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Questions and Answers of Corporate Finance

When might you use future value? Present value? Give specific examples.
Scott Bennett is preparing his balance sheet and income and expense statement for the year ending June 30, 2016. He is having difficulty classifying six items and asks for your help. Which, if any,
Put yourself 10 years into the future. Construct a fairly detailed and realistic balance sheet and income and expense statement reflecting what you would like to achieve by that time.
Use Worksheet 2.1. Teresa Blankenship's banker has asked her to submit a personal balance sheet as of June 30, 2015, in support of an application for a $6,000 home improvement loan. She comes
Use Worksheet 2.2. Ross and Cindy Adams are about to construct their income and expense statement for the year ending December 31, 2015. They have put together the following income and expense
Stan and Elizabeth Carpenter are preparing their 2016 cash budget. Help the Carpenters reconcile the following differences, giving reasons to support your answers.a. Their only source of income is
Here is a portion of Ralph Grissom's budget record for April 2016. Fill in the blanks in columns 5 and6.
Use future or present value techniques to solve the following problems.a. Starting with $15,000, how much will you have in 10 years if you can earn 6 percent on your money? If you can earn only 4
Over the past several years, Gwen Fong has been able to save regularly. As a result, she has $54,188 in savings and investments today. She wants to establish her own business in five years and feels
Greg Fredericks wishes to have $800,000 in a retirement fund 20 years from now. He can create the retirement fund by making a single lump-sum deposit today.a. If he can earn 6 percent on his
Steve Short wants to set up a fund to pay for his daughter’s education. In order to pay her expenses, he will need $23,000 in four years, $24,300 in five years, and $26,000 in six years, and
Kristen Worthington has always been interested in stocks. She has decided to invest $2,000 once every year into an equity mutual fund that is expected to produce a return of 6 percent a year for the
1. a. Prepare a preliminary cash budget for Alex for the year ending December 31, 2016, using the format shown in Worksheet 2.3.b. Compare Alex’s estimated expenses with his expected income and
1. Using this information and Worksheets 2.1 and 2.2, construct the Lawrences’ balance sheet and income and expense statement for the year ending December 31, 2015.2. Comment on the Lawrences’
What is a progressive tax structure and the economic rationale for it?
Briefly define the five filing categories available to taxpayers. When might married taxpayers choose to file separately?
Distinguish between gross earnings and take-home pay. What does the employer do with the difference?
What two factors determine the amount of federal withholding taxes that will be deducted from gross earnings each pay period? Explain.
Define and differentiate between gross income and AGI. Name several types of tax exempt income. What is passive income?
What is a capital gain, and how is it treated for tax purposes?
If you itemize your deductions, you may include certain expenses as part of your itemized deductions. Discuss five types of itemized deductions and the general rules that apply to them.
Jeff Cambell was married on January 15, 2012. His wife, Laura, is a full-time student at the university and earns $625 a month working in the library. How many personal exemptions will Jeff and Laura
Define and differentiate between the average tax rate and the marginal tax rate. How does a tax credit differ from an itemized deduction?
Explain how the following are used in filing a tax return(a) Form 1040(b) Various schedules that accompany Form 1040(c) Tax rate schedules.
Define estimated taxes, and explain under what conditions such tax payments are required.
What is the purpose of a tax audit? Describe some things you can do to be prepared if your return is audited.
What types of assistance and tax preparation services does the IRS provide?
What are the advantages of using tax preparation software?
Explain each of the following strategies for reducing current taxes(a) Maximizing deductions(b) Income shifting(c) Tax-Free income(d) Tax-Deferred income.
Mary Watson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $45,000 as a sales assistant for Focused Business Analytics; $3,910 of her wages was
Debra Ferguson received the following items and amounts of income during 2011. Help her calculate(a) Her gross income(b) That portion (dollar amount) of her income that is tax exempt.Salary
If Amy Phillips is single and in the 28 percent tax bracket, calculate the tax associated with each of the following transactions. (Use the IRS regulations for capital gains in effect in 2011.)a. She
Demonstrate the differences resulting from a $1,000 tax credit versus a $1,000 tax deduction for a single taxpayer in the 25 percent tax bracket with $40,000 of pre-tax income.
Use Worksheets 3.1 and 3.2. Qiang Gao graduated from college in 2011 and began work as a systems analyst in July 2011. He is preparing to file his income tax return for 2011 and has collected the
Steve and Beth Compton are married and have one child. Steve is putting together some figures so that he can prepare the Compton’s joint 2011 tax return. He can claim three personal exemptions
Shauna and Conan O’Farrell have been notified that they are being audited. What should they do to prepare for the audit?
1. Calculate Cheryl Stern’s taxable income, being sure to consider her exemption. Assume that the standard deduction for a single taxpayer is $5,800, and that each exemption claimed is worth
1. Using the Kapoors’ information, determine the total amount of their itemized deductions. Assume that they’ll use the filing status of married filing jointly, the standard deduction for that
What is cash management, and what are its major functions?
Give two reasons for holding liquid assets. Identify and briefly describe the popular types of liquid assets.
Explain the effects that historically low interest rates have on borrowers, lenders, savers, and retirees.
Briefly describe the basic operations of—and the products and services offered by—each of the following financial institutions(a) Commercial bank(b) Savings and loan association(c) Savings
What role does the FDIC play in insuring financial institutions? What other federal insurance program exists? Explain.
Would it be possible for an individual to have, say, six or seven checking and savings accounts at the same bank and still be fully protected under federal deposit insurance? Explain. Describe how it
Distinguish between a checking account and a savings account.
Define and discuss(a) Demand deposits(b) Time deposits(c) Interest-paying checking accounts.
Briefly describe the key characteristics of each of the following forms of interest-paying checking accounts(a) NOW account(b) MMDA(c) MMMF.
Describe the features of an AMA, its advantages, and its disadvantages.
Briefly describe(a) Debit cards(b) Banking at ATMs(c) Preauthorized deposits and payments(d) Bank-by-phone accounts(e) Online banking and bill-paying services.
What are your legal rights and responsibilities when using EFTSs?
What are the key factors to consider when opening a checking account? Discuss the advantages and disadvantages of individual versus joint accounts.
Is it possible to bounce a check because of insufficient funds when the checkbook ledger shows a balance available to cover it? Explain what happens when a check bounces. Can you obtain protection
Describe the procedure used to stop payment on a check. Why might you wish to initiate this process?
What type of information is found in the monthly bank statement, and how is it used? Explain the basic steps involved in reconciling an account.
Briefly describe each of these special types of checks:a. Cashier’s checkb. Traveler’s checkc. Certified check
In general, how much of your annual income should you save in the form of liquid reserves? What portion of your investment portfolio should you keep in savings and other short-term investment
Define and distinguish between the nominal (stated) rate of interest and the effective rate of interest. Explain why a savings and loan association that pays a nominal rate of 4.5 percent interest,
What factors determine the amount of interest you will earn on a deposit account? Which combination provides the best return?
Briefly describe the basic features of each of the following savings vehicles: (a) CDs(b) U.S. Treasury bills(c) Series EE bonds(d) I savings bonds.
Your parents are retired and have expressed concern about the really low interest rates they’re earning on their savings. They’ve been approached by an advisor who says he has a “sure-fire”
What type of bank serves your needs best? Visit the Web sites of the following institutions and prepare a chart comparing the services offered, such as traditional and online banking, investment
Suppose that someone stole your ATM card and withdrew $950 from your checking account. How much money could you lose according to federal legislation if you reported the stolen card to the bank?(a)
Determine the annual net cost of these checking accounts:a. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per monthb. Annual interest of 2.5 percent paid if balance
Use Worksheet. Felipe Aguilar has a NOW account at the Second State Bank. His checkbook ledger lists the following checks:Check Number Amount654
If you put $6,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in 5 years? (Hint: Use the future value formula.) How much
Describe some of the short-term investment vehicles that can be used to manage your cash resources. What would you focus on if you were concerned that the financial crisis would increase inflation
Carl and Elaine Blankenship together earn approximately $82,000 a year after taxes. Through an inheritance and some wise investing, they also have an investment portfolio with a value of almost
You’re getting married and are unhappy with your present bank. Discuss your strategy for choosing a new bank and opening an account. Consider the factors that are important to you in selecting a
1. Calculate the annual cost of each of the three accounts, assuming that Judith’s banking habits remain the same. Which plan would you recommend and why?2. Should Judith consider opening the
1. From this information, prepare bank reconciliation for the Lamars as of October 5, 2015, using a form like the one in Worksheet 4.1.2. Given your answer to Question 1, what, if any, adjustments
Briefly discuss how each of these purchase considerations would affect your choice of a car:a. Affordabilityb. Operating costsc. Gas, diesel, hybrid, or electric? d. New, used, or “nearly new”?e.
Describe the purchase transaction process, including shopping, negotiating price, and closing the deal on a car.
What are the advantages and disadvantages of leasing a car?
In addition to single-family homes, what other forms of housing are available in the United States? Briefly describe each of them.
What type of housing would you choose for yourself now, and why? Why might you choose to rent instead of buy?
Briefly describe the various benefits of owning a home. Which one is most important to you? Which is least important?
What are mortgage points? How much would a home buyer have to pay if the lender wanted to charge 2.5 points on a $250,000 mortgage? When would this amount have to be paid? What effect do points have
What are closing costs, and what items do they include? Who pays these costs, and when?
Describe some of the steps home buyers can take to improve the home buying process and increase their overall satisfaction with their purchases.
What role does a real estate agent play in the purchase of a house? What is the benefit of the MLS? How is the real estate agent compensated, and by whom?
Describe a real estate short sales transaction. What are the potential benefits and costs from the perspective of the homeowner?
Why should you investigate mortgage loans and prequalify for a mortgage early in the home-buying process?
What information is normally included in a real estate sales contract? What is an earnest money deposit? What is a contingency clause?
Describe the steps involved in closing the purchase of a home.
Briefly describe the two basic types of mortgage loans. Which has the lowest initial rate of interest? What is negative amortization, and which type of mortgage can experience it? Discuss the
Differentiate among conventional, insured, and guaranteed mortgage loans.
Why is it important to have a written lease? What should a rental contract include?
What does the loan-to-value ratio on a home represent? Is the down payment on a home related to its loan-to-value ratio? Explain.
What are the most common guidelines used to determine the monthly mortgage payment one can afford?
Why is it advisable for the prospective home buyer to investigate property taxes?
Describe the various sources of mortgage loans. What role might a mortgage broker play in obtaining mortgage financing?
Debbie Snyder has just graduated from college and needs to buy a car to commute to work. She estimates that she can afford to pay about $450 per month for a loan or lease and has about $2,000 in
Use Worksheet 5.1. Damien Smart is trying to decide whether to lease or purchase a new car costing $18,000. If he leases, he’ll have to pay a $600 security deposit and monthly payments of $425 over
Cliff Arthur has equally attractive job offers in Miami and Los Angeles. The rent ratios in the cities are 8 and 20, respectively. Cliff would really like to buy rather than rent a home after he
Using the maximum ratios for a conventional mortgage, how big a monthly payment could the Taylor family afford if their gross (before-tax) monthly income amounted to $4,000? Would it make any
How much might a home buyer expect to pay in closing costs on a $220,000 house with a 10 percent down payment? How much would the home buyer have to pay at the time of closing, taking into account
Find the monthly mortgage payments on the following mortgage loans using either your calculator or the table in Exhibit:a. $80,000 at 6.5 percent for 30 yearsb. $105,000 at 5.5 percent for 20 yearsc.
Use Worksheet 5.2. Aurelia Montenegro is currently renting an apartment for $725 per month and paying $275 annually for renter’s insurance. She just found a small town-house that she can buy for
Use Worksheet 5.3. Jennie and Caleb McDonald need to calculate the amount that they can afford to spend on their first home. They have a combined annual income of $47,500 and have $27,000 available
What would the monthly payments be on a $150,000 loan if the mortgage were set up as:a. A 15-year, 6 percent fixed-rate loan?b. A 30-year ARM in which the lender adds a margin of 2.5 to the index

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