Course Syllabus

HFST 1210 Personal and Consumer Finance

Course Description

This course will introduce personal and consumer financial concepts and give students basic tools to make sound financial decisions in today's society based on economic trends and research. This is a practical course in personal money management consisting of financial planning including career choices, budgeting, planning for retirement, financing a home and automobile, and understanding consumer credit, taxes, insurance, and investments. Students will use basic math skills as well as read, write, and think critically. Note: This course is cross-listed as BUS 1210 and meets general education requirements for Social and Behavioral Science.

Justification

A core aspect of social literacy is an understanding of sound personal financial management. This course teaches fundamental principles in managing money, making informed financial decisions, and understanding the personal and societal impact of financial decisions.

Similar courses are taught at other Utah universities. The course fulfills general education credit within the Social and Behavioral Sciences (SS) knowledge area. The course is required in the Basic Accounting Certificate of Proficiency.

General Education Outcomes

1. A student who completes the GE curriculum has a fundamental knowledge of human cultures and the natural world. Students will draw on the history of consumer behavior, government practices, and economic trends to analyze the impact personal and consumer finance has on contemporary problems and societal issues. Students will analyze financial and consumer issues through case studies, personal projects, writing assignments, and/or discussion forums and receive feedback from peers and the instructor.
2. A student who completes the GE curriculum can read and research effectively within disciplines. Students are required to read, retrieve, and interpret a variety of data from charts, graphs, online resources, and current print sources to complete homework and personal finance projects and research. Retrieving accurate data is required to complete projects and mathematical problems. Instructor feedback is provided through discussion and class activities. Reading homework and online technology diagnoses a student's knowledge and reading comprehension and creates an individualized learning assessment to provide the fastest path to mastery of chapter concepts. The technology provides immediate feedback, practice, and remediation outside of class.
3. A student who completes the GE curriculum can draw from multiple disciplines to address complex problems. Students will discuss, analyze, and solve problems in assignments and exams using methods from a variety of disciplines (e.g., Mathematics - evaluate a variety of financial case studies; Economics - learn how individual finances fit into the overall economy through interest rates, inflation, and job creation; Business Management - application income taxes and financial problem-solving; History - changes over time in tax code and laws that regulate healthcare benefits and the financial sector of the economy; Political Science - laws and other regulations over finance that show the promotion of social policy by lawmakers, how the laws may favor certain groups over others, and how those groups change over time). Students will receive feedback from peers and the instructor.
4. A student who completes the GE curriculum can reason analytically, critically, and creatively. Through assignments and projects, students will make choices about personal financial goals based on the current economic environment, the business cycle, historical trends, and future direction of the economy, inflation, and interest rates. They will evaluate civic policies and consider how personal values and ethics affect such things as savings, debt, and taxes. Students will receive feedback from peers and instructor.
5. A student who completes the GE curriculum can reason quantitatively.  Students must understand and use a variety of basic computational skills (e.g. time value of money, future value, present value, compound interest, bank reconciliation, net worth, tax calculations). Math problems and case studies are assigned to help students apply the concepts. Homework and exams are administered to assess student understanding. Many assignments are automatically scored online to provide immediate feedback and practice material. Students also receive feedback from the instructor.

General Education Knowledge Area Outcomes

1. Students will study economic trends and financial statistics concerning governments, families, education, businesses, financial organizations, markets, and legal systems. Students will demonstrate knowledge through class discussions, case studies, written assignments, and mathematical story problems. Students will study economic trends and financial statistics concerning governments, families, education, businesses, financial organizations, markets, and legal systems. Students will demonstrate knowledge through class discussions, case studies, written assignments, and mathematical story problems.
2. Develop and communicate hypothetical explanations for individual human behavior within the large-scale historical or social context. By studying events such as The Great Depression, Energy Crisis, 9-11 Attack, and Housing Finance Crisis, students will communicate explanations for human behavior and their impact on individuals and society. Students will demonstrate competence through class discussions, case studies, and written assignments.
3. Draw on the social and behavioral sciences to evaluate contemporary problems using social science research methodology. Students will review scholarly peer-reviewed research articles published in social and behaviorial science journals to evaluate current money issues related to individuals and families such as unemployment, retirement, healthcare, bankruptcy, identity theft, monetary and fiscal policies, supply and demand, and/or inflation. Students will participate in class discussions and forums to share insight they have gained based on their review of the research articles.
4. Describe and analytically compare social, political, economic, cultural, geographical, and historical settings and processes other than one’s own. Through written assignments, discussions, and mathematical problems, students will demonstrate their ability to analyze and compare consumers based on socioeconomic status, family status, and culture regarding healthcare choices and opportunities, taxes, unemployment, interest rates, consumer protection laws, international markets, and the economy.
5. Explain and use the social-scientific method to test research questions and draw conclusions. Through a variety of assignments such as discussions, case studies, and mathematical problems, students will demonstrate their ability to test research questions and draw conclusions by using what-if analysis, considering opportunity costs, and evaluating risk concerning personal finance topics.
6. Write effectively within the social science discipline, using correct disciplinary guidelines, to analyze, interpret, and communicate about social science phenomena. As a final project, students will be introduced to APA format and write a reflection essay related to a personal and consumer finance topic to communicate about social science phenomena. They will demonstrate effective writing through drafts, feedback from instructor/peers, and revision.

Course Content

The following topics will be covered with applicable social and mathematical problems:

**Personal financial planning (career selection and financial security)
**Money management including short- and long-term financial goals
**Personal financial records including a budget, balance sheet, and cash-flow statement (income, expenses, savings, emergency funds)
**Taxes (income, sales, property tax, etc.)
**Consumer credit and associated costs (loans, finance charges, credit card debt, credit scores)
**Consumer purchase strategies
**Selecting and financing vehicles and housing
**Insurance (automobile, home, health, and life)
**Investment principles including risk, rate of return, maturity, dollar amount needed, tax features, and liquidity
**Investments (stocks, bonds, and mutual funds)
**Retirement and estate planning