Personal and Family Finance

Personal & Family Finance

Course Description:
How do our personal financial habits affect our financial future? How can we make smart decisions with our money in the areas of saving, spending, and investing? This course introduces students to basic financial habits such as setting financial goals, budgeting, and creating financial plans. Students will learn more about topics such as taxation, financial institutions, credit, and money management. The course also addresses how occupations and educational choices can influence personal financial planning, and how individuals can protect themselves from identity theft.


Unit 1: American Families and the Economy
Objectives:
Upon completion of this unit, you will be able to:

* Define economic terms such as economy, free enterprise, and supply and demand.

* Learn about different types of economies and how they influence individuals.

* Discuss the links between individuals, the economy, and the government.

* Describe some of the global factors that influence the economy.

* Understand how healthy individual finances contribute to the overall health of the economy.

 

Unit 2: Our Economic World
Objectives:
Upon completion of this unit, you will be able to:

* Identify some societal level economic factors that influence our personal finances.

* Consider how scarce resources impact individuals.

* Learn about the costs of "free" items.

* Examine how fiscal policies influence individual financial management.

* Discuss stock markets and their effects on the economy and individuals.


Unit 3: Financial Responsibility
Objectives:
Upon completion of this unit, you will be able to:

* Enumerate the steps necessary for creating a personal financial plan.

* Examine the risks that our financial choices carry.

* Explore the resources that families have and how they can be used to reach financial goals.

* Discuss tips for making responsible financial decisions.

* Look at shared decision-making and how it can help individuals make responsible financial decisions.


Unit 4: Financial Institutions
Objectives:
Upon completion of this unit, you will be able to:

* Describe different types of financial institutions.

* Examine some of the types of services offered by these institutions.

* Learn about some of the different types of accounts available.

* Discuss aspects to consider when choosing a financial institution.

* Consider some of the financial institutions that can be problematic for consumers.


 


Unit 5: Personal Taxation
Objectives:
Upon completion of this unit, you will be able to:

* Discuss the benefits of taxes.

* Discuss the different types of taxes.

* Examine the basics of the United States tax system.

* Consider options for filing tax returns.

* Learn about penalties and audits for taxes.


 


 

Unit 6: Insurance, Wills, and Contracts
Objectives:
Upon completion of this unit, you will be able to:

* Examine and understand different types of insurance policies.

* Discuss various elements of an insurance policy and how they can affect insurance premiums and claims.

* Examine estate planning and its importance in successful financial planning.

* Consider the different types of wills and their uses.

* Examine the basic elements of a contract.


 


Unit 7: Saving and Investing
Objectives:
Upon completion of this unit, you will be able to:

* Discuss the advantages of saving money.

* Consider the relationship between saving and investing money.

* Examine the advantages and disadvantages of investments.

* Consider how to reduce the risks of investing.

* Discuss some of the types of investments available.


 

Unit 8: Consumer Credit
Objectives:
Upon completion of this unit, you will be able to:

* Discuss the advantages and disadvantages of consumer credit.

* Explain the different types of consumer credit.

* Examine factors that influence whether credit is extended to someone.

* Consider how to avoid credit problems.

* Discuss factors in choosing credit cards.


 

Unit 9: Managing Personal and Family Finances
Objectives:
Upon completion of this unit, you will be able to:

* Explain why keeping financial records is important.

* Discuss the best places to keep different financial records.

* Learn how to create a personal balance statement and its importance.

* Understand how to create a cash flow statement.

* Discuss how to create a budget.


Unit 10: Consumer Choices
Objectives:
Upon completion of this unit, you will be able to:

* Discuss strategies for purchasing goods and services wisely.

* Understand what advertising is and its effect on consumers.

* Discuss common advertising techniques.

* Define identity theft and the ways that this can happen.

* Examine the effects of identity theft and ways of reducing our risks.


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