FINC 251
Personal Finance
1. Catalog Entry
FINC 251
Personal Finance
Credit hours (3)
Deals with personal financial planning including asset accumulation, insurance, savings,
credit management, asset conservation and estate planning. This course may not be
taken by finance majors for fulfillment of the finance option requirements.
Note(s): General Education and Applied Learning designated course.
2. Detailed Description of Course
1) The Financial Planning Process
a. Personal Financial Planning
b. The Planning Environment
c. What Determines Personal Income?
2) Measuring Financial Standing
a. The Role of Financial Statements in Financial Planning
b. The Balance Sheet: A Statement of Financial Condition
c. Using Personal Financial Statements
3) Financial Planning Basics
a. Defining Financial Goals
b. Setting up a Cash Budget
c. Following a Cash Budget
4) Personal Tax Planning Basics
a. Principles of Federal Income Taxes
b. Determining Taxes
c. Effective Tax Planning
5) Managing Savings and Other Liquid Assets
a. The Role of Cash Management in Personal Financial Planning
b. Establishing a Savings Program
6) Meeting Housing Needs
a. Housing Affordability
b. Buying a Home
7) Managing Credit
a. The Basic Concepts of Credit
b. Obtaining Credit
8) Consumer Loans
a. Basic Features of Consumer Loans
b. Computing the Costs of Credit
9) Managing Insurance Needs
a. Basic Insurance Concepts
b. Life Insurance
c. Health Insurance and Disability Income Coverage
d. Homeowner鈥檚 Insurance
e. Automobile Insurance
10) Investment Basics
a. Investing in Stocks and Bonds
b. Investing in Mutual Funds
c. Investing in Real Estate
11) Retirement Income, Estate Planning, and Wills
a. Social Security
b. Pension Plans and Retirement Programs
c. Estate Taxes and Planning
3. Detailed Description of Conduct of Course
FINC 251 is taught primarily as a lecture 鈥� discussion course.
4. Goals and Objectives of the Course
This course is designated as L (Applied Learning) Area and fulfills the learning goal:
To explore professional practice through the application of knowledge, skills, and
critical reflection. Students will fulfill the learning outcomes in this area: apply
acquired knowledge and skills to develop professional identity or professional practice
and critically reflect on their learning, abilities, experiences, or role within professional
contexts. This course may be applied to the REAL Studies Minor Applied Learning.
This course is designated as Personal and Professional Development and fulfills the learning goal: To prepare students for lifelong success, students explore an area of physical, social, emotional, financial, scholarly, spiritual, cultural, and/or professional development. Students will fulfill the following learning outcomes: identify a personal or professional goal(s) through engagement in activities or coursework and reflect on their progress in achieving a personal or professional development goal(s), including how it affects themselves and/or those around them. This course fulfills the personal and professional requirements for the REAL Curriculum.
Having successfully completed this course, the students will be able to develop personal financial plans. Students should also be able to more effectively handle their personal financial decisions including personal budgeting, consumer credit, insurance purchases, home buying, and personal investments.
5. Assessment Measures
The students will be evaluated on their performance on class examinations, term paper(s),
assignments, and class participation.
6. Other Course Information
Outside readings may be assigned. This course is designated as a General Education
course.
Review and Approval
February 2010
July 2010
June 15, 2015
March 01, 2021