Test Bank for PFIN 7th Edition by Randall Billingsley – Ebook PDF Instant Download/Delivery: 8214350400 , 9798214350400
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ISBN 10: 8214350400
ISBN 13: 9798214350400
Author: Randall Billingsley
PFIN7 relates personal finance to students’ day-to-day lives. It provides decision-making frameworks and up-to-date information on key topics that include buying a home or car, setting up and maintaining a budget, handling student loans, insuring your life, health and property, investing to meet goals like retirement, and doing your taxes. Learn Personal Finance YOUR Way with PFIN! PFIN’s easy-reference, paperback textbook presents course content through visually-engaging chapters as well as Chapter Review Cards that consolidate the best review material into a ready-made study tool.
PFIN 7th Table of contents:
1. Understanding the Financial Planning Process
1-1. The Rewards of Sound Financial Planning
1-1a. Improving Your Standard of Living
1-1b. Spending Money Wisely
1-1c. Accumulating Wealth
1-2. The Personal Financial Planning Process
1-2a. Steps in the Financial Planning Process
1-2b. Defining Your Financial Goals
1-2c. Money and Relationships
1-2d. Types of Financial Goals
1-2e. Putting Target Dates on Financial Goals
1-3. From Goals to Plans: A Lifetime of Planning
1-3a. The Life Cycle of Financial Plans
1-3b. Plans to Achieve Your Financial Goals
1-3c. Special Planning Concerns
1-3d. Using Professional Financial Planners
1-4. The Planning Environment
1-4a. The Players
1-4b. The Economy
1-5. What Determines Your Personal Income?
1-5a. Where You Live
1-5b. Your Career
1-5c. Planning Your Career
Financial Planning Exercises
Chapter 1. Learning Objectives / Key Terms
2. Using Financial Statements and Budgets
2-1. Mapping out your Financial Future
2-1a. The Role of Financial Statements in Financial Planning
2-2. The Balance Sheet: How Much are you worth Today?
2-2a. Assets: The Things You Own
2-2b. Liabilities: The Money You Owe
2-2c. Net Worth: A Measure of Your Financial Worth
2-2d. Balance Sheet Format and Preparation
2-2e. A Balance Sheet for Jack and Lily Taylor
2-3. The Income and Expense Statement: What we Earn and where it Goes
2-3a. Income: Cash In
2-3b. Expenses: Cash Out
2-3c. Cash Surplus (or Deficit)
2-3d. Preparing the Income and Expense Statement
2-3e. An Income and Expense Statement for Jack and Lily Taylor
2-4. Using your Personal Financial Statements
2-4a. Keeping Good Records
2-4b. Tracking Financial Progress: Ratio Analysis
2-5. Cash in and Cash out: Preparing and using Budgets
2-5a. The Budgeting Process
2-5b. Dealing with Deficits
2-5c. A Cash Budget for Jack and Lily Taylor
2-5d. Using Your Budgets
2-6. The Time Value of Money: Placing a Dollar Value on Financial Goals
2-6a. Future Value
2-6b. Present Value
2-7. Inflation and Interest Rates
Financial Planning Exercises
Chapter 2. Learning Objectives / Key Terms
3. Preparing Your Taxes
3-1. Understanding Federal Income Tax Principles
3-1a. The Economics of Income Taxes
3-1b. Your Filing Status
3-1c. Your Take-Home Pay
3-2. It’s Taxable Income that Matters
3-2a. Gross Income
3-2b. Adjustments to (Gross) Income
3-2c. Deductions: Standard or Itemized?
3-2d. Exemptions
3-3. Calculating and Filing Your Taxes
3-3a. Tax Rates
3-3b. Tax Credits
3-3c. Tax Forms and Schedules
3-3d. The 2018 Tax Return of David and Violet Duncan
3-3e. Issues for High Income Taxpayers
3-4. Other Filing Considerations
3-4a. Estimates, Extensions, and Amendments
3-4b. Audited Returns
3-4c. Tax Preparation Services: Getting Help on Your Returns
3-4d. Computer-Based Tax Returns
3-5. Effective Tax Planning
3-5a. Fundamentals of Tax Planning
3-5b. Some Popular Tax Strategies
3-5c. The Tax Return and the Financial Planning Process
Financial Planning Exercises
Chapter 3. Learning Objectives / Key Terms
4. Managing Your Cash and Savings
4-1. The Role of Cash Management in Personal Financial Planning
4-1a. The Problem with Low Interest Rates
4-2. Today’s Financial Services Marketplace
4-2a. Types of Financial Institutions
4-2b. How Safe Is Your Money?
4-3. A Full Menu of Cash Management Products
4-3a. Checking and Savings Accounts
4-3b. Electronic Banking Services
4-3c. Regulation of EFTS Services
4-3d. Other Bank Services
4-4. Maintaining a Checking Account
4-4a. Opening and Using Your Checking Account
4-4b. Monthly Statements
4-4c. Special Types of Checks
4-5. Establishing a Savings Program
4-5a. Starting Your Savings Program
4-5b. Earning Interest on Your Money
4-5c. Many Ways to Save
Financial Planning Exercises
Chapter 4. Learning Objectives / Key Terms
5. Making Automobile and Housing Decisions
5-1. Buying an Automobile
5-1a. Choosing a Car
5-1b. Affordability
5-1c. The Purchase Transaction
5-2. Leasing a Car
5-2a. The Leasing Process
5-2b. Lease versus Purchase Analysis
5-2c. When the Lease Ends
5-3. Meeting Housing Needs: Buy or Rent?
5-3a. Housing Prices and the Financial Crisis of 2007–2008
5-3b. What Type of Housing Meets Your Needs?
5-4. How Much Housing Can You Afford?
5-4a. Benefits of Owning a Home
5-4b. The Costs of Homeownership
5-4c. Performing a Home Affordability Analysis
5-5. The Home-Buying Process
5-5a. Shop the Market First
5-5b. Using an Agent
5-5c. Prequalifying and Applying for a Mortgage
5-5d. The Real Estate Sales Contract
5-5e. Closing the Deal
5-6. Financing the Transaction
5-6a. Sources of Mortgage Loans
5-6b. Types of Mortgage Loans
5-6c. Refinancing Your Mortgage
Financial Planning Exercises
Chapter 5. Learning Objectives / Key Terms
6. Using Credit
6-1. The Basic Concepts of Credit
6-1a. Why We Use Credit
6-1b. Improper Uses of Credit
6-1c. Establishing Credit
6-2. Credit Cards and Other Types of Open Account Credit
6-2a. Bank Credit Cards
6-2b. Special Types of Bank Credit Cards
6-2c. Retail Charge Cards
6-2d. Debit Cards
6-2e. Revolving Credit Lines
6-3. Obtaining and Managing Open Forms of Credit
6-3a. Opening an Account
6-3b. The Credit Decision
6-3c. Computing Finance Charges
6-3d. Managing Your Credit Cards
6-4. Using Credit Wisely
6-4a. Shop Around for the Best Deal
6-4b. Avoiding Credit Problems
6-4c. Credit Card Fraud
6-4d. Bankruptcy: Paying the Price for Credit Abuse
Financial Planning Exercises
Chapter 6. Learning Objectives / Key Terms
7. Using Consumer Loans
7-1. Basic Features of Consumer Loans
7-1a. Using Consumer Loans
7-1b. Different Types of Loans
7-1c. Where Can You Get Consumer Loans?
7-2. Managing your Credit
7-2a. Shopping for Loans
7-2b. Keeping Track of Your Consumer Debt
7-3. Single-Payment Loans
7-3a. Important Loan Features
7-3b. Finance Charges and the Annual Percentage Rate
7-4. Installment Loans
7-4a. A Real Consumer Credit Workhorse
7-4b. Finance Charges, Monthly Payments, and the APR
7-4c. Buy on Time or Pay Cash?
Financial Planning Exercises
Chapter 7. Learning Objectives / Key Terms
8. Insuring Your Life
8-1. Basic Insurance Concepts
8-1a. The Concept of Risk
8-1b. Underwriting Basics
8-2. Why Buy Life Insurance?
8-2a. Benefits of Life Insurance
8-2b. Do You Need Life Insurance?
8-3. How Much Life Insurance is Right for You?
8-3a. Step 1: Assess Your Family’s Total Economic Needs
8-3b. Step 2: Determine What Financial Resources Will Be Available After Death
8-3c. Step 3: Subtract Resources from Needs to Calculate How Much Life Insurance You Require
8-3d. Life Insurance Underwriting Considerations
8-4. What Kind of Policy is Right for You?
8-4a. Term Life Insurance
8-4b. Whole Life Insurance
8-4c. Universal Life Insurance
8-4d. Other Types of Life Insurance
8-5. Buying Life Insurance
8-5a. Compare Costs and Features
8-5b. Select an Insurance Company
8-5c. Choosing an Agent
8-6. Key Features of Life Insurance Policies
8-6a. Life Insurance Contract Features
8-6b. Other Policy Features
8-6c. Understanding Life Insurance Policy Illustrations
Financial Planning Exercises
Chapter 8. Learning Objectives / Key Terms
9. Insuring Your Health
9-1. The Importance of Health Insurance Coverage
9-2. Health Insurance Plans
9-2a. Private Health Insurance Plans
9-2b. Government Health Insurance Plans
9-3. Health Insurance Decisions
9-3a. Evaluate Your Health Care Cost Risk
9-3b. Determine Available Coverage and Resources
9-3c. Choose a Health Insurance Plan
9-4. Medical Expense Coverage and Policy Provisions
9-4a. Types of Medical Expense Coverage
9-4b. Policy Provisions of Medical Expense Plans
9-4c. Cost Containment Provisions for Medical Expense Plans
9-5. Long-Term-Care Insurance
9-5a. Do You Need Long-Term-Care Insurance?
9-5b. Long-Term-Care Insurance Provisions and Costs
9-5c. How to Buy Long-Term-Care Insurance
9-6. Disability Income Insurance
9-6a. Estimating Your Disability Insurance Needs
9-6b. Disability Income Insurance Provisions and Costs
Financial Planning Exercises
Chapter 9. Learning Objectives / Key Terms
10. Protecting Your Property
10-1. Basic Principles of Property Insurance
10-1a. Types of Exposure
10-1b. Principle of Indemnity
10-1c. Co-insurance
10-2. Homeowner’s Insurance
10-2a. Perils Covered
10-2b. Factors Affecting Home Insurance Costs
10-2c. Property Covered
10-2d. Personal Property Floater
10-2e. Renter’s Insurance: Don’t Move In Without It
10-2f. Coverage: What Type, Who, and Where?
10-2g. Limitations on Payment
10-2h. Homeowner’s Insurance Premiums
10-3. Automobile Insurance
10-3a. Types of Auto Insurance Coverage
10-3b. No-Fault Automobile Insurance
10-3c. Automobile Insurance Premiums
10-3d. Financial Responsibility Laws
10-4. Other Property and Liability Insurance
10-4a. Supplemental Property Insurance Coverage
10-4b. Personal Liability Umbrella Policy
10-5. Buying Insurance and Settling Claims
10-5a. Property and Liability Insurance Agents
10-5b. Property and Liability Insurance Companies
10-5c. Settling Property and Liability Claims
Financial Planning Exercises
Chapter 10. Learning Objectives / Key Terms
11. Investment Planning
11-1. The Objectives and Rewards of Investing
11-1a. How Do I Get Started?
11-1b. The Role of Investing in Personal Financial Planning
11-1c. What Are Your Investment Objectives?
11-1d. Different Ways to Invest
11-2. Securities Markets
11-2a. Primary and Secondary Markets
11-2b. Broker Markets and Dealer Markets
11-2c. Foreign Securities Markets
11-2d. Regulating the Securities Markets
11-2e. Bull Market or Bear?
11-3. Making Transactions in the Securities Markets
11-3a. Stockbrokers
11-3b. Executing Trades
11-3c. Types of Orders
11-3d. Calculating Investment Returns
11-4. Becoming an Informed Investor
11-4a. Annual Stockholders’ Reports
11-4b. The Financial Press
11-4c. Advisory Services
11-5. Online Investing
11-5a. Online Investor Services
11-6. Managing Your Investment Holdings
11-6a. Building a Portfolio of Securities
11-6b. Asset Allocation and Portfolio Management
11-6c. Keeping Track of Your Investments
Financial Planning Exercises
Chapter 11. Learning Objectives / Key Terms
12. Investing in Stocks and Bonds
12-1. The Risks and Rewards of Investing
12-1a. The Risks of Investing
12-1b. Returns from Investing
12-1c. The Risk–Return Trade-Off
12-1d. What Makes a Good Investment?
12-2. Investing in Common Stock
12-2a. Common Stocks as a Form of Investing
12-2b. Dividends
12-2c. Some Key Measures of Performance
12-2d. Types of Common Stock
12-2e. Market Globalization and Foreign Stocks
12-2f. Investing in Common Stock
12-2g. Making Investment Decisions
12-3. Investing in Bonds
12-3a. Why Invest in Bonds?
12-3b. Bonds versus Stocks
12-3c. Basic Issue Characteristics
12-3d. The Bond Market
12-3e. Bond Ratings
12-3f. Pricing a Bond
12-3g. Bond Prices and Yields
Financial Planning Exercises
Chapter 12. Learning Objectives / Key Terms
13. Investing in Mutual Funds, ETFs, and Real Estate
13-1. Mutual Funds and Exchange Traded Funds: Some Basics
13-1a. The Mutual Fund Concept
13-1b. Why Invest in Mutual Funds or ETFs?
13-1c. How Mutual Funds Are Organized and Run
13-1d. Open-End versus Closed-End Mutual Funds
13-1e. ETFs
13-1f. Choosing between ETFs and Mutual Funds
13-1g. Some Important Cost Considerations
13-1h. Buying and Selling Funds
13-2. Types of Funds and Fund Services
13-2a. Types of Funds
13-2b. Services Offered by Mutual Funds
13-3. Making Mutual Fund and ETF Investments
13-3a. The Selection Process
13-3b. Getting a Handle on Fund Performance
13-4. Investing in Real Estate
13-4a. Some Basic Considerations
13-4b. Speculating in Raw Land
13-4c. Investing in Income Property
13-4d. Other Ways to Invest in Real Estate
Financial Planning Exercises
Chapter 13. Learning Objectives / Key Terms
14. Planning for Retirement
14-1. An Overview of Retirement planning
14-1a. Role of Retirement Planning in Personal Financial Planning
14-1b. The Three Biggest Pitfalls to Sound Retirement Planning
14-1c. Estimating Income Needs
14-1d. Sources of Retirement Income
14-2. Social Security
14-2a. Coverage
14-2b. Social Security Payroll Taxes
14-2c. Social Security Retirement Benefits
14-2d. How Much Are Monthly Social Security Benefits?
14-3. Pension Plans and Retirement Programs
14-3a. Employer-Sponsored Programs: Basic Plans
14-3b. Employer-Sponsored Programs: Supplemental Plans
14-3c. Evaluating Employer-Sponsored Pension Plans
14-3d. Self-Directed Retirement Programs
14-4. Annuities
14-4a. Classification of Annuities
14-4b. Sources of Annuities
14-4c. Investment and Income Properties of Annuities
Financial Planning Exercises
Chapter 14. Learning Objectives / Key Terms
15. Preserving Your Estate
15-1. Principles of Estate Planning
15-1a. Who Needs Estate Planning?
15-1b. Why Does an Estate Break Up?
15-1c. What Is Your Estate?
15-1d. The Estate Planning Process
15-2. Thy Will Be Done…
15-2a. Absence of a Valid Will: Intestacy
15-2b. Preparing the Will
15-2c. Common Features of the Will
15-2d. Requirements of a Valid Will
15-2e. Changing or Revoking the Will: Codicils
15-2f. Safeguarding the Will
15-2g. Letter of Last Instructions
15-2h. Administration of an Estate
15-2i. Other Important Estate Planning Documents
15-2j. What About Joint Ownership?
15-3. Trusts
15-3a. Why Use a Trust?
15-3b. Selecting a Trustee
15-3c. Common Types and Characteristics of Trusts
15-4. Federal Unified Transfer Taxes
15-4a. Gifts and Taxes
15-4b. Is It Taxable?
15-4c. Reasons for Making Lifetime Gifts
15-5. Calculating Estate Taxes
15-5a. Computing Federal Estate Tax
15-6. Estate Planning Techniques
15-6a. Gift Giving Program
15-6b. Use of the Unified Transfer Tax Credit
15-6c. Charitable Contributions
15-6d. Life Insurance Trust
15-6e. Trusts
15-6f. Valuation Issues
15-6g. Future of Estate Taxes
Financial Planning Exercises
Chapter 15. Learning Objectives / Key Terms
Appendix A.
Appendix B.
Appendix C.
Appendix D.
Appendix E.
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