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June 7, 2017

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Personal Finance

Personal Finance is a lower-level baccalaureate exam which covers the following areas:

  • Budgeting
  • Cash management
  • Economic Conditions
  • Debt and Credit
    • Credit cards
    • Installment loans
    • Interest calculations
    • Federal credit laws
    • Creditworthiness, credit scoring and reporting
    • Bankruptcy

  • Simple and Compound Interest
  • Taxes
    • Payroll
    • Income
    • IRS and audits
    • Estate and gift
    • Tax planning
    • Progressive vs. regressive
    • Tax professionals

  • Major Purchases
    • Auto
    • Housing

  • Insurance
    • Risk management
    • Life policies
    • Property and liability policies
    • Health and disability policies
    • Specialty insurance
    • Insurance analysis and sources of information

  • Investments
    • Liquid assets
    • Fixed income/bonds
    • Equity
    • Mutual funds
    • Commodities, precious metals, real estate
    • Sources of information
    • Time value of money
    • Asset/portfolio allocation

The questions on the exam are multiple choice and require you to demonstrate the following skills:

  • A knowledge of basic facts and terms
  • An understanding of concepts and principles
  • An ability to apply concepts and principles to specific problems and situations

(Taken from "Personal Finance," DSST (DANTES Subject Standardized Tests), Thomson Prometric,

The required textbook(s) for the Traditional course are listed below.

  • Personal Finance   Rent only
      10th by Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes - McGraw Hill,
    ISBN 9780073530697