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AAMS 300 EXAM 1 STUDY GUIDE
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AAMS 300 EXAM 1 STUDY GUIDE
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AAMS 300 EXAM 1 STUDY GUIDEGreat Empires (West Africa) - answer- Ghana (1st)
Mali
Songhay/songhai
Political and economic organizations - answer- Family, Clan state, kingdom and more
When was the first AAMS class started? - answer- 1968, San Fran,
Africa "Dark Continent" - answer- Being taught the bad about Africa
Driving forces behind the T.A.S.T - answer- The Renaissance
The Commercial Revolution
Demand for Goods
Competing interest in the Trade - answer- Portugal
Spain
Netherlands
France
English
Dutch
Alexander Falconbridge - answer- name of the slave ship doctor turned abolitionist
Advantages of enslaving African - answer- Cheaper than other forced labor
Could be purchased outright
Could hold more rigid methods of punishments
Easier to catch if escaped
Assets - answer- Assets are the things the client owns - even if they are not fully paid for.
Liabilities - answer- Liabilities are what the client owes - on credit cards, bank loans, mortgages, etc.
Net Worth formula - answer- Net Worth is a residual figure determined by: Assets - Liabilities = Net Worth
Describe "Use Assets" - answer- Assets used in the course of daily living: automobiles, homes, boats, personal property, etc
Another name for: Statement of Financial Position - answer- Balance Sheet - details a specific date Another name for: Income Statement - answer- Cash Flow Statement - details a period of time, typically a year
Income / Cash Flow Statement - answer- Lists sources of income and expenses that covers a specific period of time, typically a year.
Formula for an Income / Cash Flow Statement - answer- Gross Income - Expenses = Surplus (Deficit)
Difference between Income Statement & Cash Flow Statement - answer- Income Statement - any surplus represents the amount available for savings or investment.
Describe "Income Surplus" - answer- The two periods when income exceeds expenses - the "early working years" (before children) and the "late working years" (after children are through college and out of the house)
Describe "Income Deficit" - answer- The period when expenses outpace income; typically the "family raising" years, when the client incurs the costs of raising a child, buying a home or trading homes, and obtaining consumer credit
Describe "Small Surplus" - answer- The period, during retirement, when income slightly exceeds expenses
List two important forces that affect how most clients live - answer- 1) Income 2) The financial requirements needed to maintain an adequate lifestyle
Five Aspects that make up a client's investment personality - answer- 1) Willingness to take risk
2) Patience
3) Ability to plan in advance
4) Willingness to share private , personal information
5) Client's market attitude
Hierarchy of Financial Goals - answer- ...
Contrarian - answer- An attitude, or person who generally holds an attitude, directly opposite to that of the majority.
Foundation Goals - answer- Goals that provide for the most basic material needs (food, shelter, clothing).
Investment Policy - answer- A coherent set of guidelines for managing financial assets that is in line with a client's goals and the realities of investment markets.
Lifestyle Goals - answer- Financial goals that go beyond the basic requirements of an individual (college education, summer home, financial independence).
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