • Effects of Inflation (CPI measure), GDP
  • Time Value of Money Problems (4 Extra Credit)
chapter 2 career planning
Chapter 2Career Planning
  • Importance of Career Planning
    • Links to life time income potential
    • Identifying Career opportunities
    • Importance of resume and cover letters
      • Key phrases – targeting cover letter
    • Managing credit profile
    • Continuing Education
chapter 3 financial statements budgets
Chapter 3Financial Statements, Budgets
  • Importance of Goals and Personal Values
    • Setting Financial Goals (being specific)
      • Spending
      • Capital Accumulation
      • Risk Management
    • Personal Balance Sheet
      • Assets
      • Liabilities
      • Net Worth = Assets - Liabilities
    • Cash Flow Statement
      • Income
      • Expenses
        • Fixed
        • Variable
    • Disposable Income vs. Discretionary Income
chapter 4 managing income taxes
Chapter 4Managing Income Taxes
  • Tax Terminology
    • Progressive
    • Regressive
    • Marginal Rates vs. Average Rate
    • Treatment of Short-Term vs. Long-term Gains
    • Managing Tax Burden
      • Deductible expenses: itemizing vs. Standard Deduction
    • Use-it or Loose-It accounts
    • Tax Forms: 1040EZ, 1040A, 1040, 1040X
chapter 5 managing checking savings
Chapter 5Managing Checking & Savings
  • Importance of Liquidity
  • Mutual S&Ls, Credit Unions
  • Meeting Daily Money Needs
    • Debit cards: immediate deductions from checking account
    • Credit cards: deferred payments
    • Demand deposit (Checking, NOW)
    • Time deposits (CD’s)
  • Monetary Assets
  • Liability limits for lost credit cards
    • $50 <= 2 days, $500 <= 60 days
  • FDIC Insurance limits ($250K)
time value of money
Time Value of Money
  • Future value of an amount saved
    • FV = Amount x (1 + i)n
  • Present value of an amount to be received
    • PV = Amount ÷ (1 + i)n
  • Future value of a series of equal deposits
    • FVA = Deposit x FVIFA (future value interest factor for an annuity)
    • FVIFA = [ (1 + i)n – 1] ÷ I
  • i = Annual rate ÷ number of compound periods per year
  • n = Number of years x number of compound periods per year
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