5. Personal financial planning has the primary objective of: a. saving, borrowing and spending based on current needs b. saving and investing for future needs c. reducing a person's liability d. achieving personal economic satisfaction Sources: Corporate Finance, Ross, MH; Financial Markets, Saunders, MH; Personal Finance, Kapoor, MH & Corporate Finance, Berk, Pearson Page 2 of 8 6. Cecilia bought a $36,000 kitchen set from Home Appliances Shop. She will make 12 equal payments over the next year to pay for the kitchen set. She is making use of: a. open-end credit b. revolving credit c. closed-end credit d. a line of credit 7. Which of the following statements is/are true, if the relevant income of a relevant employee under a MPF scheme is only $5,000 in a particular month? (i) the employer does not have to pay a mandatory contribution (ii) the employee does not have to pay a mandatory contribution (iii) both the employer and the employee have to pay the mandatory contribution (iv) the employer has to pay a $250 mandatory contribution a. (i) only b. (i) and (ii) only c. (iii) only d. (iv) only