FP 100 Entire Course New Flashcards
UOP FP 100 Week 1 Economic Concepts Worksheet NEW
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FP 100 Week 1 Economic Concepts Worksheet NEW
In this assignment, you explain key economic concepts, both foundational and behavioral, and describe how those concepts influence financial decisions.
Review your Week 1 Learning Activities, especially Ch. 1 of Focus on Personal Finance, your Khan Academy, and Investopedia (located in Additional Reading and Video Resources) resources to assist you in completing this assignment.
Submit your assignment to the Assignment Files tab.
Economic Concepts Worksheet
Economics Concepts
Review your Week 1 Learning Activities, especially Ch. 1 of Focus on Personal Finance, Khan Academy Resources and Video Reflection, and Investopedia Resources located in the “Additional Reading and Video Resources” link on your course page.
Respond to each of the following questions in your own words. Each response should be at least 50 words.
- A nominal interest rate is defined as “the opportunity cost of holding or using money.” Explain what you understand this definition to mean.
- When the economy is in a recession, the Federal Reserve usually cuts interest rates. Why would the federal government do this?
- How does your saving and spending profile change depending on the state of the economy, i.e., whether the economy is in a recession versus expansion? Do interest rates play a role in your decisions? Why or why not?
- If interest rates are at a level of 1% and expected inflation is 2%, would you prefer saving or spending your money? Justify your answer.
Behavioral Economics Concepts
Review your Week 1 Learning Activities, especially the Investopedia Resources on Behavioral Finance: Anchoring, Mental Accounting, Herd Behavior, and Prospect Theory located in the “Additional Reading and Video Resources” link on your course page.
Choose two of the following concepts discussed in this week’s materials.
Anchoring
Mental accounting
Herd behavior
Prospect theory
Define each in your own words and explain how each could apply to your personal financial and credit decisions. Your entire response should be at least 100 words.
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UOP FP 100 Week 1 Personal Monthly Budget NEW
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FP 100 Week 1 Personal Monthly Budget NEW
Math is part of our everyday lives as we decide what we can and cannot spend. There is a certain amount of money coming in, an amount that has to go out toward necessities, and an amount that goes out to other spending. In this assignment, you will be creating a personal budget by entering your numbers into an Excel® spreadsheet.
Note: The spreadsheet has already been created and the calculations will be done for you. However, you will need to understand what the numbers represent.
Review your Week 1 Learning Activities, especially Ch. 2 of Focus on Personal Finance and your iGrad Resources on Budgeting and Financial Planning located in the “Additional Reading and Video Resources” link.
Reflect on the money you have spent over the past month, and look back at less frequent expenses by considering what you have spent over the past year.
Watch the Personal Monthly Budget Overview to understand how to use the Excel® spreadsheet in this assignment.
Complete your budget by entering your numbers into the spreadsheet found in the “Week 1-Personal Monthly Budget” tab of the Personal Financial workbook. You will notice 3 tabs located at the bottom of this workbook. Each tab represents an assignment. You will use the “Week 1-Personal Monthly Budget” tab for this assignment.
Enter the amount you pay and how frequently you pay it (select frequency from the drop-down).
If you do not have any expenses for this category, enter a zero (0).
If you have an expense but do not see a line for it, enter it in one of the rows labeled Additional Items.
The Monthly Payment is the result of a calculation. If it seems incorrect, edit the $ Amount or Frequency.
Your final step will be to answer the three questions located at the end of the budget in the spreadsheet.
Save all the data you entered into the budget along with your responses.
Submit your completed budget in the workbook to the Assignment Files tab.
Note: This Excel® workbook will be used again for the Week 3 Education Funding and Job Expenses assignment. The monthly income and expenses you enter will carry over to the “Week 3-Education Funding” tab and “Week 3-Job Expenses” tab in the workbook. You will resubmit this same workbook after completing the Week 3 assignment.
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UOP FP 100 Week 2 Time Value of Money, Opportunity Cost, and Income Taxes Worksheet NEW
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FP 100 Week 2 Time Value of Money, Opportunity Cost, and Income Taxes Worksheet NEW
Everyday we choose one financial decision over another. Should we buy a cup of coffee or should we save that money? What is the personal and financial cost to us? In this assignment you determine the time value of money and examine opportunity cost, among other fundamentals of economics and finance.
Review your Week 2 Learning Activities.
1. Use this Bankrate’s Simple Savings calculator to complete Scenario 1: http://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx. You will enter the Initial Amount of Savings (Present Value), Annual Interest Rate (Rate of Return), and Number of Periods/Years into the calculator. The calculator will compute the Future Values.
In this scenario you will look at the impact of interest rates on your savings. Suppose that you have $2,000 of savings. You don’t anticipate needing to dip into these funds in the next five years. Based on the information provided in the table, calculate the future value (FV) of $2,000 at the end of years 1 and 5 if it were to be completely invested in each of the different cash management products.
Enter your answers in the indicated cells of the table below. The Restrictions/Fees on Product Usage column relates to question 2 of Scenario 1.
- Based on your calculations and on all you have learned this week, how would you choose to save your $2,000? Consider things such as rate of return, inflation, taxes, liquidity, safety, restrictions, and fees, and explain the rationale for your decision. Respond in at least 50 words.
Scenario 2: Time Value of Money / Compounding Interest
- Use this Bankrate’s Simple Savings calculator to complete Scenario 2: http://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx. You will enter the Initial Amount of Savings (Present Value), Annual Interest Rate (Rate of Return), Interest Compounded, and Number of Periods/Years into the calculator. The calculator will compute the Future Values.
In this scenario you will start with a big deposit and see how interest, compounding, and time will change the balance over time. Suppose that you inherit $10,000 from your late uncle. You save this money and do not deposit any more money to the account. Determine how much money you would have at the end of each of the periods for each of the scenarios in the table below, assuming that you don’t make any withdrawals from the account over the period.
Enter your answers in the indicated cells of the table below:
4. Based on your calculations above, explain in your own words the impact of compounding interest.
Scenario 3: Cost of Credit / Opportunity Cost / Trade-Offs
- In this scenario you will calculate the monthly payment and total interest paid on a car loan. Suppose that you need $15,000 to buy a used vehicle to get back and forth to work and school. You have $7,500 in a money market fund earning 1.00% per year, but you are not sure you want to use any or all of that money.
Using the tables in Exhibit 1-D, located on pp. 42-43 in the Ch. 1 Appendix of Focus on Personal Finance, determine the total amount of payment due at the end of each year, and divide by 12 to estimate the monthly payment for each of the following loan scenarios. Also, calculate the total amount of interest you would pay over the life of each loan. Be sure to show your work for opportunities to earn partial credit, where applicable.
For example, if you have the correct formula but put a decimal in the wrong spot you could earn partial credit. The first row in the table has been completed to demonstrate you how work can be shown. Based on the above calculations, the price of the car, and the money available in a money market fund, which loan option would you suggest to someone purchasing a vehicle? Please explain the rationale and considerations for your decision.
- In your own words, how would you summarize “opportunity cost”? How does the concept of opportunity cost apply to this decision? Explain in a brief paragraph.
UOP FP 100 Week 2 Time Value of Money, Opportunity Cost, and Income Taxes Worksheet NEW
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UOP FP 100 Week 3 Education Funding and Job Expenses NEW
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FP 100 Week 3 Education Funding and Job Expenses NEW
For this assignment, you will use the Personal Financial Workbook from Week 1. In Week 1, you used the “Week 1-Personal Monthly Budget” tab. For this week, you will use the “Week 3-Education Funding” tab and “Week 3-Job Expenses” tab. If you made any adjustments to your Week 1 budget after receiving feedback and grades, please use that version of the workbook. This is important because some calculations you do this week will be based on the totals from your Personal Monthly Budget.
Review your Week 3 Learning Activities, especially Appendix A of Focus on Personal Finance and your iGrad Resources and Investopedia Resources located in the “Additional Reading and Video Resources” link.
Read the Education Funding and Job Expenses Instructions.
Watch the Education Funding Tutorial and the Job Expenses Tutorial videos for assistance with this assignment.
Complete the “Week 3-Education Funding” tab and “Week 3-Job Expenses” tab in the Personal Financial Workbook for this assignment.
Submit your completed assignments in the workbook to the Assignment Files tab.
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UOP FP 100 Week 3 The Cost of Credit Card Usage Worksheet NEW
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FP 100 Week 3 The Cost of Credit Card Usage Worksheet NEW
How much interest are you paying on your credit cards? How much are you actually paying when you charge something to a credit card? You are not using your own financial information in this assignment, but it is designed to demonstrate your understanding of the cost of credit.
Review your Week 3 Learning Activities, especially Focus on Personal Finance, Ch. 5, the Khan Academy Video Reflection, and your iGrad Credit Card Module.
Submit your assignment to the Assignment Files tab.
Review Ch. 5 of Focus on Personal Finance, your Week 3 Khan Academy Video, and your iGrad Credit Card Module for support in completing this assignment.
- Calculate the following using the Bankrate calculator. You may use the Bankrate calculator for the remainder of the questions on this worksheet.
- In the “Impact of Interest Rates” example, a 5% interest rate difference results in how much extra interest paid when making only a required minimum monthly payment equal to the monthly interest, plus 1% of the outstanding balance?
- In the “Impact of Payment Amounts” example, how much total interest would you save by making a fixed payment of $100 per month instead of the required minimum payment equal to the monthly interest, plus 1% of the outstanding balance?
- How much quicker would you be able to pay off the $2,000 credit card balance by making a fixed payment of $100 each month instead of the required minimum payment?
- Assume you have a friend who is making the minimum monthly payments on a credit card. Your friend asks your thoughts on what he or she is doing. Based on these calculations and what you have learned, how would you advise your friend about making only minimum payments? Your response should be at least 100 words.
- The chart above looks at paying off a credit card balance and assumes you will not be using it while paying it down. In these minimum payment examples the balance decreases by only 1% each month. Most of us will use credit cards throughout the year, and that means we may carry a balance past the grace period. Assuming you were trying to pay off the balance while still using the card, what actions must you take? Your response should be at least 100 words.
- What recommendations would you make in regards to properly managing credit card usage and repayment? Your response should be at least 100 words.
- Which one of these two card options would you choose for your personal use? Provide support for your decision, considering which three attributes are most important to you and trade-offs that you are willing to accept. Your response should be at least 100 words.
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UOP FP 100 Week 4 Credit History Worksheet NEW
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FP 100 Week 4 Credit History Worksheet NEW
What are the factors affecting credit history and credit scores? How can awareness of these factors assist you in financial planning? This week’s Credit History Worksheet Assignment supports your understanding of these critical factors in financial planning.
Review your Week 4 Learning Activities, especially Focus on Personal Finance, Ch. 5, and the iGrad resources.
Submit your assignment to the Assignment Files tab.
Credit Scores
Go to the Fair Isaac Co. website: www.myfico.com. (Do not buy a credit score unless you choose to do so.) For this activity, go to “Learn about scores.” Review this page, and follow the link to “What’s in your score?” From this page, follow the links to learn more about credit scores.
Note: You do not have to share your personal credit score or other details in this worksheet.
Using what you have learned about credit scores, respond to each of the following questions in a minimum of 50 words:
- What is a credit score? When and why is a credit score important?
- What are the top two factors in your FICO score? What actions can one take to earn the most points in these categories to improve a FICO score?
- Your credit score can impact how much you pay on credit you use throughout your life. Enter the four fields into this calculator to estimate how much more you might pay over time. First, try it with your current estimated credit score; then, move the slider to see how much less you would pay with a higher score, and then how much more you would pay with a lower score.
- In at least 50 words, how would you summarize the results of the Credit.com calculator?
Credit Reports
Goto www.annualcreditreport.com, the only site authorized by the Federal Trade Commission to provide free consumer credit reports. Request one free credit report from one of the three credit reporting agencies (if you are unable to download a report, complete this activity using a sample credit report from www.experian.com).
Using what you have learned about credits reports, respond to each of the following questions in a minimum of 50 words:
- What type of information is included on a credit report?
- How long might negative credit history, such as a 60-day delinquency, remain on your credit report? If any negative history is incorrect, what steps would you take to correct the error?
- What did you find surprising about credit reports?
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UOP FP 100 Week 4 Homes Renting and Buying Worksheet NEW
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FP 100 Week 4 Homes Renting and Buying Worksheet NEW
Home ownership–is it still a part of your American dream? Are you a home owner or do you plan on being one? What are the pros and cons of renting versus buying? This assignment gives you a better idea of what to expect in each case.
Review your Week 4 Learning Activities, especially Focus on Personal Finance, Ch. 7.
Complete the Homes: Renting and Buying worksheet.
Submit your assignment to the Assignment Files tab
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UOP FP 100 Week 5 Investment Planning Proposal (2 Papers) NEW
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FP 100 Week 5 Investment Planning Proposal (2 Papers) NEW
This Tutorial contains 2 Papers
FP 100 Week 5 Investment Planning Proposal
Financial advice: we can all use at least some, right? In this assignment you give that advice in a scenario we have drafted. Based on what you have learned in this course, what is the financial planning advice you would give? Answer this by completing the assignment.
Review your Week 5 Learning Activities.
Complete the Investment Planning Proposal.
Review the Instructions for the Investment Planning Proposal.
Use the APA Sample Template to write and submit your proposal.
Format your assignment according to appropriate course-level APA guidelines.
Your proposal includes two to three APA-formatted references. See the Citation Generator for assistance, if needed.
Submit your completed proposal to the Assignment Files tab.
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UOP FP 100 Week 5 Retirement Planning Worksheet NEW
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FP 100 Week 5 Retirement Planning Worksheet NEW
Thinking about retiring? How will you manage it? Use this opportunity to plan ahead and complete the Retirement Planning Worksheet with an eye towards your future.
Review your Week 5 Learning Activities.
Complete the Retirement Planning worksheet.
Submit your assignment to the Assignment Files tab.
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