Algonquin College
FIN2300
Introduction to Personal Finance
Course Outline
2021-2022
- Pre-requisite(s)
- N/A
- Co-requisite(s)
- N/A
- Prepared by
- David Ferries
- Approved by
- Mary Grammatikakis, Chair
- Normative hours
- 42.00
- Grading system
- A+ Through F
| Applicable Program(s) | Level | Core/Elective |
|---|---|---|
| Multiple Programs | Multiple Levels | Multiple Core/Elective |
Course Description
Establishing and maintaining healthy personal financial affairs are important steps towards overall success in life. Through self-study of text material, review questions, self-test quizzes, assignments and a final examination, students acquire knowledge and skills concerning credit and debt, home ownership and mortgages, the savings challenge, government programs to encourage saving, fixed-income and equity investments, mutual funds, budgeting and financial planning, retirement strategies, public and private pensions, business ownership and insurance.
General Education Theme Area(s)
This is a General Education course that supports learning in the following theme area(s): Personal Understanding
Essential Employability Skills
This course contributes to your program by helping you achieve the following Essential Employability Skills:
| EES 1 | Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfills the purpose and meets the needs of the audience. (T, A) |
|---|---|
| EES 7 | Analyze, evaluate and apply relevant information from a variety of sources. (T, A) |
| EES 11 | Take responsibility for one's own actions, decisions and consequences. (T, A) |
Assessment Levels —T: Taught A: Assessed CP: Culminating Performance
Course Learning Requirements / Embedded Knowledge and Skills
When you have earned credit for this course, you will have demonstrated the ability to:
1. Compare the relative merits of saving versus credit financing.
- Identify the ways in which credit can best be used.
- Explain how the overuse and misuse of debt can have dramatic individual and economy-wide implications.
2. Examine the issues regarding the purchase of a home and financing the investment.
- Explain the advantages and disadvantages between the various types of mortgages.
- Determine how much a person could afford to pay for a home.
3. Compare the advantages and disadvantages of different savings vehicles available to implement an investment plan.
- Identify standard investment options.
- Determine the appropriate investment vehicles to achieve your goals.
- Explain the impact of compound interest on reaching your goals.
- Explain the risk and benefit trade-off between various investment options.
4. Develop a financial plan that will potentially help establish future financial security.
- Assess critically the assumptions that must be made in creating and periodically updating a financial plan.
- Perpare a budget.
- Prepare a financial plan
5. Explain the various governmental and individual resources available to a retired person.
- Differentiate between the various federal government programs available to retirees with respect to eligibility, indexing and taxation.
- Explain the importance and value of workplace-based pension plans and the relative merits of Defined Benefit Plans (DBPs) and Defined Contribution Plans (DCPs).
6. Analyze the need for the various types of insurance.
- Identify the various types of insurance, such as disability insurance, life insurance, accidental death insurance, critical illness insurance, home insurance, mortgage insurance and travel insurance.
- Explain the advantages and disadvantages of various types of insurance.
- Determine an appropriate amount for the various types of insurance based on life circumstances.
7. Outline various issues concerning arranging your financial affairs in the event of death.
- Identify the problems created by not making a will.
- Justify the importance of including a will in your overall financial plan.
Pre-defined Evaluation / Earning Credit
The following list provides evidence of this course's learning achievements and the outcomes they validate:
Quiz(zes)/Test(s) (40%)
Validates Outcomes: CLR 1, CLR 2, CLR 3, CLR 4, CLR 6, CLR 7, EES 1, EES 11
Assignment(s) (35%)
Validates Outcomes: CLR 4, EES 1, EES 7, EES 11
Final Exam (25%)
Validates Outcomes: CLR 1, CLR 2, CLR 3, CLR 4, CLR 5, CLR 6, CLR 7, EES 1, EES 7, EES 11
Learning Resources
The Smart Canadian Wealth-Builder - Stepping Stones to Financial Independence, Third Edition ; by Peter Dolezal. Published by Cufflands Publishing, ISBN 978-0-9865790-4-2 Hard copy only, no etext
Learning Activities
- Reading assigned chapters from the course text.
- Answering Review Questions from the text chapters to prepare for the graded Assignment Tests and the Final Exam
- On-line Quizzes for self-study purposes.
- Graded Tests: Five (5) True and False questions and four (4) Short Essay type questions to reinforce learning concepts and prepare for the final exam.
- Final exam in an online format setting.
Prior Learning Assessment and Recognition
Students who wish to apply for Prior Learning Assessment and Recognition (PLAR) need to demonstrate competency at a post-secondary level in all outlined course learning requirements. Evidence of learning achievement for PLAR candidates includes:
- Challenge Exam
Other Information
Grade Scheme
| Final Grade | Mark Equivalent | Numeric Value | Final Grade | Mark Equivalent | Numeric Value |
| A+ | 90% - 100% | 4.0 | A | 85% - 89% | 3.8 |
| A- | 80% - 84% | 3.6 | B+ | 77% - 79% | 3.3 |
| B | 73% - 76% | 3.0 | B- | 70% - 72% | 2.7 |
| C+ | 67% - 69% | 2.3 | C | 63% - 66% | 2.0 |
| C- | 60% - 62% | 1.7 | D+ | 57% - 59% | 1.4 |
| D | 53% - 56% | 1.2 | D- | 50% - 52% | 1.0 |
| F | 0% - 49% | 0 | FSP | 0 | 0 |
Course Related Information
Please refer to the Course Section Information (CSI) / weekly schedule for specific course-related information as provided by your professor.
Program Information
Department Information
School of Business Procedures
The School of Business Procedures file is located under “Course Information” in your course Brightspace site. These procedures are specific to School of Business programs and either cover issues not included in College Policies and Directives or elaborate on them.
Student Academic Responsibilities
Each student is responsible for:
• Knowing the due dates for marked out-of-class assignments.
• Knowing the dates of in-class marked assignments and exercises.
• Maintaining a folder of all work done in the course during the semester for validation claims in cases of disagreement with faculty.
• Keeping both paper and electronic copies of all assignments, marked and unmarked, in case papers are lost or go missing;
• Regularly checking both Brightspace announcements as well as one's Algonquin e-mail account for important messages from both professor and college administration.
• Participating in on-line and classroom exercises and activities as required.
Exemptions
Exemptions may be granted to students who have successfully passed an equivalent course at a post-secondary institution. If you wish to apply for an exemption contact the coordinator of the course for academic advice. To apply for an exemption, you must contact the Registrar’s Office before the deadline listed on your timetable.
Withdrawing From The Course
The last date for withdrawing from courses without academic penalty is printed on your timetable. The student is responsible for notifying the instructor and completing the appropriate form for withdrawal with the College Registrar.
Software Copyright
In the past few years, the Copyright Act has been updated to cover computer software. If the police lay charges against someone infringing copyright, the maximum penalties for a
summary conviction are "a fine not exceeding $25,000 or imprisonment for a term not
exceeding six months or both." The maximum penalties for an indictable conviction are "a fine not exceeding one million dollars or imprisonment for a term not exceeding five years or both." Making a copy of software package for your own use, other than a backup copy of package that you have purchased as allowed in your license agreement, would make you liable for the above penalties.
Harassment/Discrimination/Violence
Harassment, discrimination and violence will not be tolerated. Any form of harassment (sexual, racial, gender or disability related), discrimination (direct or indirect), or violence, whether towards a professor or amongst students, will not be tolerated on the college premises. Action taken will start with a formal warning and proceed to the full disciplinary actions as outlined in Algonquin College policy. For further information, refer to the Student Instaguide or get a copy of the official policy statements from the Student Association (Directive A8).
Plagiarism Detection Software
"Turnitin" plagiarism detection software is in use in the School of Business. Professors may require students to submit their work for review. Scores higher than 20% are subject to review under policy AA48: Academic Integrity found at https://www.algonquincollege.com/policies/files/2021/09/AA48.pdf
Retention of Student Work
Students are advised that original, electronic, or copied samples of their work may be retained for the purpose of program quality review by assessment panels. Unless students have otherwise granted permission, anonymity will be respected for all work retained for the purpose of quality review. Original work samples, may be retained with student agreement and will be returned.
Academic Probation or Withdrawal from Academic Program
as per College Policy AA14, which can be found at http://www3.algonquincollege.com/directives/policy/aa14-grading-system/
"A student is on academic probation when the term cumulative grade point average falls below
1.7, or when a student carries 2 or more "F" grades. A student on academic probation may
continue in the program, subject to conditions set by the Academic Administrator. In some
cases, there may be program specific progression requirements which supersede the foregoing.
The transcript message reads:
Academic Probation - Please see your Program Coordinator"
"A student on probation may be required to:
a. reduce his/her course load,
b. withdraw from full-time status within the program, or
c. withdraw completely from the program.
A student required to withdraw completely from Level 01 must reapply through the Ontario
College Application Services. A student required to withdraw from an advanced level of the program must have the approval of the Academic Administrator prior to resuming his/her studies."
The School of Business Procedures file is located under “Course Information” in your course Brightspace site. These procedures are specific to School of Business programs and either cover issues not included in College Policies and Directives or elaborate on them.
Student Academic Responsibilities
Each student is responsible for:
• Knowing the due dates for marked out-of-class assignments.
• Knowing the dates of in-class marked assignments and exercises.
• Maintaining a folder of all work done in the course during the semester for validation claims in cases of disagreement with faculty.
• Keeping both paper and electronic copies of all assignments, marked and unmarked, in case papers are lost or go missing;
• Regularly checking both Brightspace announcements as well as one's Algonquin e-mail account for important messages from both professor and college administration.
• Participating in on-line and classroom exercises and activities as required.
Exemptions
Exemptions may be granted to students who have successfully passed an equivalent course at a post-secondary institution. If you wish to apply for an exemption contact the coordinator of the course for academic advice. To apply for an exemption, you must contact the Registrar’s Office before the deadline listed on your timetable.
Withdrawing From The Course
The last date for withdrawing from courses without academic penalty is printed on your timetable. The student is responsible for notifying the instructor and completing the appropriate form for withdrawal with the College Registrar.
Software Copyright
In the past few years, the Copyright Act has been updated to cover computer software. If the police lay charges against someone infringing copyright, the maximum penalties for a
summary conviction are "a fine not exceeding $25,000 or imprisonment for a term not
exceeding six months or both." The maximum penalties for an indictable conviction are "a fine not exceeding one million dollars or imprisonment for a term not exceeding five years or both." Making a copy of software package for your own use, other than a backup copy of package that you have purchased as allowed in your license agreement, would make you liable for the above penalties.
Harassment/Discrimination/Violence
Harassment, discrimination and violence will not be tolerated. Any form of harassment (sexual, racial, gender or disability related), discrimination (direct or indirect), or violence, whether towards a professor or amongst students, will not be tolerated on the college premises. Action taken will start with a formal warning and proceed to the full disciplinary actions as outlined in Algonquin College policy. For further information, refer to the Student Instaguide or get a copy of the official policy statements from the Student Association (Directive A8).
Plagiarism Detection Software
"Turnitin" plagiarism detection software is in use in the School of Business. Professors may require students to submit their work for review. Scores higher than 20% are subject to review under policy AA48: Academic Integrity found at https://www.algonquincollege.com/policies/files/2021/09/AA48.pdf
Retention of Student Work
Students are advised that original, electronic, or copied samples of their work may be retained for the purpose of program quality review by assessment panels. Unless students have otherwise granted permission, anonymity will be respected for all work retained for the purpose of quality review. Original work samples, may be retained with student agreement and will be returned.
Academic Probation or Withdrawal from Academic Program
as per College Policy AA14, which can be found at http://www3.algonquincollege.com/directives/policy/aa14-grading-system/
"A student is on academic probation when the term cumulative grade point average falls below
1.7, or when a student carries 2 or more "F" grades. A student on academic probation may
continue in the program, subject to conditions set by the Academic Administrator. In some
cases, there may be program specific progression requirements which supersede the foregoing.
The transcript message reads:
Academic Probation - Please see your Program Coordinator"
"A student on probation may be required to:
a. reduce his/her course load,
b. withdraw from full-time status within the program, or
c. withdraw completely from the program.
A student required to withdraw completely from Level 01 must reapply through the Ontario
College Application Services. A student required to withdraw from an advanced level of the program must have the approval of the Academic Administrator prior to resuming his/her studies."
College Related Information
Algonquin College’s policies have been developed to ensure the health, safety and security of all students, faculty and staff, and the proper and fair operation of the College as an academic institution and employer. Please refer to the Algonquin College Policies website for the most current policy information available at http://www.algonquincollege.com/policies/.
Students are especially encouraged to be aware of the following College expectations
Academic Integrity
Algonquin College is committed to the highest standards of academic integrity, and students are expected to uphold these standards as part of the learning process. Any academic work submitted by a student is expected to be their own work, unless designated otherwise and all sources must be attributed. All students should be familiar with the Algonquin College policy AA48: Academic Integrity . In some courses, online proctoring may be used to discourage cheating. Additional information can be found at https://www.algonquincollege.com/studentsupportservices/student-learning-kit/preparing-to-learn-online/. Students with any questions about the course expectations for academic dishonesty and plagiarism are encouraged to speak to their professor.
Centre for Accessible Learning
Students with visible and/or non-visible disabilities are encouraged to register with the Centre for Accessible Learning (CAL) in order to be eligible for appropriate learning supports and/or accommodations. Students are strongly encouraged to make an appointment at the Centre for Accessible Learning as early as possible when starting a program. Once your needs are identified, a Letter of Accommodation (LOA) will be issued which you can share with your professors. If you are a returning student, please ensure that professors are given a copy of your LOA each semester.
College Email
Students at Algonquin College are provided with a college email account. This is the address that will be used when the College, your professors, or your fellow students communicate important information about your program or course activities. Your network credentials can be found in the ACSIS portal and you are expected to check your Algonquin email regularly and to use it to send and receive college-related email. Support is available through the college Information Technology Service (ITS) at: https://www.algonquincollege.com/its/
Retroactive Accommodations
Students are expected to meet evaluation and completion deadlines as stated in course outline and course section information documents. In circumstances where evaluation and/or completion deadlines are missed or student performance has been affected by a temporary or permanent disability (including mental health), interim or retroactive accommodations may be considered. In such instances, please consult your course faculty member. For other situations where deferral of evaluations may be warranted, please consult Algonquin College Policy AA21: Deferred Evaluation.
Student Course Feedback
Algonquin College’s invites students to share their course experience by completing a student course feedback survey for each course they take. For further details consult Algonquin College Policy AA25: Student Course Feedback.
Use of Mobile Devices in Class
With the proliferation of small, personal mobile devices used for communications and data storage, Algonquin College believes there is a need to address their use during classes and examinations. During classes, the use of such devices can be disruptive and disrespectful to others. During examinations, the use of such devices may facilitate cheating. For further details consult Algonquin College Policy AA32: Use of Mobile Devices in Class
Technology Requirements
As Algonquin College continues to respond to public health guidelines, many courses will be offered through remote delivery. As such, students will be required to have access to a computer and to the internet. There may also be additional technology-related resources required to participate in a course that are not included in the course materials fee, such as headphones, webcams, specialized software, etc. Details on these requirements can be found in the Course Section Information of the course outline for each course available on Brightspace.
Transfer of Credit
It is the student’s responsibility to retain course outlines for possible future use to support applications for transfer of credit to other educational institutions.
Students are especially encouraged to be aware of the following College expectations
Academic Integrity
Algonquin College is committed to the highest standards of academic integrity, and students are expected to uphold these standards as part of the learning process. Any academic work submitted by a student is expected to be their own work, unless designated otherwise and all sources must be attributed. All students should be familiar with the Algonquin College policy AA48: Academic Integrity . In some courses, online proctoring may be used to discourage cheating. Additional information can be found at https://www.algonquincollege.com/studentsupportservices/student-learning-kit/preparing-to-learn-online/. Students with any questions about the course expectations for academic dishonesty and plagiarism are encouraged to speak to their professor.
Centre for Accessible Learning
Students with visible and/or non-visible disabilities are encouraged to register with the Centre for Accessible Learning (CAL) in order to be eligible for appropriate learning supports and/or accommodations. Students are strongly encouraged to make an appointment at the Centre for Accessible Learning as early as possible when starting a program. Once your needs are identified, a Letter of Accommodation (LOA) will be issued which you can share with your professors. If you are a returning student, please ensure that professors are given a copy of your LOA each semester.
College Email
Students at Algonquin College are provided with a college email account. This is the address that will be used when the College, your professors, or your fellow students communicate important information about your program or course activities. Your network credentials can be found in the ACSIS portal and you are expected to check your Algonquin email regularly and to use it to send and receive college-related email. Support is available through the college Information Technology Service (ITS) at: https://www.algonquincollege.com/its/
Retroactive Accommodations
Students are expected to meet evaluation and completion deadlines as stated in course outline and course section information documents. In circumstances where evaluation and/or completion deadlines are missed or student performance has been affected by a temporary or permanent disability (including mental health), interim or retroactive accommodations may be considered. In such instances, please consult your course faculty member. For other situations where deferral of evaluations may be warranted, please consult Algonquin College Policy AA21: Deferred Evaluation.
Student Course Feedback
Algonquin College’s invites students to share their course experience by completing a student course feedback survey for each course they take. For further details consult Algonquin College Policy AA25: Student Course Feedback.
Use of Mobile Devices in Class
With the proliferation of small, personal mobile devices used for communications and data storage, Algonquin College believes there is a need to address their use during classes and examinations. During classes, the use of such devices can be disruptive and disrespectful to others. During examinations, the use of such devices may facilitate cheating. For further details consult Algonquin College Policy AA32: Use of Mobile Devices in Class
Technology Requirements
As Algonquin College continues to respond to public health guidelines, many courses will be offered through remote delivery. As such, students will be required to have access to a computer and to the internet. There may also be additional technology-related resources required to participate in a course that are not included in the course materials fee, such as headphones, webcams, specialized software, etc. Details on these requirements can be found in the Course Section Information of the course outline for each course available on Brightspace.
Transfer of Credit
It is the student’s responsibility to retain course outlines for possible future use to support applications for transfer of credit to other educational institutions.