John Wiley Sons, Inc. or the author, All rights reserved. Instructors who are authorized users of this course are permitted to

© John Wiley & Sons, Inc. or the author, All rights reserved. Instructors who are authorized users of this course are permitted to download these materials and use them in connection with the course. Except as permitted herein or by law, no part of these materials should be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise.Chapter 1—Solutions Manual

Beginning Your Financial Journey: The Interior Finance Point of View

Introduction to Personal Finance: Beginning Your Financial Journey

By John Grable and Lance Palmer Learning Objectives 1.1 Describe how your financial knowledge, experience, risk tolerance, and feelings of control influence the way you view the financial world.

1.2 Explain how your human and social capital relate to your financial well-being.

1.3 Discuss how financial risk tolerance relates to financial goal achievement.

1.4 Use your unique time perspective to create SMART financial goals.

1.5 Describe strategies to overcome mental biases and improve financial decision making and well-being.

Key to metadata for questions:

LO: Learning objective number

BT: Bloom’s taxonomy [Knowledge (K), Comprehension (C), Application (Ap), Analysis (An), Synthesis (S), Evaluation (E)]

Diff: Difficulty level [Easy (E), Medium (M), Hard (H)]

TOT: Expected time for student to complete

AACSB: Knowledge (K), Communication (C), Ethics (E), Analytic (A), Technology (T), Diversity (D), Reflective Thinking (RT), Not Applicable (NA)

Sample rubric for writing questions:

Note: It is generally recommended that the rubric be shared with students, so it should be sufficiently general to not give away answers.

Notes for instructor:

Each writing question will have criteria which are specific to the question. The instructor may want to add or delete grading criteria (rows) depending on the topic and assignment.How each grading criterion will be assessed and the associated points for each level of performance are found in columns 2–5.In the sample rubric, a total of 16 points are possible for this assignment. Each grading criterion (row) is worth up to 4 points (column 2).(Introduction to Personal Finance Beginning Your Financial Journey, 2e John Grable, Lance Palmer) (Solution Manual, For Complete File, Download link at the end of this File) 1 / 4

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© John Wiley & Sons, Inc. or the author, All rights reserved. Instructors who are authorized users of this course are permitted to download these materials and use them in connection with the course. Except as permitted herein or by law, no part of these materials should be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise.

Rubric: (It is suggested that the rubric be shared with the students.)

Criteria Full points (4 out of 4) 75% of points (3 out of 4) 50% of points (2 out of 4) 25% of points (1 out of 4) Thoroughness of answer to the question The question is answered thoroughly The response is lacking a few details The response is lacking significant details The response is incomplete and limited Answer is realistic/relevant Amounts and information discussed are relevant and pertinent to the question Some of the response is irrelevant to the question Much of the response is irrelevant, unrealistic, or overly simplistic The response does not represent realistic or relevant understanding of topic Organization/clarity of thought (25% of score) Well organized Adequate organization Limited organization Poor organization Appropriate recommendations and conclusions are reached (25% of score) A clear conclusion or recommendati on is presented that is appropriate given the content discussed Conclusion or recommendation is mostly clear and appropriate given the content Conclusion or recommendation is incomplete No conclusion or recommendation is provided

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© John Wiley & Sons, Inc. or the author, All rights reserved. Instructors who are authorized users of this course are permitted to download these materials and use them in connection with the course. Except as permitted herein or by law, no part of these materials should be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise.

1.1 Describe how your financial knowledge, experience, risk tolerance, and feelings of control influence the way you view the financial world.

1.1 Multiple-Choice Questions

• the combination of financial knowledge and skills.

Answer: b; Section: 1.1; LO: 1.1; BT: K; Diff: E; TOT: 2 min; AACSB: K

• I and II only.

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

• your financial knowledge, financial risk-taking, and feelings of control over your

situation.Answer: d; Section: 1.1; LO: 1.1; BT: K; Diff: E; TOT: 2 min; AACSB: RT

• believe strongly in luck and fate

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

• more knowledgeable about the financial marketplace over time and to increase his

personal wealth.Answer: a; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

• Having and raising a child.

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

• Consumer spending.

Answer: a; Section: 1.1; LO: 1.1; BT: K; Diff: E; TOT: 2 min; AACSB: K

• GDP would fall because consumers would spend less on goods and services.

Answer: b; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

• A willingness to save money on a regular basis.

Answer: a; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

• c. Michelle, who gives regularly to charity, reads about investing and is self-confident.

Answer: c; Section: 1.1; LO: 1.1; BT: C; Diff: E; TOT: 2 min; AACSB: RT

1.1. Adventures in Personal Finance

Short Answer

• Answer: High-quality responses should include a discussion of how the wealth was

accumulated, work effort, and locus of control (chance versus work), and also include a

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