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Questions and Answers of
Corporate Finance
1. Give five examples of income that must be included in income reported to the internal revenue service.2. How are long-term and short-term capital gains treated differently for income tax
1. Distinguish between two types of tax-sheltered investment returns.2. Explain how to reduce income taxes via your employer, and name three employer-sponsored plans to do so.3. Summarize the
Now that you have read the chapter on managing income taxes, what advice can you offer Timothy and Amber in the case at the beginning of the chapter regarding:1. Using tax credits to help pay for
1. Congress reduced taxes on middle- and low-income taxpayers with the expectation that they will spend most of that money and help create more economic growth. Was this idea good or not, and why?2.
1. Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $39,700? 2. Marginal Tax Rate. What would be the marginal tax rate for a single person who
(a) What is the Johnsons’ reportable gross income on their joint tax return?(b) What is their adjusted gross income?(c) What is the total value of their exemptions?(d) How much is the standard
(a) Calculate the Hernandezes’ income tax liability for this year as a joint return (using Table) given the following information: gross salary income (Victor, $56,000; Maria, $51,000); state
Julia does well financially because she earns a good salary as an engineer, is somewhat frugal, and is making the maximum contribution to her employer-sponsored retirement plan. After reading about
(a) What is the total of the Glenner reportable gross income?(b) After they put $5600 into qualified retirement plan accounts last year, what is their adjusted gross income?(c) How many exemptions
Dario Flores, radio station manager in Franklin County, New Jersey, is in the 25 percent federal marginal tax bracket and pays an additional 5 percent in income taxes to the state of New Jersey.
1. Identify the primary goals of monetary asset management.2. Explain the circumstances when it would be appropriate to have funds in a checking account, a saving account, or in investments.3.
1. Distinguish among the time-frame differences for checking, savings, and investment accounts.2. Explain why is there no such thing as free checking and list two checking account fees that you could
1. Distinguish among credit cards, debit cards, and a store-value card.2. List the steps you should take if you find an error in your periodic statement regarding an electronic transaction.3.
1. Explain why it is difficult for many people in relationship to talk about money matters.2. Identify four ways you could more effectively communications about money matters.3. List four things that
Now that you have read the Chapter on managing checking and savings accounts, what would you recommend to Nathan Rosenberg and Allysa Adams in the case at the beginning of the chapter regarding:1.
1. Describe some examples of checking and savings account transactions that result in assessment of fees or penalties. Which are the least and most avoidable?2. You know someone who recently had $90
1. Twins Kimberly and Kaitlyn are bath age 27. Beginning at age 27, Kimberly invests $2000 per year for ten years and then never sets aside another penny. Kaitlyn waits ten years and then invests
(a) What specific recommendations would you give the Johnsons for selecting checking and savings accounts that will enable them to effectively use the first and second tools of monetary asset
(a) How will this change in income affect the family’s emergency fund needs?(b) How much should they save annually for the next three years if they want to build up Joseph’s college fund to
Julia’s six-figure salary has allowed her to build up a considerable cash reserve of over $20,000. She initially had basic checking and savings accounts. She also has a credit card with her bank
Joshua Franz earned $4600 during the summer and put $3500 of the money in a newly opened savings account for use during the school year. It is now November 4th and Joshua went to the bank to
Alexandra Bronson, age 58, has done a very good job of accumulating savings over the years. She has all of her accounts at the same depository institution and has multiple accounts. Her balances are
Bang Liu passed away recently at age 67. Among his assets where the following items. 1) Checking and savings accounts with a total balance of $45,000 with his widow, Fen, held in joint tenancy with
(a) What other types of accounts are available to Kwaku?(b) How might he manage his accounts to earn as much interest as possible and keep his money safe?(c) How might he use electronic money
Aaron Searle, a service station owner from Moscow, Idaho, has been paying $30 per month in fees on his checking account for about a year. He is considering changing banks but fears that the fees will
1. Which two good uses of credit seem most reasonable to you? Which do not?2. Explain the two downsides of credit that would be most worrisome for you.3. Distinguish between the APR and the finance
1. Distinguish among the debt payments-to-disposable income, debt-service-to-income, debt-to-equity ratios, and continues-debt methods for setting your debt limit.2. What are the threshold levels for
1. Summarize the basic steps that occur when someone applies for credit.2. What is a credit history, and what role do credit bureaus play in the development of your credit history?3. What is a credit
1. List the types of depository institutions that are sources of credit for consumers.2. Distinguish between a sales finance company and a consumer finance company.3. Summarize how stockbrokers and
1. Identify four signs of over indebtedness.2. List the major provisions of the Fair Debt Collection Practices Act.3. What services are provided by a credit counseling agency, and how might a debt
Now that you have read this chapter on building and maintaining good credit, what would you recommend to Hanna Savarin regarding? 1. Factors she should consider regarding her ability to take on
1. If there is such a thing as good debt, what types of debt do you consider to be “good”? What types do you consider to be “bad”?2. What aspects of your financial life make you creditworthy?
1. Kevin Jones is single and recently graduated from law school. He earns $9000 per month, an awesome salary for someone only 26 years old. He also has $1400 withheld for federal income tax, $540 for
(a) What are the advantages and disadvantages of the Johnsons opening these accounts?(b) What financial calculations should Harry and Belinda undertake to see whether they could afford to borrow more
(a) What advice might Maria give Teresa about managing her student loan debt?(b) If next year Teresa were to consolidate her loans into one loan at 6 percent interest, what advice might Maria give
Julia has been thinking about the purchase of a boat. As a teenager, she was an avid water skier at her parents’ summer home. Now that she has moved away, she wants to renew her hobby at a lake
(a) What areas might be cut back?(b) How much in each area might be cut back?(c) After finishing your analysis, what advice (and possibly alternatives) would you offer Courtney about buying the new
Melinda Dennis from Troy, New York, just graduated from college and is concerned about her student loan debts. While at her graduation party she got to talking with three of her cousins, Kyle,
(a) What is consumer credit?(b) Why might graduates use credit?(c) How can graduates use credit wisely?Jacob Marchese of Auburn, Alabama, is the credit manager for a regional chain of department
(a) Is Justin’s enthusiasm over the idea of a debt-consolidation loan justified? Why or why not?(b) Why can the bank offer such a “good deal” to Justin? (c) What compromise would Justin make to
1. Distinguish between installment credit and open-ended credit. 2. Explain the basic features of revolving credit.3. Describe how someone might use a personal line of credit.
1. Distinguish among bank credit cards, retail credit cards, and travel and entertainment cards. 2. What are the differences and similarities between a cash advance and a balance transfer using a
1. Describe how the finance charge is typically calculated on a credit card account. 2. What is the major benefit of having a credit card with a grace period? 3. Briefly summarize the steps you
1. Describe how a cash loan and a purchase loan differ. 2. Distinguish between a secured and an unsecured loan. 3. Describe when a lender might enforce an acceleration clause on a loan, and explain
1. Explain how the interest is calculated on a consumer loan that uses the declining-balance method. 2. Summarize how interest is calculated on a consumer loan that uses the add-on method. 3. What is
Now that you have read this chapter on credit cards and consumer loans, what would you recommend to Zachary Cochrane regarding? 1. His approach to using credit cards, including the number of cards he
1. Most young adults form their opinions about credit and debt from what they see in their parents’ experiences. How has your perception of carrying credit card debt, student loans, and other
1. Zachary Porter of Highland Heights, Kentucky, is contemplating borrowing $10,000 from his bank. The bank could use add-on rates of 6.5 percent for 3 years, 7 percent for 4 years,
(a) Make recommendations to Harry and Belinda regarding where to seek financing and what APR to expect.(b) Using the Garman/Forgue companion website or the information in Table 7-1, calculate the
(a) What payment should Maria make on the account?(b) How should she notify her credit card issuer about the unauthorized use?(c) Once the matter is resolved, what should Maria do to ensure that her
Julia has been thinking about how she uses credit cards. She has two bank cards and three store cards. The APRs on the cards range from 10.5 to 24.9 percent, with the store cards being among the
(a) Summarize Jia Li’s legal rights in this situation.(b) Discuss the likelihood that Jia Li must pay Visa for any illegal charges to the account.Jia Li Sun, took her sister-in-law Ah-Iam Johnson
(a) Should Lauren be concerned about these clauses? Why or why not?(b) Considering the rule of 78s clause, what will happen if Lauren pays off the loan before the regular due date?(c) If Lauren had
1. What is planned buying? 2. Distinguish between needs and wants, and explain why it may be better to act as if no needs exist. 3. Describe the types of information you need to be your own expert
1. What is the goal of comparison shopping? 2. Explain why lease payments for a new vehicle are lower than loan payments for the same vehicle. 3. Describe the relationships among capital cost,
1. List some of the complexities in vehicle buying, and offer your advice on how to get a best buy. 2. What three aspects of a vehicle purchase should be negotiated? In what order? 3. Why should you
1. Outline the steps to go through to seek redress.2. Summarize the FTC's cooling-off rule to cancel a contract. 3. Distinguish between mediation and arbitration. 4. How do lemon laws work?
Now that you have read this chapter on vehicle and other major purchases, what do you recommend to David and Lisa Cosgrove regarding? 1. How to search for two vehicles to replace those destroyed? 2.
1. Do you think all of the steps in the planned buying process are used when buying simple everyday products (such as a loaf of bread or a half-gallon of milk), or are they used only when buying
1. Allison Jones of Jonesboro, Arkansas, is considering paying $150 a year for an extended warranty on several of her major appliances. If the appliances are expected to last for five years and she
(a) Make suggestions about how the $355 might be integrated into the Johnsons’ budget by making reductions in certain expense categories.(b) If they cannot make room in their budget for a $355
(a) What sources can Victor and Maria use to access price and reliability information on various makes and models of used cars?(b) What sources of used cars might be available to Victor and Maria,
It has been almost 15 years since Julia graduated with a major in aeronautical engineering, and now she makes “buckets of money” working as a project manager for a large defense contracting
(a) What preshopping research might Gary do to select the best brand of refrigerator?(b) Using the information in Table 7-1 on page 213 or the Garman/Forgue companion website, determine Gary’s
(a) Was Christopher within his rights to take the car back for repairs? Explain why or why not.(b) What logical steps might Christopher follow if he continues to be dissatisfied with the dealer’s
1. Explain the purpose and value of a lease for both the renter and the landlord. 2. Distinguish between periodic tenancy and tenancy for a specific time when renting housing. 3. Identify three ways
1. What is the standard down payment amount on a mortgage loan? 2. If you make a down payment that is lower than standard, identify the extra cost you will be required to pay. 3. Why do lenders use
1. Distinguish between the two rules of thumb that lenders use to assess housing affordability. 2. What services does a mortgage broker offer? 3. What services do real estate agents provide for
1. Explain why the portions of a monthly mortgage payment that are allocated toward interest and toward principal will vary as the loan is repaid. 2. Distinguish between a conventional mortgage loan
1. List some disadvantages of trying to sell a home yourself.2. List one advantage and one disadvantage of using a real estate broker to sell a home. 3. Describe two costs associated with selling a
Now that you have read the chapter on buying housing, what do you recommend to Shelby Clark regarding? 1. Buying or renting housing in the Denver area? 2. Steps she should take prior to actively
1. How has the foreclosure crisis and collapse in home values in the last decade affected your thinking about buying a home someday?2. What do you see as the advantages and the disadvantages for you
1. Adam and Laura Jensen of Atlanta, Georgia, both of whom are in their late 20s, currently are renting an unfurnished two-bedroom apartment for $880 per month, plus $130 for utilities and $34 for
(a) Which plan has the lowest total up-front costs? The highest?(b) What would be the full monthly payment for PITI and PMI for each of the options?(c) If the Johnsons had enough additional cash to
(a) What services could a real estate agent provide for the couple, and what types of agents could represent them as they sell their current home?(b) A friend has advised them that they really need a
Julia has been thinking about buying a home. For several months, she has been watching real estate shows on television and visiting open houses in her community. She thinks it is time to take the
(a) Does the home buyer enjoy tax advantages? Explain.(b) Discuss Maggi’s belief that cash flow is better with renting.(c) Suggest some reasons why Michael might consider renting rather than
(a) How would you advise Jeremy if he asked you whether he should sell the house himself or list with a broker? Explain your answers.(b) Would Jeremy really save money by selling his home himself if
1. Distinguish between pure risk and speculative risk. 2. Explain the distinctions between risk and odds. 3. Distinguish among the five common risk exposures that most people face. 4. Describe the
1. Define insurance. 2. Distinguish among the three types of hazards. 3. Why is the principle of indemnity so important to insurance sellers? 4. Identify four key points to review when reading an
1. Describe the types of losses covered under the property insurance portion of a homeowner’s policy. 2. Give three examples of liability protection under homeowner’s insurance policies. 3. Name
1. Identify the four types of automobile insurance coverage. 2. Explain the meaning of the numbers 100/200/75. 3. Identify who is protected by medical payments coverage. 4. Distinguish between
1. Explain how purchasing an umbrella liability insurance policy applies the large-loss principle.2. Are you preparing for a professional career that might expose you to liability losses? How might
1. What is the best way to establish documentation for potential losses to your personal property? 2. Describe what you should do to file a claim most effectively when involved in an automobile
Now that you have read the chapter on risk management and property liability insurance, what would you recommend to Nick and Amber in the case at the beginning of the chapter regarding: 1. The
1. How do you feel about being grouped into classes in the insurance underwriting process? Do you feel that insurance companies should treat all such groups of people alike?2. Many people complain
1. Toula and Ian Miller of Lincoln, Nebraska, recently suffered a fire in their home. The fire, which began in a crawl space at the back of the house, caused $24,000 of damage to the dwelling. The
(a) What are Harry and Belinda’s major sources of risk from home and automobile ownership, and what is the potential magnitude of loss from each?(b) Given the choices listed in Step 3 of the
(a) How might Victor and Maria more fully protect themselves through their homeowner’s and automobile insurance policies?(b) What additional benefits would they receive in buying an umbrella
Julia has always tried to keep her insurance spending under control by purchasing low limits on her policies. Now that her assets and income have grown, she is beginning to reconsider the wisdom of
(a) Explain to Mark and Kelly why their policy might have been canceled.(b) Use the box on page 306 to give Mark and Kelly some pointers on how to save money when shopping for a new auto insurance
(a) Explain how liability insurance works in the United States. Advise Makiko about which liability insurance limits she should select.(b) Makiko is especially impressed that automobile insurance
You have been talking at a party to some friends about insurance. One young married couple in the group believes that insurance is almost always a real waste of money. They argue, “The odds of most
(a) What additional property protection would Enlai have if she purchased an HO-2 policy?(b) What additional property protection would Enlai have if she purchased an HO-3 policy?(c) What property
1. Summarize what the Affordable Care Act is supposed to accomplish. 2. How much is the penalty if you do not purchase health insurance and your income is $40,000? 3. If you choose a "silver" health
1. Distinguish between health maintenance organizations (HMOs) and traditional health insurance. 2. Identify two benefits of selecting a preferred provider organization (PPO) when seeking health
1. Distinguish among a deductible, a co-payment, and coinsurance. 2. Explain COBRA rights and portability rights that apply when you leave a job that has a group health care plan. 3. Explain the
1. Describe the protections provided by long-term care insurance. 2. Distinguish between the benefit period and the waiting period for a long-term care policy. 3. List three aspects of long-term care
1. Explain how you determine your level of need for disability income insurance. 2. Identify the major policy provisions to consider when purchasing disability income insurance. 3. Distinguish
1. Offer three reasons why people should create advance medical directive documents. 2. What does a health care proxy achieve, and how does it differ from a living will? 3. What does a durable power
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