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Finance Questions for 9/20

by: Michaela

Finance Questions for 9/20

Marketplace > Northern Illinois University > > Finance Questions for 9 20
GPA 3.83

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Class Notes
Intro to Personal Finance
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This 2 page Class Notes was uploaded by Michaela on Wednesday September 21, 2016. The Class Notes belongs to at Northern Illinois University taught by Scoob in Fall 2016. Since its upload, it has received 5 views.


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Date Created: 09/21/16
Michaela Weickert FCNS 343: Questions to Study September 20, 2016 1. How to determine the interest of a savings account? Understand how the following  factors determine the interest. ­ Savings account interest is determined by the amount of money in the account,  the interest rate for the account, and how frequently the interest is compounded. a. Amount of money on the deposit: ­ The more money initially deposited in an account, the more money will be  compounded in the interest.  b. Method of determining the balance/ frequency of compounding ­ Balances may be determined at different times; daily, weekly, monthly,   quarterly, semiannually, or annually. This means that the amount of money  gained by interest will be added to the total and in return, will itself gain  interest; this is also known as compounding.  c. Interest rate applied and Annual Percentage Yield ­ The APY (Annual Percentage Yield) is a percentage based on the total amount  of money earned from a deposit over a 365 day period. It is based off of the  annual simple interest rate offered by the institution and the frequency it is  compounded.  2. Distinguish three types of joint accounts a. Joint­tenancy with right of survivorship ­ Also known as joint­tenancy; each party can access and dispose of it without  approval from the other party. After death of one half of the party, the other  half continues to own the remainder of the account.  b. Tenancy­in­common ­ Owned by two or more parties, each has control over a separate piece of the  property rights. Presumed to be equal division of shares unless otherwise  specified. After death of one party the share goes to the heir(s) instead of the  other parties.  c. Tenancy by the entirety ­ Between two spouses. Permission from both parties necessary for dispersal of  funds.  3. How to discuss personal finances and money management more effectively with loved  ones.  ­ First you must understand what your approach is when it comes to finances.  Focus on common goals and agreeing without significantly compromising the  other persons views. Be open to hearing others thoughts and feelings, use notes if necessary; plan a specific time to talk and topics, don’t bring other issues into  the talk. Use “I” statements, be honest, and speak regularly. 


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