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Questions and Answers of
Personal Finance
Talk to three fellow students who are not taking your personal finance class. Ask them to tell you about their health care plan. Then ask them how they plan to meet their health care needs once they
Survey three individuals or couples who are covered by a group health care plan at work. Ask them how they went about making the choice among the plans the employer offered. Include a discussion of
Talk to a family member who has gone through the process of deciding about disability income insurance. Ask what motivated him or her to decide to buy or not buy such insurance. Also ask about which
The large-loss principle says that one is better off paying a higher initial portion of any loss and expanding the coverage for the largest and most catastrophic losses. In health care planning, this
If we choose a “silver” health insurance plan, how much of our out-of-pocket medical costs will be paid by the plan?
Are you covered by disability income insurance? What would happen if you were unable to work for two or three years because of illness or injury?
Talk to a family member who has had to decide how to meet the long-term care needs of a loved one. Ask what aspects the most difficult part of the process was. Also ask your family member how going
Summarize how an employer’s group health care plan provides coverage to employees.
Give some thought to establishing a living will, health care proxy, and a durable power of attorney. What are some provisions that you might put into the documents, and who might you name?
What is meant by the out-of-pocket maximum?
Visit the websites of two large life insurance companies. Focus on how their approaches to educating the public about life insurance are similar to or different from the information provided in this
Talk to two friends and/or relatives below age 30 who are married. Ask about their approach to life insurance and how they have gone about setting up a life insurance program. Write a summary of your
Talk to two of your friends or acquaintances who have never purchased life insurance. Explain to them the differences between term and cash-value life insurance. Then inquire about which type they
Distinguish between an incontestability clause and a suicide clause in a life insurance contract.
What are nonforfeiture values and why are they important?
What average investment returns from stocks are anticipated in the future?
Describe an investment philosophy that is either conservative, moderate, or aggressive What is the key factor that distinguishes between the three approaches to investing?
Summarize lending and owning investments. What is better for a new investor seeking long-term financial goals?
Summarize three other types of investment risks and their importance in investing.
What is asset allocation, and why does it work?
What happens to a worker’s retirement account if they use an auto-rebalance account service?
Go to Kiplinger’s article on model portfolios at https://www.kiplinger.com/investing/mutual-funds/604463/kiplinger-25-model-portfolios and review the aggressive, moderate, and conservative
Explore the fund resources at Yahoo! Finance (finance.yahoo.com) and look up three funds of interest, using some of the names of funds found in Table 15-2. Summarize your findings. How does this
Go to VettaFi’s ETF screener (etfdb.com/screener/) and experiment with the "basic screener." What items did you select to reduce the number of potential ETFs for consideration? Are any ETFs of
What is the best way to monitor mutual fund investments?
Conduct some research on the Internet on the terms “protective puts” and “covered calls.” Explain what both terms mean and how the strategy might be appealing to a conservative investor.
Briefly comment on why interest rate risk is dangerous to real estate investors.
Why is it best to invest retirement money in low-cost funds?
Is investing in a Roth IRA account a good idea? Why or why not?
What does life expectancy have to do with retirement?
What can happen if we do not save for retirement?
What is the likelihood of average middle-income families paying federal estate taxes?
Offer one major reason people should create advance directive documents.
Give three examples of income that is excluded from IRS reporting.
Name three tax credits that a college student might take advantage of while still in school or during the first few years after graduation.
A person has had $3,790 withheld for income taxes and a final tax liability of $3,600. Would this be a refund or an additional amount due and for what amount?
Survey three of your friends about their patterns of monitoring their checking and savings accounts. Compare what they do to your own pattern.
Select three banks, savings banks, or credit unions in your community. Contact each to gather information on the types of checking accounts they offer and the basic rules of the accounts, including
People often are worried that taking too many deductions on their income tax return will risk an audit, so they sometimes do not take deductions they deserve. Reject this tendency and take your
Jonas Salky, a single taxpayer taking the standard deduction and no adjustments, earned $50,140 taxable income last year. What is his marginal tax bracket and his average tax rate based on gross
Identify three ways you might more effectively communicate about money matters.
Is a cryptocurrency like Bitcoin a good investment?
Survey three couples to ascertain their patterns of money talk. Ask each the following questions: “What are the areas of your finances that are easiest to discuss?” “What are your areas of most
Survey three of your friends about the patterns and amounts of their typical debit and ATM card usage. Compare their patterns to your own and those recommended in this chapter.
Give three examples of depository institutions where one could open a checking account.
Survey three of your friends about their most negative experiences in using credit. Compare their experiences aspects to your own and present your findings in a table.
Which five advantages of credit seem appropriate to you?
Survey three of your friends about their perceptions of when it is appropriate to use credit. Compare their views to your own and present your findings in a table.
Visit a local bank or credit union and ask for an application for a credit card. Read through the items of information that are requested. Why do you think that the lender asks for the information
Given your experiences in using credit cards, what mistakes or errors have your made, or seen people you know make, if you don’t currently own a credit card? Choose one and concisely share the
Which five disadvantages of credit seem appropriate to you?
Survey three of your friends about their most negative experiences in using credit. Compare their experiences aspects to your own and present your findings in a table.
How do you feel about student loans not being subject to the bankruptcy law? Do you think the law should be changed? Why or why not?
What is the best thought on the list of keeping student loan debt under control?
List two things to improve someone’s FICO credit score.
Ask friends and relatives for the names of one or two people who have bought a home in recent years. Contact the homebuyers and ask them for an interview to discuss how they went about buying a home
Make an appointment to talk with a real estate agent in your community. Ask whether home sales are slow or brisk, how long it typically takes for sellers to sell a home, buyers to find a desirable
Survey three of friends who live in rental housing about their feelings about written leases. For those who have written leases, compare some of them for the rights and responsibilities of tenants
Sellers often open homes for sale to the public, typically on weekends. on Sunday afternoons. Spend an afternoon looking at housing that is for sale in a neighborhood near you. You can find out which
Why should we make major purchase decisions at home using a decision-making matrix?
What is a service contract and what is its disadvantages?
How do we comparison shop between financing and leasing?
Did you ever purchase a big-ticket item and get a good deal? Explain what happened that made it a good purchase.
What benefits are there you see in leasing a vehicle? What negatives exist when leasing?
What factors will affect the price of an insurance policy?
What is a beneficiary?
What is a rider?
What is health insurance, and what is its purpose?
Assume you are single and have graduated from university. Your monthly takehome pay is $2,100, and your monthly expenses total $1,800, leaving you with a monthly surplus of $300. Develop a personal
What is disability income insurance?
Choose a current issue of Money Saver or Canadian Money Saver and summarize an article that provides suggestions on how you could use your money more effectively.
Prepare a two-minute presentation describing why the principle of diversification is important when establishing an investment program.
Divide a sheet of paper into three columns. In the first column, list sources of information you can use to evaluate stock investments. In the second column, state where you would find each of these
Assume you purchased a corporate bond at its current market price of $850 on January 1, 2017. It pays 9 percent interest and will mature on December 31, 2026, at which time the corporation will pay
Suppose you just inherited 500 shares of Canadian National Railroad stocks. List five sources of information you could use to evaluate your inheritance. Beside each source, briefly state how the
Marie and Brian Hume purchased 100 shares of a Canadian utility stock in January 2015. They calculated annual shareholder return to be 5 percent, −3 percent, and 7 percent for the years 2015, 2016,
What would happen to your estate if you died intestate?
Devin earns a salary of $90,000 and is part of a defined benefit pension plan. If he earned $500 as an annual pension with his DBP, what would his RRSP contribution room be the following year?
Prepare your own letter of last instructions.
What is included in an estate?
Fionna is looking at saving some money on her car insurance. She drives a Nissan Murano worth $35,000. If she increases her deductible from $500 to $1,000, her annual savings on her premium could be
George and Yujia currently insure their cars with separate companies, paying $450 and $375 a year. If they insured both cars with the same company, they would save 10 percent on the annual premiums.
How does tenant’s insurance differ from other home insurance policies?
What is no-fault insurance?
Lennox currently is paying $300 a month for his car insurance. His insurance agent recommends he install a device that monitors his driving and sends the info to the insurer. He can potentially save
Search the Internet or talk to an insurance agent to obtain suggestions for reducing automobile insurance costs.
Using Web sites or library resources, obtain information about new developments in financial services. How have technology, changing economic conditions, and new legislation affected the types and
Each month, Danuta becomes more frustrated with the fees she pays for financial services. Recently, her chequing account and ATM fees were over $15 a month. In addition, Danuta is frustrated by the
What is the value of a savings account started with $1500, earning 2 percent (compounded annually) after 10 years?
What is the annual opportunity cost of a chequing account that requires a $1,000 minimum balance to avoid service charges Assume an interest rate of 2 percent.
What are the features you are eligible for and the costs associated with them? Is each a feature you foresee using and, if so, is it worth any monthly fees you might be paying for?
What is consumer credit?
A few years ago, Maria Ramundo purchased a home for $400,000. Today, the home is worth $600,000. Her remaining mortgage balance is $270,000. Assuming Maria can borrow up to 80 percent of the market
Bring to class examples of credit-related problems of individuals or families. Suggest ways in which these problems might be solved.
What are different types of fraud and identity theft techniques and potential ways to protect yourself?
What is the purpose of a consumer proposal?
When Marcel and Vanya St. Onge first saw the house, they didn’t like it. However, it was a dark, rainy day. They viewed the house more favourably on their second visit, which they had expected to
Look around your area and compare the cost of buying a house and renting. You can compare renting an apartment or a house as well. Assume the average annual maintenance costs on the purchase of your
How does a seller’s market differ from a buyer’s market?
What are the TDS and GDS ratios?
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