About This Chapter
Money and Resource Management - Chapter Summary
From personal budgets to pension plans, this chapter covers financial considerations that individuals and families face throughout their lives. You'll review consumer credit, retirement plans, and income and expenses budgeting. The lessons also cover insurance types, including health, life, unemployment, property and short- and long-term disability insurance. After you complete your review of these lessons, you should be able to:
- Describe how to create household and personal budgets
- List types of consumer credit and explain credit protection
- Detail the types and roles of financial institutions
- Discuss how to choose a life insurance policy
- Provide details about personal property, liability, and long and short-term disability insurance
- Define and explain the use of unemployment insurance
- Understand retirement and pension plans
- Talk about resource management techniques
Create a convenient and flexible study schedule with lessons that are accessible 24/7 from any device. You can also print the video transcripts to create handy reference material for times you don't have access to a computer or mobile device. Complete the self-assessment quizzes to determine your readiness to move on from one lesson to the next.
1. Household Budgets & Personal Financial Management
In this lesson, we'll explain and define the components of a budget: income, expenses, and discretionary income. You'll also learn how to categorize income and expenses as fixed or variable.
2. How to Create a Personal Budget: Tools & Examples
Creating a personal budget doesn't have to be overwhelming or discouraging. There are four basic steps to create an effective budget. This lesson will walk you through the steps to create a solid budget.
3. Consumer Credit: Types & Differences
In this lesson, we'll discuss creditworthiness and different types of consumer credit: installment, non-installment, and revolving credit. You'll also learn about repayment requirements for each and if there's a cost to borrowing the money.
4. What Is Credit Protection? - Laws & Services
Credit protection is a form of consumer protection that is designed to help preserve credit health for both individuals and businesses. This lesson discusses the laws and services involved in credit protection as well as the FTC's role.
5. Types of Financial Institutions: Definition, Examples & Roles
In this lesson, we'll explore three types of financial institutions and their roles in financial intermediation. By the end of the lesson, you should also be able to provide an example or two of each type of institution, some of which you may have already used in real life.
6. Choosing a Life Insurance Policy
In this lesson, we'll discuss the purpose and benefits of life insurance, as well as the factors that affects its cost. You'll also learn about the two main types, term life insurance and whole life insurance.
7. Personal Property & Liability Insurance
In this lesson, we'll define liability and discuss how liability insurance can protect your personal property. You'll learn about four different types of liability coverage: homeowner, renter, auto and personal umbrella policies.
8. Health Insurance: Types & Concept
Did you know that there are an estimated 1 billion health insurance claims filed each year? Learn more about the different types of health insurance that are available in the United States.
9. Long-Term & Short-Term Disability Insurance
Have you ever wondered how people are able to pay their bills if they suddenly cannot work due to illness or injury? In this lesson, we'll define long-term and short-term disability. You'll also learn about the activities of daily living and Social Security benefits.
10. Unemployment Insurance: Definition and Significance
While no one wants to think about it, it is likely that most people will face some period of unemployment during their working lives. In this lesson, you'll learn about unemployment compensation and its significance to employers, employees and the economy.
11. Understanding Retirement and Pension Plans
Businesses use many different types of retirement plans for their employees. Two of the most common are pension plans and 401(k) plans. This lesson discusses these two kinds of retirement plans.
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Other chapters within the FTCE Family & Consumer Science 6-12 (052): Practice & Study Guide course
- Analyzing Families
- Factors That Impact Personality Development
- Decision Making & Problem Solving in Families
- Challenges During Marriages
- Preparing for Parenthood
- Prenatal Care, Fetal Development & Childbirth
- The Development of Infants & Toddlers
- The Development of Preschoolers
- The Development of School-Aged Children
- The Development of Adolescents
- Understanding Parenting Styles
- Handling Stress & Crises
- Clothing Selection as a Consumer
- Clothing, Textiles & Technology
- The American Economic System
- Understanding Consumerism
- Factors That Influence Housing Selection
- Home Design Features
- Fundamentals of Nutrition & Wellness
- Providing Nutritional Care
- Nutritional Deficiencies, Eating Disorders & Addictions
- Developing Meal Planning & Service Skills
- Food Selection, Safety & Storage
- Food Preparation Methods
- Professional Knowledge of Family & Consumer Science Field
- FTCE Family & Consumer Science 6-12 Flashcards