About This Chapter
Personal Budgets, Banking & Insurance - Chapter Summary
In this chapter, you'll view a series of professionally designed lessons that outline personal insurance, budgets and banking. Our short videos address personal financial management, tools for creating a personal budget, consumer skills and the institutions of the U.S. banking system. Once you finish this chapter, you should be able to:
- Explain how to choose a financial institution or bank
- Identify the process involved in financial counseling
- Choose a life insurance policy
- Outline personal property and liability insurance
- Discuss the concept of health insurance
- Differentiate between long-term and short-term disability insurance
- Detail the significance of unemployment insurance
- Describe pension and retirement plans
We've ensured that you can study at your convenience by making this chapter accessible any time on your mobile device or computer. Along with each lesson, you'll find a short quiz containing multiple-choice questions that cover the topics from the lesson. These quizzes, plus the comprehensive chapter test, make handy test prep tools.
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 Skills & Personal Financial Planning
You've heard that 'money can't buy happiness,' and it's true. However, money concerns can certainly cause stress, which will make anyone unhappy. In this lesson, we'll learn about four personal financial skills to help avoid that stress.
4. Institutions of the U.S. Banking System
The United States banking system is diverse and consists of many different types of institutions. In this lesson, you'll learn about commercial banks, savings and loan associations, credit unions, and investment banks.
5. How to Choose a Bank or Financial Institution
During this lesson, we will discuss several factors which help individuals determine how to choose the bank or financial institution that is best for them including the various services offered by each.
6. Financial Counseling Services: Types & Process
The lesson will discuss several different types of financial counseling services and how they are set up to assist individuals facing financial troubles. The lesson will also address the processes involve with each type of service.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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 OAE Family & Consumer Sciences (022): Study Guide & Practice course
- Human Development & Genetics
- Dimensions of Development Across Childhood
- Dimensions of Development Across Adulthood
- Interpersonal Relationships & Communication
- Families & Well-Being
- Planning for Pregnancy, Childbirth & Parenting
- Parenting, Children's Health & Safety
- Financial Resource Management
- Consumer Credit
- Economics & Consumerism
- Consumer Skills
- Housing, Interiors & Furniture
- Textiles & Apparel
- Nutrient Sources & Functions
- Basics of Nutrition & Food Science
- Food Safety & Sanitation
- Food Preparation & Menu Planning
- Family & Consumer Science Careers
- Employment & Employability Skills