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personal finance
Questions and Answers of
Personal Finance
Why does your geographic location impact the cost of homeowner’s insurance? Why does it impact the cost of your automobile insurance?
How does your credit history impact your insurance costs?
Why is it important to keep a detailed inventory of your household possessions outside your home?
Why is it important to carefully review the types of perils covered by your homeowner’s insurance policy? What are some common perils that are not covered by many homeowner’s policies?
Go to the Web site www.healthcare.gov, and answer the following questions:a. Under “See Topics,” click on “Picking a Plan.” Discuss the characteristics of the four metal categories.b. Review
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as www.youtube.com) and view some video clips about selecting health insurance. You can use search phrases such as “selecting health
Pete’s health insurance policy specifies that he should pay 30% of expenses associated with a long-term illness, and he has a stop-loss provision of $35,000 in his policy. If Pete incurs expenses
Go to www.medicare.gov, click on “Sign Up/Change Plans”, and then click on “Your Medicare coverage choices” to review the section on Medicare plans.a. Describe some choices for Medicare
Christine’s total monthly expenses typically amount to $1,800. About $50 of these expenses are work related. Christine’s employer provides disability insurance coverage of $600 per month. How
Nareem’s hospital stay cost $7,575 and his insurance requires a copayment of $500. How much will his insurance pay for his hospital bill?
What is a no-fault auto insurance program? How do no-fault insurance affect personal injury litigation?
How did the ACA change the way insurance companies treat persons with preexisting conditions?
Why do some people choose to accept risk rather than purchase insurance? Why is this mind-set problematic?
How are your financial goals related to the decision about whether to purchase life insurance?
Nancy is a widow with two teenage children. Nancy’s gross income is $4,000 per month, and taxes take about 25% of her income. Using the income method, Nancy calculates she will need to purchase
Go to www.bankrate.com and insert the search term “life insurance.”a. What are some differences between term and permanent life insurance?b. Why is permanent life insurance more expensive than
People tend to put off the decision to purchase life insurance. They might argue that they cannot afford it. They do not want to sacrifice any other type of spending so that they could afford to pay
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as www.youtube.com) and review some video clips about selecting life insurance. You can use search phrases such as “life insurance tips.”
Why is it difficult for many people to buy life insurance even though they need it to protect loved ones?
Read one practical article about how psychology affects decisions when buying life insurance. You can easily retrieve possible articles by doing an online search using the terms “psychology” and
Peter is married and has two children. He wants to be sure that he has sufficient life insurance to take care of his family if he dies. Peter’s wife is a homemaker but attends college part-time
What are some factors that affect term life insurance premiums?
What is decreasing term insurance? Why would someone purchase this type of life insurance?
What is group term insurance? How do the premiums on group term compare to premiums on individually purchased term insurance?
Discuss the factors that affect the amount of life insurance someone needs to purchase.
What is a beneficiary? Why is it important to periodically review your beneficiaries?
Why do some people postpone buying life insurance even when they need it?
What are some factors that make estimating life insurance needs difficult?
What are living benefits? When might a policyholder use this option?
What is a conversion option? What are the benefits of having this option?
Why is it important to evaluate the financial condition of a life insurance company?
Assume that your monthly expenses will not change over the next three years, but you expect that the economy will be much weaker in about a year. Explain why you may need more liquidity even if your
How does liquidity risk affect money management?
Explain the three types of credit. Under what conditions might a consumer find each type useful?
Claire has invested $10,000 in an eighteen-month CD that pays 2.25%. How much interest will Claire receive at maturity?
What is the risk of using credit cards as a source of liquidity?
Troy paid $9,800 for a T-bill with a face value of $10,000. What is Troy’s return if he holds the T-bill to maturity?
Bart is a college student who has never invested his funds. He has saved $1,000 and has decided to invest it in a money market fund with an expected return of 2.0%. Bart will need the money in one
Dave has $20,000 excess cash to invest. He can purchase a $20,000 T-bill for $19,800 or two $10,000 T-bills for $9,850 each. Which will give him the better return?
What are the advantages of using direct deposit?
Lauren purchased a $40,000 T-bill for $39,200. A few months later, Lauren sold the T-bill for $39,700. What was Lauren’s return on the T-bill?
Brenda purchased a $30,000, ninety-day T-bill for $29,850. What will
How can automatic transfers help you save money?
On June 1, Mia deposited $4,000 in an MMDA that pays 2% interest. On October 31, Mia invested $2,000 in a three-month CD that pays 1.75%. At the end of the year, how much interest will Mia have
Thomas can invest $10,000 by purchasing a one-year T-bill for $9,775, or he can place the $10,000 in a twelve-month CD paying 2.5%. Which investment will provide a higher return? In addition to
Jill placed $10,000 in a ninety-day CD that offered an annualized return of 1.20%. How much interest will she earn on this CD?
Explain why maintaining more liquidity during a weak economy is costly.
How does a debit card transaction differ from writing a check?
How will overdraft protection affect bounced checks? Should you take advantage of this feature if your bank offers overdraft protection?
How does your individual tolerance for risk impact money management?
Explain why you should not invest in the stock market if you expect to need the funds in the near future. Are stocks liquid?
Go to the Web site www.consumer.gov, and go to the section on credit, loans, and debt.a. What are some ways that you can build your credit history?b. What type of information is contained in your
Some consumers prefer putting off their credit card payments and don’t think about having to repay the debt along with the interest later. At the other extreme, other consumers are obsessed with
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
What are the advantages and disadvantages of using credit?
Review the information at www.ftc.gov about free credit reports.a. What is the only authorized source for free credit reports under federal law?b. How can you request a free credit report?c. Why
Why should some people use cash to make purchases instead of credit?
Go to the Web site www.identitytheft.gov, and summarize the actions you should take if your identity is stolen.
What factors determine your credit score, and how are these factors weighted by FICO?
How does a Vantage Score differ from a FICO score?
Explain how to correct a mistake you discovered on your credit report.
What are some common types of credit?
How did the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 change credit card access to students under the age of 21? Why was this change deemed necessary?
What is your credit history? How does it impact your ability to borrow money?
Explain how closing a credit card account can negatively impact your credit score.
Why should you be careful about checking your credit score on one of the numerous “free” sites?
Explain the advantages and disadvantages of using a credit counseling organization.
How has EMV technology helped reduce identify theft?
What are some factors to consider when using social media with respect to identity theft?
Refer to Problem 19. How much will Monica have at retirement if she earns 12% a year? Compare the two amounts. Should the difference affect Monica’s choice of investment vehicle?Data From Problem
Some people purposely ignore a bill and put it out of their minds to avoid the stress associated with it. Other people pay their bills immediately because they worry that they might forget about
What is a risk premium? How is the risk premium calculated?
Teresa has just opened a NOW account that pays 1.5% interest. If she maintains a minimum balance of $500 for the next twelve months, how much interest will she earn?
Go to the banking section of www.bankrate.com, and answer the following questions using St. Louis, Missouri as your reference city:a. What is the highest rate on a money market account (MMA)?b. What
Some consumers force themselves to save money by depositing a portion of their paycheck into a savings account. They deposit the remainder into a checking account and then only spend the money in the
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as www.youtube.com), and view some video clips about investing in money market securities. You can use search phrases such as “investing in
Travis has invested $3,000 in a three month CD at 1.25%. How much will Travis have when the CD matures?
Go to www.fdic.gov, and answer the following questions:a. List at least three types of bank accounts that are insured by the FDIC. Are money market deposit accounts insured and, if so, to what
This chapter explains how consumers may make purchases, that they cannot afford, in order to keep up with their friends. This could prevent them from allocating any funds toward all the other
Why do most people need access to financing at some point in their lives?
How does your choice of major affect your financial plan?
Angela (from Problem 1) inspects her checkbook and her credit card bills and determines that she has the following monthly
Do an Internet search for a web site on “Planning for Retirement,” and answer the following questions:a. What factors do you need to consider when planning for retirement?b. How do these factors
Emma’s 2018 adjusted gross income is $24,200. She has $1,800 in unreimbursed medical expenses. How much in medical expenses could Emma claim as an itemized deduction?
Tracy is single and had adjusted gross income of $37,000 in 2018. Tracy also has the following items:Which of Tracy’s expenses might qualify as itemized deductions? Unreimbursed medical
How is mortgage interest treated for tax purposes? How does it differ from auto loan interest?
Jauna made $178,400 in salary during 2018. How much were her FICA withholdings for that year?
What is a marginal tax bracket? Why is it important?
Compute Lana’s tax liability if she is single and earned $74,400 in wages. She will take the standard deduction.
List some common types of tax credits.
What is the likely impact of increased government borrowing on market rates of interest?
Julia brings home $1,800 per month after taxes. Julia’s rent is $650 per month, her utilities are $100 per month, and her car payment is $210 per month. Julia is currently paying $150 per month to
The purpose of this exercise is to introduce you to one of the online tools that are available to help with budgeting and financial planning. Go to www.mint.com and review the information available
Read one practical article on how psychology affects spending behavior. You can easily retrieve possible articles by doing an online search using the terms “psychology” and “spending.”
How can an application of personal finance skills increase your wealth?
How can your post-high school education decisions affect your wealth?
How can an understanding of personal finance enhance your job marketability?
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