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Questions and Answers of
Corporate Finance
Renée St. Clair is a 28-year old occupational therapist living in the Annex district of Toronto. She recently graduated from the University of Toronto and now works as an independent contractor
1. What budget items might the Westons consider reducing to cope with their financial difficulties? 2. How should the Westons use their savings and retirement fund during this financial crisis? What
What opportunity costs are associated with money management activities?
What are the benefits of an organized system of financial records and documents?
What suggestions would you give for creating a system for organizing and storing financial records and documents?
What influences the length of time you should keep financial records and documents?
What are the main purposes of personal financial statements?
What information does a cash flow statement present?
What are the main purposes of a budget?
How does a person's life situation affect goal setting and amounts allocated for various budget categories?
What are the main steps in creating a budget?
What types of taxes do people frequently overlook when making financial decisions?
What are the five sections of the federal tax return?
What common tax-planning strategies are available to most individuals and households?
What are the main sources available to help people prepare their taxes?
What actions can reduce the chances of an audit?
What appeal options do taxpayers have if they disagree with an audit decision?
What is a tax credit? Distinguish between the two types of tax credits.
Survey several people about whether they get a federal tax refund or owe taxes each year. Obtain information about the following:Do they usually get a refund or owe taxes when they file their federal
1. What are Eric's major financial concerns in his current situation?2. In what ways might Eric be able to improve his tax-planning efforts?3. Is Eric typical of many people in our society with
1. What factors should Margo consider when comparing a "Web-only" bank and online banking with her current financial institution?2. Locate Web sites that Margo might use when considering the use of
What factors do consumers usually consider when selecting a financial institution to meet their saving and chequing needs?
1. What benefits and costs are associated with automatic teller machines? 2. How does the use of financial services like ATMs affect a person's overall financial plan? 3. What could Chris do to
Compute the earnings for the year, for a $15,000 savings account that earns 12% compounded a) Annually b) Quarterly c) Monthly d) Daily.
Survey several people to determine awareness and use of various financial services such as online banking, "smart cards", and cheque writing software
1. Which financial services are most important to Carla and Ed Johnson?2. What efforts are the Johnsons currently making to assess their use of financial services in relation to their own financial
Why is consumer credit important to our economy?
What are the uses and misuses of credit?
What are the advantages and disadvantages of credit?
What are the two types of consumer credit?
What are the general rules of measuring credit capacity?
What can you do to build and maintain your credit rating?
What can you do if your credit application is denied?
1. Why are today's consumers spending and borrowing heavily? 2. Why do some experts suggest that a new class of borrowers may be especially at risk if the economic growth slows?
What are the two basic types of credit? Describe and distinguish between them.
A few years ago, Misha Azim purchased a home for $100,000. Today, the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming that Misha can borrow up to 80 percent of the market
Louise Gendron's monthly gross income is $2,000. Her employer withholds $400 in federal and provincial income taxes and $160 in CPP contributions per month. Louise contributes $80 per month for her
Dinesh Dani flew to Toronto to attend his brother's wedding. Knowing that his family would be busy, he did not ask anyone to meet him at the airport. Instead, he planned to rent a car to use while in
Juan Villavera, a recent college graduate, has accepted a teaching position at Brockville High School. Juan moved to Brockville and applied for a car loan at the Royal Bank. He had never used credit
Friedrich Reine has had a student loan, two auto loans, and three credit cards. He has always made timely payments on all obligations. He has a savings account of $2,400 and an annual income of
Survey friends and relatives to determine the process they used in deciding whether or not to use credit to purchase an automobile or a major appliance. What risks and opportunity costs did they
Prepare a list of similarities and differences in the reasons that the following individuals might have for using credit: a. A teenager b. A young adult c. A growing family of four d. A retired couple
What changes might take place in your personal net worth during different stages of your life? How might these changes affect your credit limits?
Survey credit representatives such as bankers, managers of credit departments in retail stores, managers of finance companies, credit union officers, managers of credit bureaus, and savings and loan
What are some advantages and disadvantages of securing a loan from a credit union? From a finance company?
1. What is the minimum amount that the Mortimers should have in an emergency fund? 2. What should the Mortimers do to increase the amount of money they set aside for emergencies? 3. Pamela and Isaac
Distinguish between APR and EAR.
Distinguish among adjusted balance, previous balance, and the average daily balance methods of calculating the cost of open-end credit.
What are the most frequent reasons for indebtedness?
What are the common danger signals of potential debt problems?
What is a consumer credit counselling service?
What are the two major activities of credit counselling services?
What options do consumers have for financial counselling?
How does bankruptcy affect your job and future credit?
What are the costs of declaring bankruptcy?
1. What is Huan Kwo's advice to student groups?2. Are teaser rates unique to student credit cards?3. Should you get a secured credit card? Why or why not?
Dave borrowed $500 and paid $50 in interest when he repaid the principal after one year. The bank also charged him a $5 service on a discount basis. What was the effective cost of his loan?
What are the interest cost and the total amount due on a six-month loan of $1,500 at 13.2 percent simple annual interest?
If Dave had borrowed the $500 for one year at an APR of 5%, compounded monthly, what would have been his monthly loan payment? What would have been the breakdown between interest and principal of the
Bobby is trying to decide between two credit cards. One has no annual fee and an 18-percent interest rate, and the other has a $40 annual fee and an 8.9-percent interest rate. Should he take the card
Sidney took a $200 cash advance by using cheques linked to her credit card account. The bank charges a 2-percent cash advance fee on the amount borrowed and offers no grace period on cash advances.
Dorothy lacks cash to pay for a $600 dishwasher. She could buy it from the store on credit by making 12 monthly payments of $52.74 each. The total cost would then be $632.88. Instead, Dorothy decides
You have been pricing a compact disc player in several stores. Three stores have the exact same price of $300. Each of these stores charges 18 percent APR, has a 30-day free ride, and sends out bills
Survey friends and relatives to find out how they determine the need for credit.
Prepare a list of sources of inexpensive loans, medium-priced loans, and expensive loans in your area. What are the trade-offs in obtaining a loan from an "easy" lender?
Using the Internet to obtain information about the costs of credit. As pointed out in the beginning of this chapter, credit costs money, therefore, you must conduct the cost/benefit analysis before
When you choose financing, what are the trade-offs between the features you prefer (term, size of payments, fixed or variable interest, or payment plan) and the cost of your loan?
How are the simple interest and simple interest on the declining balance formulas used in determining the cost of credit?
Your friend is drowning in a sea of overdue bills and is being harassed by a debt collection agency. Prepare a list of the steps that he or she should take if the harassment continues.
Visit a local office of a consumer credit counselling service. What assistance can debtors obtain from this office? What is the cost of this assistance, if any?
What factors would you consider in assessing the choices in declaring personal bankruptcy? Why should personal bankruptcy be the choice of last resort?
1. What is perhaps the most important item shown on the disclosure statement? Explain why.2. What is included in the finance charge?3. What is the amount Sophie will receive from the bank?4. Should
1. While on maternity leave, Maria will only receive 55% of her salary. Taking this into account and some of the additional baby costs (such as diapers and formula), will the Diases be able to make
1. What major factors are affecting the Mortimers spending habits?2. Based on a monthly income of $3,600, an estimated $240 per month for property taxes and homeowners insurance, current mortgage
Which components of a lease are likely to be most negotiable?
What type of individual would prefer a condominium over a single-family dwelling?
How does a seller's market differ from a buyer's market?
Under what conditions might a variable rate mortgage be appropriate?
When might refinancing a mortgage be advisable?
What should you consider when deciding whether to sell your home on your own or to use the services of a real estate agent?
1. What factors affect a person's ability to buy a house? 2. What are common sources of a down payment? Why should home buyers not use all their savings for the down payment on a home purchase? 3.
Calculate the Gross Debt Service (GDS) and the Total Debt Service (TDS) ratios for the following data. (Obj. 3) Monthly mortgage payment = $2100 Property taxes = $200 Heating costs = $115 Other
Talk with people who have different types of mortgages. What suggestions do they offer about obtaining home financing? What were their experiences with closing costs when they purchased their homes?
1. How could the St. Onges have benefited from buying a home that needed improvements? 2. How might Brigitte Lavoie have found out when mortgage rates were at a level that would make refinancing her
What are the methods of managing risk?
What are the steps in planning your personal insurance coverage?
1. Why is it important for people who rent to have insurance? 2. Does the building owner's property insurance ever cover the tenant's personal property? 3. What is the difference between cash value
What property and liability risks might some people overlook?
What major factors influence the cost of home insurance?
How does collision coverage differ from comprehensive physical damage coverage?
What actions can a person take to reduce the cost of automobile insurance?
1. What are some additional factors that would influence the cost of auto insurance for Justin? 2. What some measures Justin can take to maintain or reduce existing auto insurance premiums?
Kate Austin currently pays $300 per month for car insurance. When the time arrives to renew her policy, her insurance agent informs her that she could save an additional 15 percent in premium costs
Survey several people about their household inventory records. In the event of damage or loss, would they be able to prove the value of their personal property and other belongings?
What is the meaning of life insurance?
What is the principle of life insurance?
How many members of the group can be expected to die during the year? What amount must each of the 100,000 members contribute at the beginning of the year to provide $1,000 for the dependants of
Analyze the two methods of determining life insurance requirements. Which method is best, and why?
You and your spouse are in good health and have reasonably secure careers. You make about $35,000 annually and have opted for life insurance coverage of 3 times your salary through your employer.
Interview relatives and friends to determine why they purchased life insurance. Prepare an essay summarizing your findings.
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