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FIN1010 Personal Financial Information

Introductory · 1 credit · BIT - Business, Admin, Finance and IT

Description
Students explore concepts that affect the finances of an individual, including a code of conduct, the economic environment, acquiring and using financial resources and the effects of government legislation.
Prerequisite
None
Parameters
No specialized equipment or facilities.

Outcomes The student will:

  • 1 explain the importance of a code of conduct

    • 1.1 define ethical conduct within the scope of personal financial management

    • 1.2 explain ethical issues through the use of case studies

    • 1.3 identify appropriate ethical conduct for an individual as it relates to personal and business dealings

  • 2 identify and explain factors that affect an individual’s financial management

    • 2.1 describe the regulations and policies of levels of government, which affect financial management for an individual; e.g., municipal bylaws, provincial labour laws, taxation laws

    • 2.2 identify sources of information and assistance available to an individual

    • 2.3 identify examples of the effects of the economy on decision making and planning for an individual; e.g., interest rates, price changes, environmental issues, competition, foreign currency exchange

    • 2.4 describe how compound interest works to increase investments over time

    • 2.5 explore the concept of “paying yourself first” and how the rule of 72 can help determine investment objectives

    • 2.6 analyze the direct relationship between expected returns and risk in terms of:

      • 2.6.1 time limit or horizon; e.g., amount of time

      • 2.6.2 cash requirement; e.g., amount of money

      • 2.6.3 liquidity; e.g., how fast the asset can be turned back into cash

      • 2.6.4 emotional factors; e.g., “Will you lose sleep over an investment?”

  • 3 identify and explain personal acquisition and use of financial resources

    • 3.1 list the methods of acquiring capital

    • 3.2 identify the services offered by financial institutions to an individual

    • 3.3 describe potential problems for an individual using credit

    • 3.4 identify the insurance requirements for an individual

    • 3.5 discuss strategies to improve/increase personal net worth including:

      • 3.5.1 work for others; e.g., paycheck

      • 3.5.2 self-employment

      • 3.5.3 owning your own business; e.g., profit/loss

      • 3.5.4 decrease debt; e.g., liabilities

      • 3.5.5 save more and/or spend less

      • 3.5.6 invest your savings

    • 3.6 identify and discuss the following three elements of an investment goal:

      • 3.6.1 objective; e.g., safety of principal, earn income, achieve growth

      • 3.6.2 time limit; e.g., short-, medium- or long-term

      • 3.6.3 strategies; e.g., select the right investment

    • 3.7 identify and list different investments a person can choose from; e.g., short-term savings, savings accounts, term deposits, T-bills, stocks, bonds, mutual funds, precious metals, art, jewellery/precious stones, real estate, mortgages

    • 3.8 demonstrate skills in managing bank accounts and services including:

      • 3.8.1 Internet banking

      • 3.8.2 Internet transactions

      • 3.8.3 stocks

      • 3.8.4 mutual funds

      • 3.8.5 Registered Retirement Savings Plan (RRSP)

      • 3.8.6 Registered Education Savings Plan (RESP)

      • 3.8.7 emerging technologies in banking

  • 4 prepare a personal budget

    • 4.1 explain what is meant by “developing a personal investment portfolio”

    • 4.2 prepare a realistic mock personal balance sheet; determine personal net worth including assets, liabilities and personal equity

    • 4.3 demonstrate understanding of how to create a personal budget

  • 5 demonstrate basic competencies

    • 5.1 demonstrate fundamental skills to:

      • 5.1.1 communicate

      • 5.1.2 manage information

      • 5.1.3 use numbers

      • 5.1.4 think and solve problems

    • 5.2 demonstrate personal management skills to:

      • 5.2.1 demonstrate positive attitudes and behaviours

      • 5.2.2 be responsible

      • 5.2.3 be adaptable

      • 5.2.4 learn continuously

      • 5.2.5 work safely

    • 5.3 demonstrate teamwork skills to:

      • 5.3.1 work with others

      • 5.3.2 participate in projects and tasks

  • 6 make personal connections to the cluster content and processes to inform possible pathway choices

    • 6.1 complete/update a personal inventory; e.g., interests, values, beliefs, resources, prior learning and experiences

    • 6.2 create a connection between a personal inventory and occupational choices

Program of Studies 2009. Source document, © Alberta Education.