FIN 502 Chapter Notes - Chapter 5: Interest Expense, Negative Number, Disability Insurance

• School: Ryerson University
• Department: Finance
• Course: FIN 502
• Professor: Joan Lobo

Document Summary

Personal financial planning (fin 502) chapter 4 notes. Defining the family any group of people who share their wealth, revenues, and expenses: some members might have resources they do not share but primary resources needed to live are held in common. Married couple with children same-sex couples single parents common law relationships. What assets do we include: grouped into three categories, financial assets: provide income or are part of what you will consume in retirement. Jewellery, vacation property, valuable collections: the amount of detail you include depends on the use of the statements. What liabilities do we include: grouped into two categories, current liabilities: are due within one month. Credit card, telephone, electricity, natural gas, current portion of long-term loans, income taxes, insurance premiums etc: long-term liabilities: are due later than one month, and are often payable monthly for many years. Consumer loans, mortgage on home, other mortgage, investment loans, student loans, pledge, amount owed on lease etc.