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Midtermstdyguide - Personal Finance Finance 281 Bruce L...

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Personal Finance Finance 281 Bruce L. Darling CPA, CMA, CFM, CIA, MBA, MAFIS Department of Finance 394 Gilbert Lundquist College of Business [email protected] Study Guide for Midterm 1. How is an individual's value system usually formed? Or, to put it another way, what factors play a part in making an individual's values unique and personal? 2. Outline the steps of the decision making or choice making process. 3. The two resources most often needed are time and money. Using some common consumer decision, discuss the trade offs and the consumer circumstances that might dictate the use of these resources. Define: Luxury appreciating assets opportunity cost subsistence depreciating assets inflation/CPI marginal utility profit maximization liquidity present value time value of money future value Interest rate personal income 4. Choose a product and describe how supply and demand help determine price. 5. What are the basic elements of a financial plan? What does it help you do? 6. Why does money have time value? 7. Describe the stages of the life cycle in terms of the socioeconomic characteristics and financial activities of each.
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Study Guide Fin. 281 2 8. List 4 common financial blunders of individuals in the early stages of building assets. Lots of people have said, "Money is a tool, buy what matters but remember the best things in life are free." What do they mean? Define: level of living mentor standard of living screening interview entrepreneur cafeteria-style benefits 9. What are the main elements of a benefit package? What are some additional possibilities? How do you assess the value of the package? If you have to buy health insurance with taxable income, how much does it cost, compared to health insurance as part of a benefit package? 10. A wise old job finder once said, "Before you go, know all that you can about that which you seek." Explain what you should know about a potential employer and how it might help you get the job.
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