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Midterm Review- Personal Finance.Nichols

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Published by , 2017-03-09 11:22:13

Midterm Review- Personal Finance.Nichols

Midterm Review- Personal Finance.Nichols

Midterm Review: Personal
Finance

Emoni Nichols

Week 2:

Week Topic Paragraph Mental Image

2 The plan for our lives & To plan your life goals need to be set &
Lifetime Planning met. Learn to set up goals, and make a
way to meet each goal. Goals can be short
term, long term, even intermediate.

Week 3

3 Earned Income & Skill Demand & Earned income is money you earned

Supply from work.Unearned income is income

that you do not physically work for.

Supply & Demand is what product there

is and how much is wanted by customers.

Week 4

4 The Consumer Life Cycle & Income Alpha, young single childless people.

Over the Life Cycle Bravo, married but still childless

Charlie, one income with new child

Delta, dependants

Echo, Kids out of school, parents divorce

Foxtrot, people retire time of death

Week 5

5 Property & Unearned Income Financial asset is a tangible liquid

from Financial Assets & asset that derives value because of

Transfer Payments a contractual claim of what it

represents. Transfer payment is a

redistribution of income in the

market system. Ways to earn

unearned income:investment,

inheritance, government assistance.

Week 6

6 Federal Income Taxes & Other Annual earnings of individuals,

Deductions from Pay corporations, trusts and other legal

entities. You take post-tax

deductions (also called after-tax

deductions) out of employee

paychecks after taxes. Post-tax

deductions have no effect on

taxable wages and the amount of

tax owed.

Week 7

7 Paying for What We Buy Spread out what needs to be paid

Budgeting and what is most important. Such

as bills, car, saving, and leisure.

Week 8 5steps in the buying a home 1.
Determine your homeownership
8 Renting vs. Buying needs- What benefits do you want?
Stability, Financial, Tax
benefits.Find and evaluate a
property to purchase- Local
Zoning laws.Price the property-
Negotiate the price of the home.
Obtaining financing- Determine
the amount of down payment
Close transaction- make it final
Types of mortgage Fixed
,adjustable ,home equity,
refinancing

Week 9

9 Vacation & Leisure When taking a vacation, or doing things
you like to do there is a budget you need
to have on how much things are going to
cost you like, travel, housing etc.


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