Ch 119: Personal Finance Foundations

About This Chapter

This chapter has been put together to help you improve your knowledge of consumer skills, financial planning, balance sheets, money management, the U.S. Banking system and the time value of money. Use our engaging lessons and study aids to support your review of these topics.

Personal Finance Foundations - Chapter Summary

This chapter will provide you with a review you can use to improve your understanding of the different aspects and components of personal finance. Follow along with our professional instructors to improve your personal finance skills and prepare for exam questions about:

  • Financial decision making and benefits of seeking financial advise
  • Tax planning, financing, insurance and investing
  • Processes of evaluating current financial positions and forecasting future expenses
  • Using balance sheets to assess current assets, liabilities and net worth
  • Liquidity, short-term investments, credit management and money management
  • Purposes of the different institutions of the U.S. banking system
  • Calculations for the time value of money

For an additional review of the material covered in these lessons, complete the lesson transcripts and lesson quizzes. The lesson transcripts are written overviews of the video lessons that will help you reinforce your retention of the information presented and study the key vocabulary of the chapter. Take the lesson quizzes to discover topics you don't understand. To improve your understanding of these topics, use the video tags to return to and study the parts of the lessons that explained them.

7 Lessons in Chapter 119: Personal Finance Foundations
Test your knowledge with a 30-question chapter practice test
Introduction to Personal Finance

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.

Consumer Skills & Personal Financial Planning

2. 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.

Personal Finance Planning: Taxes, Assets & Investing

3. Personal Finance Planning: Taxes, Assets & Investing

In this lesson, we'll define a budget and then discuss how to construct a budget. You'll also learn about taxes, net worth, saving, and investing as it relates to securities and retirement. We'll also discuss asset protection and estate planning.

Personal Balance Sheet: Uses & Examples

4. Personal Balance Sheet: Uses & Examples

A balance sheet is one of the primary financial statements you can adapt to your personal finances to gauge your financial health. In this lesson, we'll discuss what a balance sheet can tell you and how to prepare your own.

Money Management: Liquidity & Credit

5. Money Management: Liquidity & Credit

Whether it's for your small business or your personal finances, liquidity and credit are two critical financial concepts you need to understand. In this lesson, we'll define these two terms and discuss what they mean to you.

Institutions of the U.S. Banking System

6. 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.

Present and Future Value: Calculating the Time Value of Money

7. Present and Future Value: Calculating the Time Value of Money

A central concept in business and finance is the time value of money. We will use easy to follow examples and calculate the present and future value of both sums of money and annuities.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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