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Questions and Answers of
Corporate Finance
Carlos was enrolled in a qualifying full-time education program for six months of the year and a qualifying part-time education program for the remaining six months of the year. What education amount
Larry is in the 32 percent combined marginal tax bracket. Last year, he sold stock he had held for nine months for a gain of $1900. How much tax must he pay on this capital gain?
Jim sold two stocks during the year. The capital gain on the sale of Alpha Corp. stock was $10 000. The capital loss on the sale of Gamma Inc. stock was $8000. What is the taxable capital gain Jim
Freda incurred a $20 000 capital gain during the year. She would like to reduce her capital gain by selling one of two stocks that are currently sitting at a capital loss. She purchased 10 000 shares
Mohammed had total income for the year of $55 000. During the year, he contributed $5000 to an RRSP, $345 toward union dues, $4000 toward child support based on a written agreement established in
Use the information in Exhibit 4.4 (see page 92) to determine the amount of federal tax payable for each of the following individuals. Non-refundable tax credits are not applicable. a. Brenda,
What is the average tax rate for each of the individuals in Problem 7?
Edna qualifies for the age amount; however, she had an earned income of $44 000 in 2014. As a result, her age amount is subject to a clawback of 15 percent for every dollar that her income is greater
Define money management. How does it differ from long-term investment or long-term borrowing decisions?
Explain overdraft protection. Are all bank fee structures the same?
Why might you use a TFSA as a short-term investment account option?
What terms does a financial institution specify for GICs? Why are rates on GICs higher than those on savings accounts? What factor would most affect your choice of maturity date on a GIC?
Who issues Canada Savings Bonds (CSBs)? What are the two types of CSBs? What is a regular interest bond? What is a compound interest bond?
What are money market funds (MMFs)? What types of securities do they invest in? Are MMFs risky investments? Are they liquid?
Name some ways in which an individual might handle a cash flow deficiency. Which would be preferable? Why?
List and describe the eight types of non-depository financial institutions.
Stuart wants to open a chequing account with a $100 deposit. Stuart believes he will write 15 cheques per month and use other banks’ ABMs eight times a month. He will not be able to maintain a
Nancy is depositing $2500 in a six-month GIC that pays 4.25 percent interest, compounded annually. How much interest will she accrue if she holds the GIC until maturity?
Akida has invested $10,000 in an 18-month GIC that pays 6.25 percent, compounded annually. How much interest will Akida receive at maturity?
Explain the two types of credit. Under what conditions might a consumer find each type useful?
What are seven advantages of using a credit card? What are the disadvantages?
Describe the differences between a credit card like MasterCard or Visa and a retail (or proprietary) card. How do credit and retail cards generate revenue? What is the biggest disadvantage of a
What is the main purpose of student, U.S. dollar, and secured credit cards?
Discuss how credit card companies offer incentives to use their cards. How else might credit card companies reward cardholders with excel- lent credit ratings?
What is a cash advance? How is it commonly obtained? Discuss interest rates and grace periods with regard to cash advances.
What are the advantages and disadvantages of using credit? Discuss.
What information is included in a loan contract? How is the amount of the loan determined? Discuss.
Explain the difference between a 10 percent interest rate charged on a payday loan and a 10 percent interest rate charged by a bank on a personal loan.
What are the advantages and disadvantages of leasing? Give some advice to someone considering leasing.
Name the two major credit bureaus. How do they score your credit rating? Will both bureaus always produce the same credit score?
You may be deemed insolvent under what circumstances? What amount is exempt from bankruptcy in your province? How is your spouse affected by your personal bankruptcy?
Is identity theft only perpetrated to acquire money, goods, or services?
Can identity theft occur through legitimate access to your personal information? Explain.
What eight major areas of information may be included on your credit report?
What five factors determine your credit score, and how are these factors weighted by BEACON?
How can you improve your credit score, and how long can it take to erase a poor credit history?
Eileen is a college student who consistently uses her credit card as a source of funds. She has maxed out her card at its $6000 limit. She does not plan to increase her credit card balance any
The end of the billing period on Paul’s credit card is the thirtieth of the month. He has a grace period of 21 days. If Paul purchases a stereo for $2300 on June 12, how many interest-free days
Sharon is considering the purchase of a car. After making the down payment, she will finance $15 500. She is offered three maturities. On a four- year loan, Sharon will pay $371.17 per month. On a
What is your first task when considering buying a home? Why is this step important?
How can a real estate broker help you? How can online services be used to help you purchase a home?
What is the difference between a conventional mortgage and a high ratio mortgage? What is a vendor take-back mortgage? How does it work?
What is the difference between the amortization period and the mortgage term? What is a closed mortgage? What is an open mortgage? Which type is more popular? Why?
Describe the characteristics of a fixed-rate mort- gage. Why do certain homeowners prefer a fixed- rate mortgage to a variable-rate mortgage?
What is an amortization schedule? What does each mortgage payment represent?
Discuss the characteristics of a variable-rate mort- gage. What influences your choice of a fixed-rate or variable-rate mortgage? What is a convertible mortgage?
What is the purpose of a pre-approval certificate? Does a pre-approval certificate indicate that you will get a mortgage? What does GDS stand for? What doesTDS stand for? How do financial
What should you consider when determining an affordable down payment and monthly mortgage payments? Discuss.
How do price, convenience of the location, and maintenance affect your home-buying decisions? Discuss.
Why is the reputation of the school system in the area of the home you are buying important? Discuss.
Isabella and Raphael are interested in buying a home. They have completed the initial steps in the home-buying process, including contacting a realtor and obtaining a pre-approval certificate from
For this problem, assume that the CMHC mortgage loan insurance premium of 2.40 percent will be added to the mortgage. Paul (from Problem 7) will be able to save $700 per month (which can be used for
Describe other provisions that can be added to an auto insurance policy.
What is the difference between all perils coverage and named perils coverage?
What is an actual cash value homeowner’s policy? What is a replacement cost homeowner’s policy?
How does homeowner’s liability coverage work? What does the medical payments provision cover? What does the voluntary property damage provision cover?
How is tenant’s insurance different from home- owner’s insurance? Who should consider purchasing tenant’s insurance? Briefly describe some of the provisions of a tenant’s insurance policy.
What is the responsibility of the insurance company that sells you a policy? How do insurance companies determine their profits? What is the relationship between insurance company claims and premiums
How does accident benefits coverage under an auto insurance policy work? What is uninsured motorist coverage? How does it work?
Describe collision insurance and comprehensive coverage. Is this type of coverage required by most provinces? Who may require this type of coverage?
What is the purpose of Facility Association? Is it available in all provinces? Why or why not?
What is the intent of no-fault insurance? How does no-fault insurance generally work? What is a disadvantage of no-fault insurance?
What is the definition of disability under the Canada Pension Plan?
What is the difference between the “own occupation,” “regular occupation,” and “any occupation” definitions of disability?
What is the purpose of critical illness insurance? What types of life-altering illness may be covered by a critical illness policy?
What is term insurance? What factors determine the premium for term insurance?
What is creditor insurance? How is it different from personally owned term insurance?
What is permanent insurance? Define the terms cost of insurance and cash value. What are the benefits of building cash value inside a permanent life insurance policy?
What is whole life insurance? What is the main purpose of cash value inside a whole life policy?
What is universal life insurance? What are the two costs of insurance options in a universal life insurance policy? What is the impact on the growth of the savings account portion of the policy under
Describe the features of universal life insurance premiums. Why would you buy universal life insurance? What are the similarities and differences between whole life and universal life?
Describe the non-forfeiture options of permanent insurance policies.
What is term to 100 insurance?
What are the two classifications of life insurance policies? What is a policy dividend? Under what circumstances is it paid?
Compare and contrast life insurance policy premiums.
List some of the more common life insurance policy contents. Explain the benefit of the grace period. What is reinstatement? How does it work? What is the incontestability date? Explain what happens
Do you think that everyone needs health and/or life insurance? Explain.
What is the benefit of the renewability option? What is the benefit of the conversion option?
What is a rider? Describe the features and/or benefits of the major riders in a life insurance policy.
With respect to financial goals, what is the difference between health and life insurance?
What is the role of the federal government in the provision of health care?
Describe the features and principles of the Canada Health Act.
What is the role of the provincial and territorial governments in the provision of health care?
What is private health insurance? Briefly describe group health insurance. What do individual health insurance plans provide coverage for?
Bart is a college student. He plans to get a job immediately after graduation and determines that he will need about $250 000 in life insurance to provide for his future wife (he is not yet married)
What is the difference in the tax treatment of different types of investment income?
Why can asset allocation be expensive? How can you reduce the costs? Discuss.
What is the difference in the tax treatment of different types of investment income? Discuss.
Discuss the impact of margin on risk and return.
What is liquidity? How is it measured?
What is financial leverage? Discuss two ways to measure financial leverage.
What is an indicator of the efficiency of a firm? How can efficiency be measured?
Where can you find the necessary information to determine a firm’s profitability? Describe the financial ratios used to measure profitability.
List some sources of information about individual firms other than the annual report. Why should you carefully evaluate the information you use?
What are the limitations of measuring financial characteristics using financial ratios?
What are the two major stock exchanges in Canada? What is the purpose of the Montreal Exchange? What are market makers? Describe some of the other stock exchanges. What is the over the counter market?
What is monetary policy? How do interest rates affect economic growth? Why do interest rates affect some stock prices more than others? Which federal agency influences interest rates?
What two basic factors drive the price of a stock? What is the first step in the valuation process for a stock? What are you trying to determine through
How is the value of a stock determined using the dividend discount model (DDM) method? What are the limitations of the DDM method?
How is the price–earnings ratio (P/E) computed? Describe how you can use the P/E method to value a firm. How can you derive an estimate of earn- ings? What are the limitations of using the P/E
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