About This Chapter
Personal Finance Basics - Chapter Summary
This chapter provides a high-level overview of basic personal finance topics. Our short and simple video lessons define and explain personal finance topics in a way that's easy to understand and remember. You'll take a look at personal budgets and taxes, the progressive tax system, personal finance tools and more. By the end of the chapter, you'll be able to:
- Explain fundamental personal finance concepts
- Use various tools to create a personal budget
- Compare different types of personal taxes
- Evaluate the advantages and disadvantages of the progressive tax system
Following each lesson is a short self-assessment quiz to help you retain the information. The chapter is available 24/7, and you can use any Internet-connected device to study. If you have any questions, feel free to reach out to our instructors at any time. Printable lesson transcripts are also included to help you study offline.
1. Introduction to Personal Finance
While not all of us aspire to careers as accountants, a lack of interest in or understanding of basic financial concepts could cost you money. In this lesson, we'll examine four concepts associated with personal finance that will help you keep track of your money and may even help you build wealth.
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. Purpose & Types of Personal Taxes
In this lesson, you'll learn about five types of personal taxes: sales, payroll, income, capital gains, and property tax. We'll discuss the uses of each tax and provide examples.
4. Progressive Tax System: Definition, Pros & Cons
Find out what a progressive tax system is and why the system in the United States is considered progressive. Learn about the debate over tax systems and some of the biggest arguments for and against a progressive tax.
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