ACCT8011 Financial & Consumer Studies Assignment Sample MTU Ireland

ACCT8011 Financial & Consumer Studies course is designed to provide students with an understanding of the financial landscape in which they operate. It covers a range of topics from personal finance to corporate finance and is relevant for those working or intending to work in any area of business.

The course will develop your skills in financial analysis and interpretation, as well as your ability to communicate financial information. You will also have the opportunity to explore consumer behaviour and its impact on financial decision-making.

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In this section, we are describing some assigned briefs. These are:

Assignment Task 1: Research, analyze and evaluate savings, investment, and loan products concerning terms and conditions and perform calculations such as annual equivalent rate (AER) for savings and annual percentage rate (APR) for loans.

Before making any decisions about savings, investment, or loan products, it’s important to carefully research and evaluate all the options available. This means understanding the terms and conditions of each product, as well as performing calculations such as AER and APR.

Annual equivalent rate (AER) is a way of expressing the interest rate on a savings account over a year. It tells you what the interest rate would be if interest were paid and compounded once a year. This makes it easier to compare accounts with different interest rates and compound frequencies.

To calculate AER, you need to know the interest rate and how often interest is compounded (usually daily, monthly, or yearly).

The following formula is used to calculate AER:

AER = (1 + i/n) ^ n – 1

i = interest rate per compounding period

n = number of compounding periods per year

The annual percentage rate (APR) is a measure of the cost of credit, expressed as a yearly rate. It includes the interest rate, points, broker fees, and certain other credit charges that the borrower may be required to pay.

The following formula is used to calculate APR:

APR = i * n/100 + f

i = periodic interest rate (annualized if n > 1)

n = number of periods per year

f = upfront fee charged by the lender

Assignment Task 2: Apply the principles of insurance and evaluate various insurance products, pension schemes, and social welfare supplements.

Insurance is a way of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An insurer, or insurance company, is a business that provides insurance on various risks, including death, accident, fire, theft, and many others. A person or other entity who buys insurance is known as the policyholder.

There are various types of insurance products available, including life insurance, health insurance, car insurance, and home insurance.

• Life insurance is a contract between an insurer and a policyholder, where the insurer agrees to pay a sum of money to the policyholder’s beneficiaries in the event of the policyholder’s death.
• Health insurance is a type of insurance that covers the costs of medical care. It can be purchased for individuals or families.
• Car insurance is a type of insurance that helps to protect against loss in the event of an accident or theft.
• Home insurance, also known as homeowner’s insurance, is a type of insurance that helps to protect against loss in the event of a fire, flood, or another disaster.

Pension schemes are set up by employers or by the government to provide financial security in retirement. There are many different types of pension schemes, but they all have one common goal: to give you an income when you retire.

Social welfare supplements are payments made by the government to people who are unable to support themselves financially. These payments can be in the form of cash, food, housing, or other necessities.

Assignment Task 3: Perform income tax computations, file personal annual tax returns online, and claim tax credits and expenses.

Income tax is a tax levied on the income of individuals or businesses. Income tax is computed by applying a tax rate to the taxable income of an individual or business. The tax rate may vary depending on the type of income, the taxpayer’s filing status, and other factors.

The following formula is used to compute income tax:

Income tax = Taxable income x Tax rate

Personal annual tax returns are filed by individuals who have income from sources other than their employer. This includes income from investments, self-employment, rental property, and other sources.

Tax credits and expenses are deductions that can be used to reduce the amount of taxes owed. Common examples of tax credits and expenses include deductions for charitable donations, medical expenses, and education expenses.

Assignment Task 4: Prioritise financial needs for individuals and households with varying degrees of wealth and communicate advice for households on annual household budgets.

It is important to prioritize your financial needs to make the most of your money. For households with a limited income, it is especially important to carefully consider what expenses are necessary and what can be put off until later.

Some common financial needs for households include food, shelter, clothing, transportation, and healthcare. However, every household is different and has different financial needs.

One way to create a budget is to start by making a list of all your income and expenses. Then, you can determine what items are essential and what can be cut back on. You can also look for ways to save money, such as by getting discounts or coupons.

Once you have created a budget, it is important to stick to it. This can be difficult, but there are a few tips that can help. First, try to avoid impulse purchases. Second, plan for big expenses. Finally, don’t be afraid to ask for help if you need it.

There are many resources available to help you create a budget and stick to it. You can find helpful tips and advice from financial advisors, online resources, or books about personal finance. Whatever resources you use, the most important thing is to take action and make a plan for your finances.

Assignment Task 5: Research and evaluate factors that affect consumer decision-making and apply the principles of consumers’ rights, responsibilities (including responsibility towards the environment), consumer protection, and legislation for sound consumer judgment and choice.

Many factors affect consumer decision-making. Some of these factors include advertising, price, perceived quality, and brand loyalty.

• Advertising is a form of marketing that is used to persuade potential customers to purchase a product or service. Advertising can be in the form of television commercials, print ads, online ads, or any other type of marketing.
• Price is another important factor that affects consumer decision-making. Consumers often compare prices before making a purchase. perceived quality is the perceived value of a product or service. This can be based on factors such as the brand, design, and reputation.
• Brand loyalty is when a customer continues to purchase a product or service from a particular brand. This can be due to factors such as satisfaction with the product, good customer service, or a low price.

Several consumer rights protect consumers from unfair or deceptive practices. These rights include the right to information, the right to choose, the right to safety, and the right to be heard.

Consumer protection laws are also in place to help protect consumers. These laws allow consumers to file complaints against companies that have engaged in unfair or deceptive practices.

Consumers need to be informed and make sound decisions when choosing products or services. To do this, it is helpful to research factors that affect consumer decision-making and be aware of your rights and responsibilities as a consumer.

Assignment Task 6: Evaluate different approaches to teaching and assessing household finance and consumer studies.

There are a variety of ways that household finance and consumer studies can be taught. Some approaches include lectures, discussions, group work, case studies, and simulations.

• Lectures are a common method of teaching this subject matter. Lectures can be used to introduce new concepts and provide an overview of the material.
• Discussions can be used to allow students to share their thoughts and ideas about the material. This can be done in small groups or as a whole class.
• Group work is another approach that can be used. This allows students to work together to complete an assignment or project.
• Case studies are a way of teaching by using real-life examples. This can help students understand the material and see how it is applied in the real world.
• Simulations are another way of teaching. This involves creating a simulated environment where students can practice what they have learned.

These are just a few of the many approaches that can be used to teach household finance and consumer studies. The most important thing is to find an approach that works best for you and your students.

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