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Personal Finance is a lower-level baccalaureate exam which covers the following areas:

• Budgeting
• Cash management
• Economic Conditions
• Debt and Credit
  • Credit cards
  • Installment loans
  • Interest calculations
  • Federal credit laws
  • Creditworthiness, credit scoring and reporting
  • Bankruptcy
  
  
• Simple and Compound Interest
• Taxes
  • Payroll
  • Income
  • IRS and audits
  • Estate and gift
  • Tax planning
  • Progressive vs. regressive
  • Tax professionals
  
  
• Major Purchases
  • Auto
  • Housing
  
  
• Insurance
  • Risk management
  • Life policies
  • Property and liability policies
  • Health and disability policies
  • Specialty insurance
  • Insurance analysis and sources of information
  
  
• Investments
  • Liquid assets
  • Fixed income/bonds
  • Equity
  • Mutual funds
  • Commodities, precious metals, real estate
  • Sources of information
  • Time value of money
  • Asset/portfolio allocation

The questions on the exam are multiple choice and require you to demonstrate the following skills:

• A knowledge of basic facts and terms
• An understanding of concepts and principles
• An ability to apply concepts and principles to specific problems and situations

(Taken from "Personal Finance," DSST (DANTES Subject Standardized Tests), Thomson Prometric, www.GetCollegeCredit.com/NEWFACTSHEETS/Personal%20Finance.pdf.)