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Personal Finance: Turning Money In To Wealth, 2/e

Personal Finance: Turning Money In To Wealth, 2/e
(order desk copy)

Arthur J. Keown, Virginia Polytechnic Institute

This text, written directly to the student, is the only 4-color book that introduces students to the concepts, tools, and applications of personal finance and investments. In order to leave a lasting impression, Keown concentrates on the fundamentals and underlying principles of personal finance, rather than focusing on equations and specific tools which are more easily forgotten. Building on the 15 Axioms of Personal Finance, the text helps students develop an intuitive understanding of personal finance - not just of the process of financial planning, but also the logic that drives it.



Features | Preface | Table of Contents | Supplements | About the Authors



Features

  • NEW - "Review of Accounting" chapter.
    • Provides students with a conceptual and analytical understanding of accounting principles.
  • NEW - Added section in each chapter - "Finance and the Multinational Firm."
    • Highlights global issues that surround financial decisionmaking, and discusses the international aspects of the material just presented.
  • NEW - Section-ending concept checks - Highlights key ideas just presented.
    • Gives students a chance to check their understanding of material in most major sections before moving on to the next.
  • NEW - Internet applications - "Takin' it to the Web."
    • Directs students to sidebar references, additional information, and related web sites dealing with the topics covered in each chapter.
    • Focus on the axioms of finance.
    • Introduces students, in the first chapter, to the ten axioms that drive the practice of corporate finance, and then reviews them throughout the text in "Back to the Fundamentals" inserts.
  • Integration of international finance issues throughout.
    • Supplies students with "International Financial Management" boxes interspersed within the text, and a full chapter on international financial management.
  • Emphasis on financial management in practice - Includes "Management in Practice" boxes.
    • Demonstrates the implementation of theory through the use of practice.
  • "Ethics in Financial Management" boxes throughout.
    • Explores important ethical issues in financial management.
  • The tools, techniques, and equations of financial management.
    • Presents and stresses - in an intuitive way - the logic and fundamentals that drive their use.
  • Thorough treatment of "the creation of wealth."
    • Familiarizes students with the concepts of the time value of money, cash flows as opposed to accounting profits, the net present value, and risk-return tradeoffs.
  • Strong coverage of capital markets.
    • Shows students their influence on corporate financial decisions.
  • Chapter-beginning learning objectives.
    • Alerts students to key concepts, and keeps them aware of these study goals with references in the margins throughout the chapter.
  • Chapter-opening vignettes - Features a real-world, current story related to chapter material.
    • Stimulates students' interest in the chapter topics to be discussed, and their classroom discussion of companies' financial decisions.
  • Four-part approach to mastering vocabulary.
    • Highlights key terms in text margins, defines them in italics within the text and in the end-of-book glossary, and lists key terms, with page numbers, at the end of each chapter.
  • Comprehensive chapter-end problems.
    • Strengthens students' understanding of the material by giving them a chance to apply chapter concepts in a realistic setting.
  • The use of financial calculators throughout - References Texas Instruments' BAII Plus.
    • Helps students explore the time value of money - where appropriate calculator solutions appear in the margins.
  • "Perspectives in Finance" inserts throughout.
    • Redirects students' attention to the "big picture."


Features | Preface | Table of Contents | Supplements | About the Authors | Top


Preface

Personal Finance: Turning Money into Wealth introduces the student to the concepts, tools, and applications of personal finance and investments. It's written as an introduction, assuming little or no prior knowledge of the subject matter, thereby allowing the student to take the first steps toward understanding the process of financial planning and the logic that drives it. In so doing, this text will provide coverage of the planning process itself, as well as insurance, investments, and estate planning.

For many students this course is their initial and only exposure to personal finance, and as such, the material must be presented in a way that leaves a lasting understanding. Tools, techniques, and equations are easily forgotten, but the logic and underlying fundamentals that drive their use, if stressed and presented in an intuitive way, will stay. Moreover, once the student understands the underlying principles, learning the techniques and tools is much easier. In effect, if the student knows why something is being done, it makes much more sense.

For this reason the text centers around 15 fundamental axioms of personal finance that are introduced in an intuitive manner in chapter 1 and then reappear in every chapter. By first presenting the student with the principles that drive the techniques, the student is afforded the opportunity to see the "big picture," or distinguish the "forest from the trees," as you will. As we all know, after an introductory course is over, there's a rush to forget. Unfortunately, this is many times the case with personal finance-"I don't have any money now, so this isn't important." However, although it's relatively easy to forget tools and techniques, it's much more difficult to forget underlying principles. Once the principles are known, they become a part of the student's "financial personality" and are applied unknowingly. The end result is that in the future, when the student is far removed from this course, an understanding of these fundamental principles of personal finance will allow the student to effectively deal with the ever-changing financial world.


Features | Preface | Table of Contents | Supplements | About the Authors | Top


Table of Contents

  1. The Financial Markets and Interest Rates.
  2. Understanding Financial Statements and Cash Flows.
  3. Evaluating a Firm's Financial Performance.
  4. Financial Forecasting, Planning, and Budgeting.
  5. The Time Value of Money.
  6. Valuation and Characteristics of Bonds.
  7. Valuation and Characteristics of Stock.
  8. The Meaning and Measurement of Risk and Return.
  9. Capital-Budgeting Techniques and Practice.
  10. Cash Flows and Other Topics in Capital Budgeting.
  11. Cost of Capital.
  12. Determining the Financing Mix.
  13. Dividend Policy and Internal Financing.
  14. Introduction to Working-Capital Management.
  15. Liquid Asset Management.
  16. International Business Finance.
Appendix A: Using a Calculator.
Appendix B: Compound Sum of $1.
Appendix C: Present Value of $1.
Appendix D: Sum of an Annuity of $1 for n Periods.
Appendix E: Present Value of an Annuity of $1 for n Periods.
Appendix F: Check Figures for Selected End-of-Chapter Study Problems.
Glossary.
Index.


Features | Preface | Table of Contents | Supplements | About the Authors | Top


Supplements

Instructor's Manual with Solutions
The Instructor's Manual was written by Ruth Lytton of Virginia Tech, John Grable of Texas Tech University, and Derek Klock of Virginia Tech. This manual provides chapter summaries along with solutions to the questions, problems, and cases, which appear in each chapter.
Test Bank
The Test Item File was prepared by Karin Bonding of the University of Virginia. This Test Item File is made up of approximately twenty-five true/false questions, thirty-five multiple-choice questions, and ten short answer/essay questions per chapter. The questions vary in degree of difficulty while covering all pertinent topics.
Prentice Hall Test Manager, Version 4.1
The Test Bank is designed for use with the Prentice Hall Test Manager, a computerized package that allows instructors to custom design, save, and generate classroom tests. The test program (in Windows formats) permits instructors to edit, add, or delete questions from the test banks; edit existing graphics and create new graphics; analyze test results; and organize a database of tests and student results.
PowerPoint Presentation
Created by Derek Klock, a set of PowerPoint slides with lecture notes corresponding to each chapter of the text is available for download on the text's Companion web site, http://www.prenhall.com/keown.
Excel Worksheets
Financial planning worksheets are available to students to provide the opportunity to develop and implement a personal financial plan. These can be downloaded from the text's Companion Website, http://www.prenhall.com/keown.)
Student Study Guide
The student study guide was written by Ruth Lytton, John Grable, and Derek Klock. It includes chapter summaries, highlights, key terms, and practice test questions.
Companion web site
http://www.prenhall.com/keown, an interactive, web-based resource, offers students another opportunity to sharpen their problem-solving skills and to assess their understanding of the text material. Prepared by Ken Mark of Kansas City Community College, the Companion web site for Personal Finance contains fifteen to twenty multiple-choice questions, 10 True/False and two to three essay questions per chapter. The online study guide has a built-in grading feature that also provides students with immediate feedback in the form of coaching comments..


Features | Preface | Table of Contents | Supplements | About the Authors | Top


About the Authors

Dr. Keown is an R. B. Pamplin Professor of Finance. His research interests include investments, corporate finance, operations research applications in finance, and personal finance. He is a member of Beta Gamma Sigma, the national business scholastic fraternity, the American Finance Association, Financial Management Association, American Institute for Decision Sciences, Southern Finance Association, and Eastern Finance Association. In 1986 Dr. Keown was selected as a Fellow of the Decision Sciences Institute. He is also a member of the Board of Directors of the Financial Management Association. Dr. Keown has co-authored several books including Basic Financial Management, Foundations of Finance: The Logic and Practice of Financial Management; Personal Finance: Turning Money Into Wealth, Cases in Finance; and Cases in Basic Financial Management. Dr. Keown has also published articles in the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Banking and Finance, Managerial and Decision Economics, Pacific-Basin Capital Markets Research, AIIE Transactions, Journal of Portfolio Management, The Engineering Economist, Journal of Business Research, Journal of Business and Economics, Journal of Accounting, Auditing and Finance, Operations Research Quarterly, Omega, and others. In addition, Dr. Keown is the Editor of the Journal of Financial Reserch, and Financial Management Association Survey and Synthesis, is on the Editorial Board of the International Journal of Finance, and Review of Financial Economics and has served on the Editorial Board of Decision Sciences and the Journal of Business Research, and acts as a referee for numerous other journals. In the teaching area Dr. Keown has received teaching excellence awards both at Indiana University and at Virginia Tech, is a member of the Academy of Teaching Excellence and has won both the W. E. Wine Award for Teaching Excellence and the Alumni Teaching Award. emily@vt.edu; http://www.cob.vt.edu/finance/faculty/ajk.


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