ACC 3005 - Personal Financial Planning

3 unit(s)

A study of basic personal financial planning principles in order to provide the students with a framework for making sensible decisions in the management of their personal financial resources. Covers material important for making rational consumption and investment decisions. The importance of tax, retirement, and estate planning practices and principles in wealth accumulation and transfers is emphasized. Not acceptable for concentration requirements.

Satisfies G.E. area UD-4.

Prerequisites: Junior standing.

Course Learning Outcomes List
Students will be able to:

1.Explain the impact on the growth of an investment when using tax-exempt or tax-deferred investment options (PLO #1);

2. Read and prepare balance sheets and income statements and calculate and interpret financial ratios using components of these financial statements (PLO #1, #3);

3. Use interest factors from the textbook’s time value tables to calculate present and future values (PLO #1);

4. Prepare a basic, individual, Federal tax return and explain how gross income is reduce by Federal, State and Local Taxes (PLO #1);

5. Explain the different financial institutions providing consumer accounts and explain how to use the accounts for effective personal cash management (PLO #1);

6. Compare alternative ways to finance homes and vehicles (PLO #1);

7. Explain the difference among credit alternatives and why some are risker or more costly than others (PLO #1, #3);

8. Explain the various types of insurance plans available to individual (PLO #1); and,

9. Understand the difference between investing and speculating and explain the characteristic of long-term investment opportunities available to individuals (PLO #1, #5).

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