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Midterm Quiz Study Guide FP/101 Version 5 University of Phoenix Material Midterm Quiz Study Guide Purpose: The purpose of this study guide is to assist in preparation for the midterm quiz. How to use this study guide: Use this study guide to review the content covered in each week of the course. The guide highlights the relevant weekly readings and focuses on the important content areas within the readings. Consult the sample quiz for examples of the types of questions found in the midterm quiz . Week One: Personal Financial Planning Objective What to Study List the five steps in the personal financial planning process. Ch. 1 of Personal Finance The Personal Financial Planning Process o o o o o Summarize what influences personal financial planning. Ch.1 of Personal Finance Factors That Influence Personal Financial Planning o o o o Identify parts of a financial plan. Step 1: Analyze Your Current Financial Position. Step 2: Develop Short-Term and Long-Term Financial Goals. Step 3: Identify and Evaluate Alternative Strategies for Achieving Your Goals. Step 4: Implement a Plan for Achieving Your Goals. Step 5: Regularly Re-evaluate and Revise Your Plan. Changing Needs Over the Life Cycle Values and Attitudes Life Situation General Economic Conditions Ch.1 of Personal Finance Elements of a Comprehensive Financial Plan Making Effective Decisions o o o o Making Reasonable Assumptions Applying Marginal Reasoning Considering Opportunity Costs Using Sensitivity Analysis Copyright © 2012 by University of Phoenix. All rights reserved. 1 Midterm Quiz Study Guide FP/101 Version 5 Week Two: Money Managment Objective What to Study Describe how to organize and prepare personal financial statements. Ch. 2 of Personal Finance Collecting and Organizing Your Financial Information o o o Why You Need to Save Bills and Documents How Long You Should Save Documents Where You Should Keep Documents Using Personal Financial Statements o o o Preparing a Personal Balance Sheet Valuing Your Assets and Debts Calculating Your Net Worth Ch. 4 of Personal Finance Identify cash management products and services. Cash Management Products and Services o o o o o Complete a personal cash flow statement. Checking Accounts Savings Accounts Savings Alternatives Other Cash Management Products and Services Evaluating Your Options Ch. 2 of Personal Finance Using Personal Financial Statements o Preparing a Personal Cash Flow Statement Week Three: Consumer Credit Objective What to Study List types of consumer credit. Ch. 5 of Personal Finance What is Consumer Credit? o o o Identify the five C’s of credit. Advantages of Consumer Credit Disadvantages of Consumer Credit Consumer Credit and the Economy Types of Consumer Credit Ch. 5 of Personal Finance Applying for Credit Copyright © 2012 by University of Phoenix. All rights reserved. 2 Midterm Quiz Study Guide FP/101 Version 5 o The Five C’s of Credit Week Four: Credit Protection and Repair Objective What to Study Recognize the advantages and disadvantages of credit cards. Ch. 5 of Personal Finance Credit Cards o o Advantages and Disadvantages of Credit Card Use o o Summarize how to protect and correct credit. Types of Cards and Contract Terms Choosing Cards Based on APR Advantages of Using Credit Cards Disadvantages of Using Credit Cards Ch. 5 of Personal Finance Protecting Your Credit and Correcting Credit Mistakes o o o o Rights in Obtaining Credit Credit Reporting Correcting Errors on a Credit Report Billing Statements and Debt Collection Advantages and Disadvantages of Credit Card Use o o Disadvantages of Using Credit Cards Figure 5-2 Week Five: Avoiding and Managing Debt Objective What to Study List good practices for managing debt. Ch. 6 of Personal Finance Characteristics of Consumer Loans o o o Interest Rates Payment Arrangements Secured and Unsecured Loans Types of Consumer Loans o o o Home Equity Loans Automobile Loans Student Loans Sources of Consumer Loans Copyright © 2012 by University of Phoenix. All rights reserved. 3 Midterm Quiz Study Guide FP/101 Version 5 o o o Depository Institutions Consumer and Sales Finance Companies Other Sources of Consumer Loans Managing Your Debts o o Signs of Credit Trouble Getting Out of Debt Ch. 6 of Personal Finance Recognize signs of credit trouble. Managing Your Debts o Identify parts of a credit report. Signs of Credit Trouble Ch. 5 of Personal Finance Protecting Your Credit and Correcting Credit Mistakes o o Recognize student loan options and implications for the future. Credit Reporting Correcting Errors on a Credit Report Ch. 6 of Personal Finance Types of Consumer Loans o o Student Loans Table 6.1 Week Six: Major Financial Assets Objective What to Study Explain interest rates. Ch. 6 of Personal Finance Characteristics of Consumer Loans o o Interest Rates Secured and Unsecured Loans Types of Consumer Loans Sources of Consumer Loans Outline the decision process for buying a car or house. Ch. 7 of Personal Finance Buying a Motor Vehicle o o o o Figure 7.1 Preparing to Shop Evaluating Alternatives Determining Purchase Price Copyright © 2012 by University of Phoenix. All rights reserved. 4 Midterm Quiz Study Guide FP/101 Version 5 The Housing Decision o o Summarize the steps in buying a home. The Rent vs. Buy Decision The Costs of Home Ownership Ch. 7 of Personal Finance Buying a Home o o Choosing a Real Estate Broker Your Legal Relationship with a Broker Mortgage Financing o o Types of Mortgages Factors Affecting Mortgage Payments Completing a Real Estate Transaction o o The Closing Closing Costs Copyright © 2012 by University of Phoenix. All rights reserved. 5