Download Westerville City Schools COURSE OF STUDY BUXXX: Personal Finance

Westerville City Schools
COURSE OF STUDY
BUXXX: Personal Finance
Recommended Grade Level: Grades 11, 12
Course Length: One Semester, 1 Period
Credits: High school, 3 semester college hours
Course Weighting: 1.25
Course Description
This course presents a lifetime program of money management for the individual. Topics such as budgets, savings, job search, buying
a house, insurance, mutual funds, stock market, real estate investments, taxes, and estate planning are covered. Students will be able
to write a basic personal financial plan. This is dual credit course and the content delivered is Finance Management 1101 taught
through Columbus State Community College. The course will be taught by an adjunct professor at the high school.
Course Rationale
Managing your personal finances informs you of your various financial responsibilities and provides you with opportunities for selfawareness, expression and satisfaction in a highly technical and competitive society. Financially-literate citizens have personal
consumer economic skills, knowledge of social and governmental responsibility, and understanding of business operations. This dual
credit opportunity will allow students to earn both high school and college credit. The course content delivered will be the same course
content delivered on the Columbus State Community College campus, therefore this course will follow the CSCC course syllabus.
Ohio Financial Literacy Standards
http://education.ohio.gov/getattachment/Topics/Academic-Content-Standards/Financial-Literacy-and-Business/FinancialLiteracy/Financial_Literacy_Academic_Content_Standards_1-1-3.pdf.aspx
TOPIC
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Financial Responsibility/Decision Making: In the US economy, personal financial decisions rest with the individual. Making responsible decisions
related to goals for lifestyle and financial wants, fosters financial success and security.
Content Statements
1. Financial responsibility entails being accountable for managing money in order to satisfy one’s current and future economic choices.
2. Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences.
TOPIC
Income and Careers: Career choices impact earning potential. Many factors, including a sound work ethic, educational level, skills and experiences,
affect gross income. Decisions related to benefits, deductions, retirement, investments, etc. affect net income
Content Statements
3. Competencies (knowledge and skills), commitment (motivation and enthusiasm), training, work ethic, abilities and attitude are all factors
impacting one’s earning potential.
4. Income sources include job earnings and benefits, business earnings, saving and investment earnings, government payments, grants,
inheritances, etc.
5. Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.
TOPIC
Planning and Money Management: A disciplined personal financial plan is a critical component for financial success. Financial institutions and
professionals provide services, expertise and guidance in developing and implementing one’s financial plan.
Content Statements
6. Financial responsibility includes the development of a spending and savings plan (personal budget).
7. Financial literacy includes a decision-making strategy on purchasing.
8. Financial institutions offer a variety of products and services to address financial responsibility.
9. Financial experts provide guidance and advice on a wide variety of financial issues.
10. Planning for and paying local, state and federal taxes is a financial responsibility
TOPIC
Consumerism: Informed purchasing decisions are essential for responsible financial management. Limited protections against some consumer
fraud exist in government regulatory agencies and laws. Ultimately, consumers must be informed and vigilant when making purchasing decisions.
Content Statements
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11. Consumerism choices consistent with one’s financial plan including decision-making strategies on purchasing.
12. Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
13. Utilizing financial services and risk management tools, and interpreting and comparing consumer lending statements, terms and conditions
enable one to be an informed consumer.
14. Consumer protections laws help safeguard individuals from fraud and potential loss.
15. Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges,
etc.).
TOPIC
Investing: The goal of financial management is to increase one’s net worth. Investing, through a variety of options, is one way to build wealth and
increase financial security. Many factors impact investment and retirement plans, including government regulations and global economic and
environmental conditions, etc.
Content Statements
16. Using key investing principles one can achieve the goal of increasing net worth.
17. Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the
investor’s risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money.
18. Government agencies are charged with regulating providers of financial services to help protect investors.
TOPIC
Credit/Debt: Responsible use of credit is one tool to help achieve financial and lifestyle goals. To successfully advance through financial life stages,
a consumer must create, establish and maintain credit worthiness. Disciplined consumers borrow within their means at favorable terms and
responsibly repay debt.
Content Statements
19. Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
20. Debt is an obligation owed by one party to a second party.
21. Effectively balancing credit and debt helps one achieve some short and long-term goals.
22. Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring
debt.
23. Credit and debt affect tax obligations.
TOPIC
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Risk Management and Insurance: As individuals accumulate net worth and establish a standard of living, they assume the risk of loss of income and
assets. Use of a risk management plan mitigates the potential loss of income and personal net worth and also safeguards personal identity. Risk
management products and strategies change over one’s life span.
Content Statements
24. A risk management plan can protect consumers from the potential loss of personal and/or business assets or income.
25. Safeguards exist that help protect one’s identity.
26. Diversification of assets is one way to manage risk.
27. A comprehensive insurance plan (health, life, disability, auto, homeowners, renters, liability, etc.) serves as a safeguard against potential loss.
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Columbus State Community College Business Programs Department
FMGT Technology
Course Syllabus
COURSE: Finance 1101 – Personal Finance
CREDITS: 3.0
CLASS HOURS PER WEEK: 3.0
PREREQUISITES: Placement into DEV 0115 or higher and placement into DEV 0145 or higher
This course presents a lifetime program of money management for the individual. Topics such as budgets, savings, job search,
buying a house, insurance, mutual funds, stock market, real estate investments, taxes, and estate planning are covered. Students will
be able to write a basic personal financial plan.
LEARNING TARGETS
-Explain the importance of Personal Finance
-Describe the five basic steps of personal
financial planning
-Set your financial goals
-Explain how career management and
education impact income
-List ten principles of personal finance
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-Know how credit cards work
-Understand the costs of credit
-Describe different types of credit cards
-Know what determines your credit card
worthiness
-Manage your credit cards and open credit
-Set your goals and be ready to invest
-Calculate interest rates and real rates of
return
-Manage risk in your investments
-Allocate your assets in the manner that is
best for you
-Understand how difficult it is to beat the
market
-Calculate your net worth with a balance
sheet
-Analyzes where your money comes from
and where it goes with an income statement
-Use ratios to identify your financial strengths
and weaknesses
-Set up a record keeping system
-Implement a financial plan or budget that will
provide for the level of savings needed to
reach your goals
-Decided if you need a financial planner
-Understand various consumer loans
-Calculate the cost of a consumer loan
-Pick an appropriate source for your loan
-Control your debt
-Identify and describe the primary and
secondary securities markets
-Trade securities with a broker (online or live)
-Locate and use several sources of
investment information
-Explain the dynamics of compounding
-Understand the power of time and
importance of interest rate in compounding
-Calculate the present value of money to be
received in the future
-Define an annuity and calculate it’s
compound or future value
-Make good buying decisions
-Choose a vehicle that suits your needs and
budget
-Choose housing that suits your needs
-Decide whether to rent of buy housing
-Calculate the costs of buying a home
-Get the most out of your mortgage
-Invest in stocks
-Read stock quotes online or in the
newspaper
-Classify common stock according to basic
marketing terminology
-Determine the value of stocks
-Employ different investment strategies
-Understand risks in common stocks
-Identify and understand the major federal
income tax features that affect all taxpayers
-Describe other taxes that you must pay
-Understand what is taxable income and how
taxes are determined
-Choose the right tax form to file and survive
an audit
-Calculate your income tax
-Minimize your taxes
-Understand the importance of insurance
-Determine your life insurance needs and
design a life insurance program
-Describe the major types of coverage and
the provisions
-Design a healthcare insurance program
-Describe disability insurance and the choices
available
-Explain the purpose of long-term care
insurance
-Invest in bonds
-Understand basic bond terminology and
various types
-Calculate bond value and factors that cause
values to change
-Compare preferred stocks to bonds
-Understand the risks of real estate investing
-Know why you should not invest in gold,
silver, gems or collectibles.
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-Manage your cash and your need for liquid
assets
-Automate your savings
-Choose among financial institutions for cash
management
-Compare cash management options
-Compare rates on liquid investments options
-Establish and use a checking account
-Transfer funds and understand ETFs
-Understand, buy and maintain homeowners
insurance
-Recover on a liability or loss to your property
-Buy the proper auto insurance
-File a claim on your auto insurance
-Weigh pros and cons of investing in mutual
funds
-Differentiate between mutual funds, ETF’s
and investment trusts
-Calculate mutual fund returns
-Classify mutual funds according to
objectives
-Select a mutual fund that is right for you
-Understand the changing nature of
retirement planning
Set up a retirement plan
-Contribute to a tax-favored retirement plan
-Choose how your retirement benefits will be
paid to you
-Put together a retirement plan and monitor it
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EXPECTATIONS FOR LEARNING
GENERAL EDUCATION OUTCOMES
Columbus State Community College's general education outcomes are an integral part of the curriculum and central to the mission
of the college. The faculty at Columbus State has determined that these outcomes include the following competencies:
● Critical Thinking
● Quantitative Literacy
● Information Literacy
● Community and Civic Responsibility
UNITS OF INSTRUCTION
1. The Financial Planning Process
2. Measuring Financial Health and Making a Plan
3. Time Value of Money
4. Tax Planning and Strategy
5. Cash or Liquid Assets Management
6. Using Credit Cards: The Role of Open Credit
7. Consumer Loans– The Role of Planned
Borrowing
8. The Home & Automobile Decision
9. Life and Health Insurance
10. Property & Liability Insurance
11. Investment Basics
12. Investing in Stocks
13. Investing in Bonds & Others
14. Mutual Funds: Diversification
15. Retirement Planning
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MATERIALS
COURSE MATERIALS REQUIRED
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TEXTBOOK, MANUALS, REFERENCES, AND OTHER READINGS (Required)
● Personal Finance – Turning Money into Wealth – Arthur Keown – Seventh Edition
● MyFinanceLab – This is a homework system from the book publisher. This is required.
● Financial Calculators highly recommended but not required. You can use a simple calculator, but it will be more difficult to pass
the course. Some Financial Calculators are:
• TI 83, TI 84 – You will need these for math courses.
• Less expensive, but only good for Finance courses: TI BA II Plus HP-10B
INSTRUCTIONAL STRATEGIES
GENERAL INSTRUCTIONAL METHODS
● This course utilizes reading assignments from the text, homework, quizzes, and examinations. For traditional sections,
examinations will be proctored in the classroom. For web-based sections, examinations will be proctored through the testing
center. The course should be accessed frequently in order to stay current with posted announcements and discussion board
conversations.
● For finance courses, experience shows that breaking up study time into more frequent smaller units is more effective than a
few large blocks of time. There are homework and quiz questions for each chapter, and an exam review for each unit.
Experience also shows that answering these questions as you study each chapter is more beneficial than just looking at the
review questions prior to the exam.
● This course consists of a series of units consisting of several chapters. There will be an exam for each unit. Each of these
units will be divided into self-contained modules. Each module will follow the same pattern of reading assignments from the
text, discussion board topics, projects, and quizzes.
STUDENT RESPONSIBILITIES
As a student in this course, your responsibilities include:
● When sending email, be sure to include the course name and your 5 digit class ID in the subject line. This will identify you as a
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class member. Without this, the email will be returned with the question: “Which class are you in?”
You must use your CSCC e-mail account or use the “Email Instructor” button in Blackboard when corresponding with your
professor. The CSCC e-mail servers block spam and may block your e-mail if you use a different account. If you send
viruses in your email attachments then they will also be blocked. If you have trouble with your password or CSCC e-mail
then call the CSCC help desk at 287-5050.
Read all course materials, announcements and other information including the course syllabus.
Meet the objectives of any prerequisite courses.
Complete all assignments, quizzes, and exams according to the course calendar.
Login to the Web site periodically (at least 3-4 times per week) during the week to monitor class announcements.
Assignments and quizzes must be submitted by the appropriate due date.
For all submissions: Please put name on each page and use Microsoft Word or Excel. If submitting on paper, no staple
loses one point.
The Ohio Board of Regents guidelines for a class require that the student commit two hours outside of class for each hour in
class. So that means at least 9 hours a week for a 3-hour course, whether web or live. If you are unable to commit at least
this amount of time, it will be difficult for you to complete this course.
For all submissions: Please put name on each page and use Microsoft Word or Excel. As the catalog states Business
Program Majors are expected to have mastered MSWord, Excel, PowerPoint, and Access software applications. Courses
are offered in our Business Office Applications (BOA) programs to accommodate these skills.
Unless specifically directed by the instructor, each student in this course is expected to complete ALL assignments
independently, on her/his own.
Do not copy and paste homework or portions of web sites under any circumstances without proper references. Any time you
utilize a web site for this class, reference that web site on a separate reference page using proper formatting. This will inform
your instructor that you used the site properly and legally.
Do not use Wikipedia for any reason in this class, or any other college class. It is an unreliable web site since anyone with
internet access can update it. It cannot be used as a trusted source.
Plagiarism in any form is a violation of Columbus State Community College. Plagiarism will not be tolerated. For this class,
that includes all submissions.
o Unless specifically directed by the instructor, each student in this course is expected to complete ALL
assignments independently, on her/his own.
o Do not copy and paste homework or portions of web sites under any circumstances without proper references.
Never use Wikipedia.
o Plagiarism in any form is a violation of Columbus State Community College; Academic Conduct Policy 7-10 (B) (2),
and is defined as Academic Misconduct. Rules for violation are 7-10 (D) (1) “Penalties for violating CSCC’S
plagiarism policy”.
o Any time you utilize a web site for this class, reference that web site on a separate reference page using proper
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formatting.
This will inform your instructor that you used the site properly and legally.
● Attendance for web courses will be measured by the successful, timely completion of course assignments and exams. Simply
logging into Blackboard will not count as attendance.
Live sections only:
● Attendance Policy-Participation is expected from each student. For live courses, attendance, while not mandatory, is strongly
recommended as tests and quizzes are taken from the text and lectures. There is no need to inform your instructor if you are
missing class, but you are welcome to. You are responsible for missed material. There are no make-ups for in-class quizzes
or assignments. Attendance will be measured by the successful, timely completion of course assignments and exams, as well
as class participation. Simply “showing up” or logging into Blackboard will not count as attendance.
● Please make EVERY effort to be on time. Tardiness is disruptive as well as impolite. Class will start promptly at the
designated hour.
● Please turn cell phones on vibrate. If you MUST take a call during class for some type of emergency, please excuse yourself
quietly from class. Please turn phones OFF for tests.
ASSESSMENTS
STANDARDS AND METHODS FOR EVALUATION
Test #1 (Chapters 1-4)
Test #2 (Chapters 5-8)
Test #3 (Chapters 9-11 and Special Topic)
Test #4 (Chapters 12-15)
Test #5 (Comprehensive and optional)
16 Chapter/Special Topic Quizzes – best 12 worth 6 pts each
16 Chapter/Special Topic Homework – best 12 worth 6 pts
each
Assignments – Personal Budget Spreadsheet (48), Syllabus
quiz
(20), Stock
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192
points
192
points
192
points
192
points
192
points
Points)
72 points
72 points
88 points
Optional
MyFinanceLab
MyFinanceLab
Total
1000
points
● Grades for this course will total 1000 points; this includes four exams worth 192 (192x4=768) points each and assignments
th
(88), homework and quizzes (144) worth 232 more points. There will be a 5 optional exam. This is a comprehensive final
given during finals week. This exam will REPLACE the grade for any exam missed during the semester for any reason. If
you choose to take all five exams, the lowest grade of the five will be dropped.
● All grades will be posted on Blackboard as soon as they are available. The student is responsible for monitoring of grades.
● All tests are closed book and closed notes, are the property of the department and never leave the classroom or Testing
Center.
● Quizzes and Homework will be completed in MyFinanceLab. The Syllabus Quiz is taken via Blackboard. The Personal
Budget assignment (all four parts) and the Stock Track assignment (two parts) are submitted via Blackboard, NOT EMAIL.
Email submissions will not be accepted. Details on these assignments are in Blackboard.
● Grades are on the following scale:
o 900-1000 points
o 800-899 points
o 700-799 points
o 600-699 points
o Below 600
(90%100%)
(80%89%)
(70%79%)
(60%69%)
(0%-59%)
=
A
=
B
=
C
=
D
=
E
● For traditional course sections - All exams must be taken in the classroom on the due date unless otherwise arranged in
advance. There are no make-ups except the optional final. No head phones during tests. Bring a calculator. No phones or
other devices can be used as calculators. Students arriving late for live tests will not receive extra time. If a student arrives
late enough that another student has already FINISHED the exam, the late student cannot take the test. There are no
exceptions. Exams are 50 minutes or less except the final, which is an hour and 50 minutes.
● For Web classes
o All exams must be taken at a Columbus State Community College Testing Center. The Testing Center web site has
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current locations and times. If you plan on taking the exams either in Aquinas Hall or at one of the branch testing
centers, you do not need to notify your instructor of your intension. The exams will be there. You will need to follow the
schedule and all the rules of your chosen Testing Center. Please refer to the Testing Center Web site, located at:
http://www2.cscc.edu/services/testingcenter/ for their schedule and other published policies.
● For out-of-town students, all exams must be taken at an approved proctored site. Sites are approved by the Testing
Center Staff, not your instructor. The instructor only approves your availability to TAKE the test out of town. To
repeat, your instructor allows (or does not allow) you to take the test out of town, the Testing Center approves specific
sites. Please start this process the first day of the semester as this takes time. If you do not have documentation that
you contacted the Testing Center the first week of the Semester, no exam extensions will be considered.
▪ In order to take exams at a different location, you must request permission from your instructor and furnish
certain information regarding your proposed remote examination site, via E-mail, to the Columbus State
Community College Testing Center during the first week of the Semester. The proposed location must meet with
the approval of the Testing Center. Exams will not be made available to remote testing sites unless the required
notification procedures are followed. For more information, please refer to the Testing Center Web site. Grade
Delay: Please note that there probably will be a grade delay of seven to ten days if exams taken at remote
locations are taken near the exam deadlines.
LATE ASSIGNMENT POLICY
No late assignments (assignments, quizzes, homework, discussion boards, etc) will be accepted for any reason. Any assignment
completed, submitted, or posted after 11:30 pm EST on the due date will receive zero points. Not having the textbook or access to
Blackboard is not an acceptable excuse for not completing your assignments on time. Check under the Course Information button,
under the faculty information tab to see if your instructor has any further details on this topic.
INSTRUCTOR FEEDBACK AND AVAILABILITY
Grades for assignments and exams will be posted within 7 business days after the due date for the assignments and exams. The
instructor will respond to emails and voicemails within 48 hours Monday through Friday. The instructor may periodically check email
during evening and weekend hours, but reserves the right to not check email during this time.
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