×

### Let's log you in.

or

Don't have a StudySoup account? Create one here!

×

or

by: Michaela

5

1

2

# Finance Questions for 9/20

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

Get a free preview of these Notes, just enter your email below.

×
Unlock Preview

#studyquestions
COURSE
PROF.
Scoob
TYPE
Class Notes
PAGES
2
WORDS
CONCEPTS
Intro to Personal Finance
KARMA
25 ?

## Popular in Department

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.

×

## Reviews for Finance Questions for 9/20

×

×

### What is Karma?

#### You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

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.

×

×

### BOOM! Enjoy Your Free Notes!

×

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

## Why people love StudySoup

Bentley McCaw University of Florida

#### "I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Allison Fischer University of Alabama

#### "I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over \$600 per month. I LOVE StudySoup!"

Jim McGreen Ohio University

Forbes

#### "Their 'Elite Notetakers' are making over \$1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!
×

### Refund Policy

#### STUDYSOUP CANCELLATION POLICY

All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email support@studysoup.com

#### STUDYSOUP REFUND POLICY

StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here: support@studysoup.com

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to support@studysoup.com