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Questions and Answers of
Personal Finance
What does auto insurance insure against?
What is the role of insurance agents? Define the two different types of insurance agents.
How do insurance company credit ratings and service levels help you to find the right insurance company?
Describe the costs and benefits of obtaining insurance.
Explain the psychology behind accepting risk.
What is risk management? Describe the four risk management alternatives.
What is the primary function of insurance? How can individuals benefit from insurance?
What is the purpose of property, health, disability, critical illness, long-term care, and life insurance? What is meant by the term liability?
1. What factors should Brad consider in selecting a financial institution2. If Brad’s stock doubles in value over the next five years, what annual return, compounded monthly, would he realize?
The couple have asked you to determine their mortgage payment for both scenarios. How many years would they save off their mortgage, and how much mortgage interest would they save? Use this
Seyed’s bank will use a maximum TDS ratio of 40 percent to qualify him for a mortgage. In addition, the posted five-year mortgage rate is 5.35 percent, compounded semi-annually. List and describe
a. Comment on the finance company’s ethics in making loans in excess of a home’s appraised value. b. What are Sarah and Joe’s options in their current situation? Is there a way they can
Frank and Vanessa purchase a home with a $200 000 mortgage amortized over 20 years. They decide on a five year mortgage term at an interest rate of 4.87 percent. During their first mortgage term,
Boris and Mihaela want to purchase a new home. Their combined income is $118 000, and they have saved enough for a down payment of $200 000 The couple’s debt payments include a car loan payment of
What are the factors that you need to consider when determining how large a monthly mortgage payment you can afford?
How do you determine your maximum down payment? Describe the Home Buyer’s Plan (HBP).
What is the gross debt service (GDS) ratio? What is the total debt service (TDS) ratio? How do financial institutions use these ratios?
Define and describe a pre-approval certificate.
List and describe the various types of homes that someone can choose from.
After about 10 months of saving $500 a month, Naresh and Shareen Walia have achieved their goal of saving $5000 for a down payment on a new car. Shareen’s new car is priced at $25 000 plus 12
Garnett was amazed to hear that his friend Lindsey always pays off her credit card at the end of each month. Garnett just assumed that everyone used credit cards the same way — buy now, pay later.
Ibrahim wants a new big-screen TV and Dolby digital stereo. He figures the system will cost $3000. The store will finance up to $2500 for 2 years at a 10.5 percent interest rate, compounded monthly.
Cory and Tisha found a used car that costs $12 000. They can finance through their bank at an interest rate of 8 percent interest for a maximum of 48 months. The rate for new car financing is 7.50
Bob bought a new car for $28 000 with a loan that will be amortized over five years. The best interest rate he got from his bank for the loan was 1.99 percent compounded annually. What is Bob’s
A house was purchased for $300 000 and has a market value of $325 000 and a mortgage of $213 000. What is the equity in this house?
Harry purchased his condo for $330 000 and now the appraised value is $360 000. His outstanding mortgage is $228 000. What is the maximum home equity line of credit Harry would qualify for?
Margie has had a tough month. First, she had dental work that cost $2700. Then, she had major car repairs, which cost $2400. She put both of these unexpected expenses on her credit card. If she does
Tracy is borrowing $8000 on a six-year loan that has an APR of 11 percent, compounded monthly. What is her real cost of borrowing? What will her monthly payments be?
Chrissy currently has a credit card that charges 15 percent interest. She usually carries a balance of about $500. Chrissy has received an offer for a new credit card with a teaser rate of 3 percent
Sue obtains a one-year loan of $3000 based on an interest rate of 12 percent compounded annually. What would be the monthly payment to pay it off in one year?
Steve just received his first paycheque and wants to open a chequing account. There are five banks in his home town. What factors should Steve consider when choosing a bank?
Differentiate among certified cheques, money orders and drafts, and traveller’s cheques.
Define and describe online banking.
What is a stop payment? How do you create a stop payment?
Explain overdraft protection. With respect to overdraft protection, are all bank fee structures the same? Explain.
Define and describe a debit card.
Why do individuals use chequing accounts? What is the disadvantage of having funds in a chequing account?
Define and describe credit unions and caisses populaires.
Define and describe a trust and loan company.
Define and describe a chartered bank. Differentiate among Schedule I, Schedule II, and Schedule III banks.
What is a depository institution? List the three types of depository institutions.
What types of investments are appropriate as short-term investment alternatives?
What is liquidity? How is your personal cash flow statement used to help manage your liquidity? Why is liquidity necessary?
1. Which short-term investment is most appropriate for Sandra’s situation?2. Assuming Sandra remains unsure as to what she will do with the $1000, does it really matter if Sandra puts her $1000 in
1. Does Robert need an emergency fund? If so, how much emergency savings should he try to set aside? What type of account would you recommend for his emergency fund?2. Comment on Frank’s use of
Bart, 19, received $1000 from his grandparents as a birthday present. He wants to use this money to purchase a new $1200 mountain bike. Since he does not have enough money, Bart has decided to invest
Hamza has recently received a bonus of $5000 from her employer. She is not sure what she would eventually like to do with this money. For the time being she is considering two GIC investment
How many days would it take for Shelby’s investment of $4300 to accrue $147 in interest if she is able to earn a rate of 1.25 percent?
What rate of interest did Alberto receive over a period of 67 days if he invested $7444 and received interest in the amount of $157?
Akida has invested $10 000 in an 18-month GIC that pays 1.95 percent. How much interest will Akida receive at maturity?
Travis has invested $3000 in a one-year GIC at 1.85 percent. How much will Travis have when the GIC matures?
Nancy is depositing $2500 in a six-month term deposit that pays 0.5 percent interest. How much interest will she accrue if she holds the term deposit to maturity?
Benjo has a monthly income of $2500. After taking into account taxes and other deductions, his disposable income is $1900. He has $270 in net cash flows each month based on his current level of
Discuss the steps you can take to safeguard your personal information, both while you are offline and on the internet.
Define and describe skimming, pretexting, phishing, and pharming.
Define and describe dumpster diving.
Define and describe shoulder surfing.
Aside from the financial losses, what other negative impacts might a victim of identity theft encounter?
What is a consumer proposal? When should you use a consumer proposal?
What are the first few steps you should take to manage your debt? What is the purpose behind reviewing each of your personal financial statements with respect to the debt management process?
What are the characteristics of student loans? If you declare personal bankruptcy, will your student loans be discharged?
What are the advantages and disadvantages of leasing? How does the estimated market value of the car affect the purchase versus lease decision?
What are the potentially negative impacts a borrower may experience because of the interest-only payments and variable interest rates associated with a HELOC?
What is a second mortgage?
How are interest rates calculated for home equity lines of credit? Why may borrowers prefer home equity lines of credit to other loans?
What is the credit limit for a home equity line of credit (HELOC)?
Differentiate between a home equity line of credit (HELOC) and home equity. Describe how a HELOC works.
How do you determine the real cost of borrowing on personal loans?
Define and describe a payday loan. What is the maximum interest rate that can be charged on a consumer loan?
Define and describe collateral. When obtaining a loan, what is the benefit of providing collateral?
What is a loan contract? What information is included in a loan contract?
How might you eliminate the annual fees charged by some credit cards?
What are the advantages and disadvantages of overdraft protection on credit cards?
Define and describe a retail credit card.
Define and describe a prestige card.
How do credit card companies, such as MasterCard and Visa, generate revenue?
Why is it important to review your credit score on a regular basis?
What is the main cause of a poor credit score? How long will a poor credit score appear on your credit report? How do you improve a poor credit score?
Will both bureaus always produce the same credit score? What is the impact of differing credit scores between the two bureaus?
What is a credit score? What five factors are used to determine your credit score? Describe the importance of each factor.
Name the two major credit bureaus. What information do credit reports provide?
What does the personal loan process involve?
Explain credit history.
Define and describe the two types of credit. Under what conditions might a consumer find each type useful?
1. What is Brad’s financial planning life stage? With respect to his current financial position what are some of the things Brad should be considering?2. What are Brad’s major goals? Evaluate his
Part A. Indicate whether each of the six items above would increase, decrease, or have no effect on Ted’s net income. What would be the total value of this increase or decrease?Part B. Based on the
Kristal and Joe have been very active participants in their local real estate market. Two years ago, they completed a real estate deal with their neighbour, Kevin. As a result of the deal, the couple
Francisco opened a tax-free savings account (TFSA) in 2015. He contributed $3000 to the account in that year. In January 2016, Francisco withdrew $1500. At the end of 2016, he contributed another
Arene has earned income of $74 000 for the year. In addition, she has capital gain income of $6000 from the sale of some stock and $4500 of eligible dividend income that she received from another
Edna qualifies for the age amount; however, she had an earned income of $44 000 in 2017. As a result, her age amount is subject to a clawback of 15 percent for every dollar that her income is greater
If Daniel (from problem 11) had forgotten a $1000 tax credit, instead of a $1000 tax deduction, how would his taxes be affected if he were to now include this tax credit on his tax return?
Daniel has a marginal tax rate of 26%. He suddenly realizes that he neglected to include a $1000 tax deduction. If he now includes this $1000 tax deduction on his tax return, how will this affect his
Freda incurred a $20 000 capital gain during the year. She would like to reduce her capital gain by selling one of two stocks that are currently sitting at a capital loss. She purchased 10 000 shares
Stuart is in the 35 percent combined tax bracket. Recently, he sold stock for a loss of $20 000. What is Stuart’s allowable capital loss?
Linda neglected to complete her T1 General in time for the filing deadline of April 30, 2017. This would not be a problem if she did not owe any tax. However, after completing her tax return, she
Harvir purchased a new mountain bike for $429.99 at Canadian Tire. What would be his total purchase price, including GST, if he had made this purchase in Alberta? What would be his total purchase,
What is a registered education savings plan (RESP)? Explain how the Canada Education Savings Grant (CESG) works.
Describe the Tuition Amount tax credit.
Under what circumstances can you claim the interest paid on your student loans as a tax credit?
List some examples of refundable and non-refundable tax credits.
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