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Questions and Answers of
Personal Finance
What is the difference between a tax deduction and a tax credit? With respect to reducing the amount of tax paid, which one is more valuable from the taxpayer’s perspective?
What is net income? Differentiate between net income and taxable income.
Describe the distinction between eligible and non-eligible dividends.
What is dividend income? What is the purpose of the dividend adjustment?
What is interest income? What is the purpose of a T5 slip?
In general, under what circumstance is someone considered self-employed?
From the information provided in Problems 1 through 3, how much can Angela expect to save in the next 12 months?Data from problem 1 through 3;Angela earns $2170 per month before taxes in her
Name some factors that might affect your current financial position.
How do your financial goals fit into your financial plan? What is a SMART goal?
How does psychology affect your cash flow?
What is the purpose of estate planning?
What is retirement planning? When should you begin the process of retirement planning? Explain.
What is an emergency fund? What is an alternative to establishing an emergency fund?
Should you wait for a milestone to be reached before creating a personal financial plan? Explain.
What are the key financial considerations during the early career life stage?
What are the five key components of a financial plan?
What is an opportunity cost? What might be some of the opportunity costs of spending $10 per week on lottery tickets?
What is a T4 slip?
Describe the different ways in which a taxpayer may file their tax return.
Which level of government collects property taxes?
What is a capital asset? Under what circumstances would you incur a capital gain on a capital asset?
What types of taxes are paid on consumer purchases? Provide some examples of an excise tax.
Define personal income tax.
Why do we pay taxes?
Hasan Fareed, a 24-year-old college graduate, never took a personal finance class. He pays his bills on time, has managed to save a little in an investment account, and with the help of an
Bill and Ann have the following liabilities: Mortgage.............................................$43500Car loan.................................................2750Credit card
Yasmeen has been saving for the past five years for a European vacation. Her vacation account currently has $5000, and she is ready to book her trip. If she takes the vacation, what impact will it
Yasmeen has been saving for the past five years for a European vacation. Her vacation account currently has $5000, and she is ready to book her trip. If she takes the vacation, what impact will it
Based on the information in problems 10 and 11, what is Santos and Cecilia’s current ratio? What is their liquidity ratio? What is their debt-to-asset ratio? Comment on each ratio. Assume that the
Santos and Cecilia (from problem 10) have the following liabilities:
Santos and Cecilia have the following assets: Fair Market ValueCondo......................$104
If Angela is saving $350 per month, what is her savings ratio?
Angela (from problem 1 and 2) makes a budget based on her personal cash flow statement. In two months, she must pay $900 for insurance on her car. How will this payment affect her net cash flows for
Angela (from Problem 1) inspects her chequebook and credit card bills and determines that she has the following monthly
Angela earns $2170 per month before taxes in her full-time job and $900 per month before taxes in her part-time job. About $650 per month is needed to pay taxes and other payroll deductions. What is
Describe how wealth is built over time. How do your personal cash flow statement and your personal balance sheet assist in building wealth?
How do you calculate the savings ratio? What does it indicate?
What ratio do you use to monitor your debt level? Is it better to have a high or low debt-to-assets ratio? Explain.
What is the liquidity ratio? Is it better to have a high or low liquidity ratio? Explain.
What is the current ratio? Is it better to have a high or low current ratio? Explain.
What is net worth? How is it a measure of wealth?
Describe how the use of credit cards may lead to a large accumulation of current liabilities.
Define and describe the two liability categories on the personal balance sheet. Provide an example of each.
Describe two ways that real estate might provide a return on an investment.
What are mutual funds? What are some of the features of a mutual fund?
What are bonds? What are some of the features of a bond?
What are stocks? What are some of the features of a stock?
Define and describe the three asset categories on the personal balance sheet. Provide an example of each.
What is a personal balance sheet? What does it provide?
What is the benefit of budgeting with a biweekly pay period?
What are the factors that affect expenses?
Describe how the stages of your career path affect your net income.
What are the factors that affect income?
What is a personal cash flow statement? Why is it important?
James Cardinal, 56, just retired after 31 years of teaching. He is a husband and father of three. Two of his children, Carl and Dan, still live at home while they are finishing college. James
Jenny Smith, 28, just received a promotion at work. Her salary has increased to $40 000 and she is now eligible to participate in her employer’s pension plan. The employer matches employee
Which of the following cash flow streams, A or B, is more attractive if the appropriate discount rate is 6.5 percent, compounded quarterly? Year A $0 $0 1 1500 1500 3 1500 2500 1500 2500 5 1500 2500
Tommy and Shan Li established a plan to save $300 per month for their children’s education. Their oldest child is six years old and will begin college in 12 years. They will invest the $300 in a
The effective interest rate on your credit card is 35 percent. What is the equivalent nominal interest rate if interest compounds daily? (EFF)
You have an investment in which you earn a nominal interest rate of 8.44 percent compounded quarterly on your investments. What is the equivalent effective interest rate? (EFF)
Winners of the Dream a Dream Lotto draw are given the choice of receiving the winning amount divided equally over 20 years or as a lump sum cash option amount. The cash option amount is determined by
How much money will Penny Pincher have after 40 years if she invests $500 at the beginning of each month and is able to earn a rate of return of 9 percent compounded semi-annually on her investments?
Jeron invests $75 per month, at the beginning of each month, at 5 percent interest compounded weekly. How long, in years, will it take him to accumulate $5000? (N)
Sandra deposits $2500 in her savings account. How many years will it take her savings account to increase to $5000 if she is able to earn a rate of return of 4 percent interest compounded annually?
You want to know how much you must deposit today to have $5000 in five years.Indicate whether you would solve for the future value of a single sum, the present value of a single sum, the future
Juan would like to give his newly born grandson a gift of $18 000 on his eighteenth birthday. Juan would like to know what rate of return, compounded monthly, he must earn on a tax-free investment
Stacey would like to have $1 million available to her at retirement. If she makes contributions of $300 per month to a tax-free investment account for 30 years, what rate of return must she earn on
If Shazaad wants to save $40 000 for a down payment on a home in five years, assuming an interest rate of 4.5 percent compounded quarterly, how much money does he need to save each month? (PMT)
Shania would like to finance the purchase of her car. If she borrows $20 000 as a five-year loan from the bank and the bank requires her to make end of month payments of $400, what is the annual
Cheryl wants to have $2000 in spending money to take on a trip to Niagara Falls in three years. How much must she deposit now in a savings account that pays 4 percent interest compounded monthly to
Farah will receive $1550 each year for 15 years from an ordinary annuity that she has recently purchased. If she earns interest at a rate of 6.6 percent compounded annually, what is the present value
Rodney received a total of $1000 cash as graduation gifts from various relatives. He wants to invest it in a guaranteed investment certificate (GIC) so that he will have a down payment on a car when
Earl wants to know how much he will have available to spend on his trip to Belize in three years if he deposits $3000 today at an interest rate of 9 percent compounded quarterly. (FV)
You must decide between accepting a lump sum settlement and annual payments.Indicate whether you would solve for the future value of a single sum, the present value of a single sum, the future value
You received $500 as a gift for graduation and want to know how much it will be worth in three years if you deposit it in a savings account.Indicate whether you would solve for the future value of a
You plan to contribute $300 per month to your company’s retirement plan and want to know how much you will have at retirement.Indicate whether you would solve for the future value of a single sum,
What would be the number of compounding periods (n) when determining the future value of an annuity, where money is invested monthly over a five-year period?
What formula is used to determine the future value of an annuity?
What is discounting?
On the Texas Instruments BA II Plus calculator, what calculator keys do you have to press in order to access the number of compounding periods per year function?
What should you do each time before you use a financial calculator to solve a time value of money problem?
How many compounding periods per year are there when interest is compounded annually? Semi-annually? Quarterly? Monthly? Weekly? Daily?
Define interest. Define and describe simple interest and compound interest.
What is the time value of money? How is it related to opportunity costs?
Do Brittany’s goals meet the SMART goal criteria? If not, which aspects of SMART goal planning is she missing with respect to her goal of paying off her credit card? How about with respect to her
a. Did Michelle act ethically in her dealings with Michael?b. What could Michael have done to avoid some of the problems that he had incurred?c. Use the concepts of opportunity cost and SMART goal
Your best friend, Eriel (age 26), has approached you for some financial advice on goal setting. Eriel started her first job three years ago and recently received a raise. Now that she is making some
Jeevun is very security conscious. Now that he has finished school and has started his first job, he wants to make sure that he is smart with his money. In order to increase his net worth by 10
What will be the gift tax in 2015?In 2014, Joshua gave $14,000 worth of Microsoft stock to his son. In 2015, the Microsoft shares are worth $23,000.
What are the most popular personal retirement plans?
Karen and Mike currently insure their cars with separate companies paying $700 and $900 a year. If they insure both cars with the same company, they would save 10 percent on the annual premiums. What
Examine a homeowner’s or renter’s insurance policy. What coverage does the policy include? Does the policy contain unclear conditions or wording?
What are various groups doing to curb the high costs of health care?
Assume that you are choosing an investment for your retired parents. Would you choose a bond issued by the federal government, a state or local government, or a corporation? Justify your answer.
Describe the type of fees that you would pay to purchase a load fund. What annual fees would you typically pay for your mutual fund investment?
In 2014, you gave a $12,000 gift to a friend. What is the gift tax?
In your own words, describe the time value of money concept and how it affects your investment program.
Assume you are 45 years old, want to retire in 20 years, and currently have an investment portfolio valued at $240,000 invested in technology stocks. After talking with a financial advisor, you feel
Assume you are 30-years old, single, and just beginning to invest. How can you balance, safety, risk, and growth when choosing investments. Which component do you consider the most important?
In your own words, describe each of the four components of the risk factor.
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