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Questions and Answers of Personal Finance

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.
What is the difference between a tax deduction and a tax credit? With respect to reducing the amount of tax paid, which one is more valuable from the taxpayer’s perspective?
What is net income? Differentiate between net income and taxable income.
Describe the distinction between eligible and non-eligible dividends.
What is dividend income? What is the purpose of the dividend adjustment?
What is interest income? What is the purpose of a T5 slip?
In general, under what circumstance is someone considered self-employed?
From the information provided in Problems 1 through 3, how much can Angela expect to save in the next 12 months?Data from problem 1 through 3;Angela earns $2170 per month before taxes in her
Name some factors that might affect your current financial position.
How do your financial goals fit into your financial plan? What is a SMART goal?
How does psychology affect your cash flow?
What is the purpose of estate planning?
What is retirement planning? When should you begin the process of retirement planning? Explain.
What is an emergency fund? What is an alternative to establishing an emergency fund?
Should you wait for a milestone to be reached before creating a personal financial plan? Explain.
What are the key financial considerations during the early career life stage?
What are the five key components of a financial plan?
What is an opportunity cost? What might be some of the opportunity costs of spending $10 per week on lottery tickets?
What is a T4 slip?
Describe the different ways in which a taxpayer may file their tax return.
Which level of government collects property taxes?
What is a capital asset? Under what circumstances would you incur a capital gain on a capital asset?
What types of taxes are paid on consumer purchases? Provide some examples of an excise tax.
Define personal income tax.
Why do we pay taxes?
Hasan Fareed, a 24-year-old college graduate, never took a personal finance class. He pays his bills on time, has managed to save a little in an investment account, and with the help of an
Bill and Ann have the following liabilities: Mortgage.............................................$43500Car loan.................................................2750Credit card
Yasmeen has been saving for the past five years for a European vacation. Her vacation account currently has $5000, and she is ready to book her trip. If she takes the vacation, what impact will it
Yasmeen has been saving for the past five years for a European vacation. Her vacation account currently has $5000, and she is ready to book her trip. If she takes the vacation, what impact will it
Based on the information in problems 10 and 11, what is Santos and Cecilia’s current ratio? What is their liquidity ratio? What is their debt-to-asset ratio? Comment on each ratio. Assume that the
Santos and Cecilia (from problem 10) have the following liabilities:
Santos and Cecilia have the following assets: Fair Market ValueCondo......................$104
If Angela is saving $350 per month, what is her savings ratio?
Angela (from problem 1 and 2) makes a budget based on her personal cash flow statement. In two months, she must pay $900 for insurance on her car. How will this payment affect her net cash flows for
Angela (from Problem 1) inspects her chequebook and credit card bills and determines that she has the following monthly
Angela earns $2170 per month before taxes in her full-time job and $900 per month before taxes in her part-time job. About $650 per month is needed to pay taxes and other payroll deductions. What is
Describe how wealth is built over time. How do your personal cash flow statement and your personal balance sheet assist in building wealth?
How do you calculate the savings ratio? What does it indicate?
What ratio do you use to monitor your debt level? Is it better to have a high or low debt-to-assets ratio? Explain.
What is the liquidity ratio? Is it better to have a high or low liquidity ratio? Explain.
What is the current ratio? Is it better to have a high or low current ratio? Explain.
What is net worth? How is it a measure of wealth?
Describe how the use of credit cards may lead to a large accumulation of current liabilities.
Define and describe the two liability categories on the personal balance sheet. Provide an example of each.
Describe two ways that real estate might provide a return on an investment.
What are mutual funds? What are some of the features of a mutual fund?
What are bonds? What are some of the features of a bond?
What are stocks? What are some of the features of a stock?
Define and describe the three asset categories on the personal balance sheet. Provide an example of each.
What is a personal balance sheet? What does it provide?
What is the benefit of budgeting with a biweekly pay period?
What are the factors that affect expenses?
Describe how the stages of your career path affect your net income.
What are the factors that affect income?
What is a personal cash flow statement? Why is it important?
James Cardinal, 56, just retired after 31 years of teaching. He is a husband and father of three. Two of his children, Carl and Dan, still live at home while they are finishing college. James
Jenny Smith, 28, just received a promotion at work. Her salary has increased to $40 000 and she is now eligible to participate in her employer’s pension plan. The employer matches employee
Which of the following cash flow streams, A or B, is more attractive if the appropriate discount rate is 6.5 percent, compounded quarterly? Year A $0 $0 1 1500 1500 3 1500 2500 1500 2500 5 1500 2500
Tommy and Shan Li established a plan to save $300 per month for their children’s education. Their oldest child is six years old and will begin college in 12 years. They will invest the $300 in a

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