Fair Credit Reporting Act and Personal Finance

Syllabus College of Humanities FP/120 Version 3 Essentials of Personal Finance Copyright © 2012, 2011, 2009 by University of Phoenix. All rights reserved. Course Description This course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding.

Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial institutions, wise use of credit cards and consumer loans, financing automobiles and homes, and the use of insurance for protecting one’s family and property. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: •University policies: You must be logged into the student website to view this document. •Instructor policies: This document is posted in the Course Materials forum.

University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class.

If you have recently changed modalities, read the policies governing your current class modality. Course Materials Bajtelsmit, V. L. ; Rastelli, L. G. (2012).

Personal finance: Managing your money and building wealth. Hoboken, NJ: Wiley All electronic materials are available on the student website. Week One: Personal Financial Planning Money Management DetailsDuePoints Objectives1. 1List the five steps in the personal financial planning process. . 2Summarize what influences personal financial planning.

1. 3Identify parts of a financial plan. 1. 4Describe how to organize and prepare personal financial statements. 1. 5Identify cash management products and services.

1. 6Complete a personal cash flow statement. ReadingRead Ch. 1 of Personal Finance. ReadingRead Ch. 2 of Personal Finance.

ReadingRead Ch. 4 of Personal Finance. ReadingRead Appendix A: How to Install QuickTime® Movie Player. ReadingRead Appendix C: Personal Cash Flow Statement. ReadingRead this week’s Electronic Reserve Readings. ParticipationParticipate in class discussion.

Post at least two substantive posts on four separate days of the week2 Discussion QuestionsRespond to weekly discussion questions. Reply to at least three DQs for the week2 Nongraded Activities and Preparation Center for Math Excellence Review the Center for Math Excellence site, which provides resources for math review and tutoring. A link is available on the student website or through the Library tab. Video Decision to Own a Home vs. RentWatch the video “Decision to Own a Home vs.

Rent” Note: You will need to install Quick Time® Movie Player to view the videos associated with this course.

See Appendix A. Tutorial Home Budget CalculatorWatch the Home Budget Calculator tutorial: http://wps. pearsoncustom. com/wps/media/objects/7557/7738468/fin-calcs/HomeBudget.

html. Individual Personal Financial Planning WorksheetComplete Appendix B: Personal Financial Planning Worksheet. Day 5 5 Individual Toolwire® Learnscape: Understanding Effective Money ManagementComplete the Toolwire® Learnscape: Understanding Effective Money Management. •Log in to the student website. •Click on the link to the Toolwire® Learnscape: Understanding Effective Money Management.

A new window will open containing a description of the Learnscape. •Complete the Learnscape Activities. Complete the Toolwire® Learnscape Assessment. Day 6 5 Week Two: Consumer Credit Credit Protection and Repair DetailsDuePoints Objectives2. 1List types of consumer credit. 2.

2Identify the five C’s of credit. 2. 3Recognize the advantages and disadvantages of credit cards. 2. 4Summarize how to protect and correct credit.

ReadingRead Ch. 5 of Personal Finance. ReadingRead Appendix D: How to Capture a Screen Shot. ReadingRead this week’s Electronic Reserve Readings. ParticipationParticipate in class discussion.

Post at least two substantive posts on four separate days of the week2 Discussion QuestionsRespond to weekly discussion questions. Reply to at least three DQs for the week2 Nongraded Activities and Preparation Annual Credit ReportGo to www. annualcreditreport. com, a site authorized by the Federal Trade Commission to provide free consumer credit reports. Explore the Frequently Asked Questions section to learn about credit reporting, credit improvement, information correction, identity theft, and other topics.

Learning Team Learning Team CharterCreate the Learning Team Charter. Day 5 2 Individual

Current Economic StateWrite a 350- to 700-word paper in which you research the current state of the economy. Include answers the following: •Is the current economy expanding or contracting? Why? •What is the current prime rate? •What are the current interest rates on credit cards? •What is the current unemployment rate? •What is the current inflation rate? •What is the current Gross Domestic Product (GDP)? Illustrate your answers with specific examples. Conclude your paper by summarizing how the state of the economy influences an individual’s personal financial choices. Format your paper consistent with APA guidelines. Day 5 Learning Team The Five C’s WorksheetComplete Appendix E: The Five C’s Worksheet.

Identify which of the five C’s corresponds to each description in the table. Day 6 5 Week Three: Avoiding and Managing Debt Major Financial Assets DetailsDuePoints Objectives3. 1List good practices for managing debt. 3. 2Recognize signs of credit trouble.

3. 3Identify parts of a credit report. 3. 4Recognize student loan options and implications for the future.

3.

5Explain interest rates. 3. 6Outline the decision process for buying a car or house. 3. 7Summarize the steps in buying a home.

ReadingRead Ch. 6 of Personal Finance. ReadingRead Ch. of Personal Finance. ReadingRead this week’s Electronic Reserve Readings. ParticipationParticipate in class discussion.

Post at least two substantive posts on four separate days of the week2 Discussion QuestionsRespond to weekly discussion questions. Reply to at least three DQs for the week2 Reading Fair Credit Reporting Act and Avoiding ScamsGo to the Building a Better Credit Report page of the Federal Trade Commission website Read sections 1 (on the Fair Credit Reporting Act) and 4 (on scams). Nongraded Activities and Preparation Buy or Lease? Go to the “Buy or Lease? ” calculator at the following link: http://wps. renhall. com/wps/media/objects/6969/7137133/fin-calcs/BuyvsLease.

html Nongraded Activities and Preparation Time Value of Money Find a Time Value of Money calculator on the Internet and calculate your own personal figures, changing the interest rate and the compounding of the interest rate (annually, semiannually, and quarterly). As an example, you can use the following numbers: 1. You place $5,000 in a savings account earning 2. 50% interest compounded annually. How much will you have at the end of four years? How much would you have at the end of four years if interest is compounded semiannually? 2.

Change the interest rate to a higher rate. How much will you have at the end of four years if interest is compounded annually at a rate of 3%? How much would you have at the end of four years if interest is compounded semiannually? 3. Now change the interest rate to a lower rate. How much will you have at the end of four years if interest is compounded annually at a rate of 2%? How much would you have at the end of four years if interest is compounded semiannually? Individual Toolwire® Learnscape: Exploring Strategies for Avoiding and Managing Debt Complete the Toolwire® Learnscape: Exploring Strategies for Avoiding and Managing Debt. Log in to the student website.

•Click on the link to the Toolwire® Learnscape: Exploring Strategies for Avoiding and Managing Debt. A new window will open containing a description of the Learnscape. •Complete the Learnscape Activities. Complete the Toolwire® Learnscape Assessment. Day 5 5 Individual Toolwire® Learnscape: Considerations Surrounding Major Financial Assets Complete the Toolwire® Learnscape: Considerations Surrounding Major Financial Assets. •Log in to the student website.

•Click on the link to the Toolwire® Learnscape: Considerations Surrounding Major Financial Assets.

A new window will open containing a description of the Learnscape. •Complete the Learnscape Activities. Complete the Toolwire® Learnscape Assessment. Day 6 5 Learning Team Debt Management PresentationCreate a 7- to 10-slide Microsoft® PowerPoint® presentation that addresses best practices for managing debt.

Create your presentation for an audience of high-school students that may be unfamiliar with this topic. Include personal experiences or best practices from published materials to help present your message. Include the following topics for best practices on student loan options: Compare student loan options •Explain capitalization. •Explain tax advantages regarding interest rates. •Include different repayment plan options available.

•Include entitlements to deferments and stop payment of emergency conditions (unemployment, for example). •Include consequences to delinquency and default. Include speaker notes beneath each slide. Day 6 10 Individual Midterm Quiz Resource: Midterm Quiz Study Guide Complete the midterm quiz through the link on the student website. •Capture a screen shot of your completed test page.

See Appendix D: How to Capture a Screen Shot. Submit your check-point results as a Microsoft® Word attachment. Day 710 Week Four: Insurance Tax Management DetailsDuePoints Objectives4. 1Summarize the functions of insurance. 4.

2List characteristics of auto, home, health, disability, and life insurance. 4. 3Describe the importance of wills. 4. 4Explain taxable income and taxes owed. 4.

5Summarize ways to save money on federal taxes. 4. 6List steps to file a federal tax return. ReadingRead Ch. 3 of Personal Finance.

ReadingRead Ch. 8 of Personal Finance. ReadingRead Ch. 9 of Personal Finance. ReadingRead Ch.

10 of Personal Finance. ReadingRead Ch. 5 of Personal Finance. ReadingRead this week’s Electronic Reserve Readings. ReadingRead Appendix G, a sample income tax return. ReadingRead Appendix H.

ParticipationParticipate in class discussion. Post at least two substantive posts on four separate days of the week2 Discussion QuestionsRespond to weekly discussion questions. Reply to at least three DQs for the week2 Video Reasons for Having a WillWatch “Reasons for Having a Will” Video Focus on Ethics: Reducing Your TaxesWatch “Focus on Ethics: Reducing Your Taxes” Learning Team Insurance Matrix Complete Appendix F: Insurance Matrix. Day 58 Individual

Toolwire® Learnscape: Effective Tax ManagementComplete the Toolwire® Learnscape: Effective Tax Management. •Log in to the student website.

•Click on the link to the Toolwire® Learnscape: Effective Tax Management. A new window will open containing a description of the Learnscape. •Complete the Learnscape Activities. Complete the Toolwire® Learnscape Assessment. Day 65 Week Five: Investment and Long-Term Planning DetailsDuePoints Objectives5. 1Summarize the investment planning process.

5. 2Explain retirement income needs. 5. 3List sources of retirement income. ReadingRead Ch. 11 of Personal Finance.

ReadingRead Ch. 4 of Personal Finance. ReadingRead this week’s Electronic Reserve Readings. Video How Retirement Planning Fits Within Your Financial PlanWatch “How Retirement Planning Fits Within Your Financial Plan” ParticipationParticipate in class discussion. Post at least two substantive posts on four separate days of the week2 Discussion QuestionsRespond to weekly discussion questions. 2 Individual Final QuizResource: Final Quiz Study Guide Complete the Final Quiz through the link on the Week Five Materials page.

•Capture a screen shot of your completed test page. •Submit your quiz results as a Microsoft® Word attachment. Day 715