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Finance 110, Feb 1-5

by: Natalie Notetaker

Finance 110, Feb 1-5 FIN 110

Marketplace > Ball State University > Business > FIN 110 > Finance 110 Feb 1 5
Natalie Notetaker

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Finance notes for the week of Feb 1-5!
Personal Finance
Ronald X. Groeber
Class Notes
Finance 110
25 ?




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This 3 page Class Notes was uploaded by Natalie Notetaker on Sunday February 7, 2016. The Class Notes belongs to FIN 110 at Ball State University taught by Ronald X. Groeber in Spring 2016. Since its upload, it has received 117 views. For similar materials see Personal Finance in Business at Ball State University.


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Date Created: 02/07/16
Finance  Monday, February 1, 2016 Interviewing preparation ­ Research company and industry 1. Finance and articles 2. Online search 3. Observations during visits and of products in stores 4. Converse with employees and knowledgeable people with the company  o Learn something about the firm Questions to ask ­ Training opportunities ­ Employee qualities in regard to success ­ Chief expectations and challenges for the position o What will you have to do day 1 and what challenges will you have? ­ What do employees like best in these positions o What is good and bad about this company? ­ What actions by competitors and others are likely to affect the company? o Will this company survive? Questions to anticipate ­ What qualifies you? ­ How long have you been interested in this job? ­ What activities have helped you understand and appreciate this job? ­ Bosses who inspired you ­ How would others describe you? ­ Where will you be in 3­5 years? ­ Major strengths and weaknesses Practice your interview in front of: ­ Campus organizations ­ Friends ­ Video camera ­ Career placement or development offices Skype interviews ­ Same as above ­ Test connection and camera ­ Eliminate messes and distractions visible ­ Avoid distorted face angles ­ Go online early ­ Maintain eye contact, be confident ­ Tape notes and questions on the wall behind the camera Wednesday, February 3, 2016 Chapter 3 Value of managing money ­ Helps avoid missed payments and credit problems ­ Helps in planning and achieving you financial goals ­ Contributes to peace of mind helping you optimize daily spending ­ Frees up discretionary money for use as savings, investments, and emergencies Organized system of records provides ­ Way to handle day to day financial activities, bill payment (online, mail, phone) ­ Basis for planning and measuring progress in financial goals o Helps you see what you have ­ An aid to completing tax returns ­ Help in making investment decisions o Long term goals ­ Often delivers surplus dollars for current and future spending Storing records  ­ Keep original hard copies ­ Marriage and birth certificates ­ Titles, Deeds and mortgages ­ Insurance policies ­ Social security cards, pension records, tax returns, and certificates of deposits ­ Receipt of payment of major purchases, receipt for pay­off of large debts ­ Keep everything in a safe place and remember where you put it Personal finance statements  Balance sheet Assets­liabilities=net worth A. Assets: What you own: Liquidity Ex. Cash, Bank accounts, life insurance, cash value Personal property – furniture, vehicles, electronics, jewelry, collectibles, investments,  real estate­homes. B. Liabilities: What you owe both 1. Current liabilities (things you have to pay soon, ex.  Phone bill, rent) 2. Loans and credit card debt Cash flow statements ­ Total cash received­cash outflow=cash surplus or cash deficit Budget process ­ Set financial goals Vocab  Liquidity – convert financial resources into cash without losing value Market value – objects current value Current liabilities – Debts that need to be payed within a short time, usually a year Disposable income – The amount a person or household has available to spend Discretionary income – Money left over after paying for housing, food, and other necessities Fixed expenses – Payments that do not vary from month to month.  Ex. Rent or mortgage payment. Variable expenses – Flexible payments that change from month to month.  Ex. Food, clothing, utilities Friday, February 5, 2016 Tax avoidance – legal things to help avoid taxes Tax evasion – can be prosecuted for Progressive – tax income Regressive – sales tax ­ Florida does not have income tax because of the amount of tourists they have (tax on hotels) ­ Employer perks – some things are not taxed


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