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Questions and Answers of Personal Finance

Mark and Parveen are the parents of three young children. Mark is a store manager in a local supermarket. His gross salary is $75,000 per year. Parveen is a full time stay-at-home mom. Use the easy
What are the four forms of whole life insurance?
Use Exhibit 10-1 to find the average number of additional years a 25-year-old male and female were expected to live, based on the statistics gathered by the U.S. government as of 2009.
What are the five forms of term insurance?
For each of the following statements, indicate your response by writing “T” or “F”.a. Stock life insurance companies generally sell participating (or par) policies. b. Mutual life
Obtain premium rates for $50,000 whole life, universal life, and term life policies from local insurance agents. Compare the cost and provisions of these policies.
Shaan and Anita are married and have two children, ages 4 and 7. Anita is a “nonworking” spouse who devotes all of her time to household activities. Estimate how much life insurance Shaan and
What are the four methods of determining life insurance needs?
You and your spouse are in good health and have reasonably secure careers. Each of you makes about $40,000 annually. You own a home with an $80,000 mortgage, and you owe $15,000 on car loans, $5,000
You are a wage earner in a “typical family,” with $40,000 gross annual income. Use the easy method to determine how much insurance you should carry.
For each of the following statements, indicate your response by writing “T” or “F”.a. Life insurance is one of the least important and inexpensive purchases. b. A beneficiary is a person
What is life insurance? What is its purpose?
1. Describe the stage in the adult life cycle (Exhibit 1-1) that Jamie Lee and Ross are experiencing right now. What are some of the financial activities that they should be participating in at this
How can you obtain the money needed to begin investing?
Is it ethical to spend more than you make month after month? What repercussions could you encounter if you overspend on a regular basis?
Review the settlement options on your family’s life insurance policies, and discuss with your family which option would be the best choice for them at this time.
1. Within days of the triplets arrival, Jamie Lee and Ross began researching and comparing various agencies for the purchase of a life insurance policy. What characteristics should Ross look for when
Jane and Bill Collins have total take-home pay of $4,500 a month. Their monthly expenses total $3,400. Calculate the minimum amount this couple needs to establish an emergency fund.
After performing a financial checkup, you realize that you have too much credit card debt. What steps can you take to reduce the amount of money you owe on your credit cards?
Analyze the four methods of determining life insurance requirements. Which method is best and why?
As a general rule, are annuities advisable for people in poor health? Why or why not?
What is the difference between an immediate and a deferred annuity?
Match the following terms with the appropriate definition:EndowmentBeneficiarywhole life insurancedouble indemnity
Shelly’s variable annuity has a mortality and expense risk charge at an annual rate of 1.25 percent of account value. Her account value during the year is $50,000. What was Shelly’s mortality and
Sophia purchased a variable annuity contract with a $25,000 purchase payment. Surrender charges being with 7 percent in the first year, and decline by 1 percent each year. In addition, Sophia can
What factors do you consider in choosing an insurance agent?
Match the following terms with an appropriate statement.a. Waiting or elimination periodb. Duration of benefitsc. Guaranteed renewability
What are the four sources of disability income?
What is the purpose of disability income insurance?
What health care services are not covered by Medicare?
Match the following terms with an appropriate statement.a. Blue Crossb. Blue Shieldc. HMOsd. PPOsf. Point of service (POS)g. Medicareh. Medicaid
As of 2012, per capita spending on health care in the United States was about $9,000. If this amount increased by 7 percent a year, what would be the amount of per capita spending for health care in
What are the six sources of private health plans?
In 2005, Joelle spent $5,000 on her health care. If this amount increased by 6 percent per year, what would be the amount Joelle spent in 2015 for the same health care?
Visit the Social Security Administration’s Web page to determine your approximate monthly Social Security disability benefits should you become disabled in the current year. Or call your Social
Match the following terms with an appropriate statement.a. Reimbursementb. Indemnityc. Internal limitse. Deductiblef. Out-of-pocket limit
What do you consider to be an “ethical” health care system? Explain your answer.
As you decide which health insurance plan to buy, what trade-offs would you consider?
Match the following terms with an appropriate statement.a. Coinsuranceb. Stop-lossc. Hospital indemnity policyd. Exclusion and limitationse. Copaymentf. Eligibility
List the benefits included in your employee benefit package, such as health insurance, disability income insurance, and life insurance. Discuss the importance of such a benefit package to the
What benefits are provided bya. Hospital expense coverage? b. Surgical expenses coverage? c. Physician expense coverage?
Georgia has a take-home pay of $600 a week. Her disability insurance coverage replaces 70 percent of her earnings after a four-week waiting period. What amount would she receive in disability
Pam is 31 and recently divorced, with children ages 3 and 6. She earns $40,000 a year as a secretary. Her employer provides her with basic health insurance coverage. She receives child support
What three types of coverage are included in the basic health insurance?
Becky’s comprehensive major medical health insurance plan at work has a deductible of $750. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, she contracted a
Larry and Liz are a young couple both working full time and earning about $70,000 a year. They recently purchased a house and took out a large mortgage. Since both of them work, they own two cars and
For each of the following statements, circle “T” for true or “F” for false. a. Health insurance is available only as a benefit from an employer.b. You can continue your health insurance
1. Using the Personal Finance in Practice information box located on page 286 what are some of the strategies that Ross can use to better prepare financially for the arrival of the twins?2. How could
Should employers be required to provide employees some type of health insurance coverage even if it is a group plan, with each employee paying his or her full premium?
What are three ways of purchasing health insurance?
1. Do you think Kathy’s father was planning wisely for the welfare of his family? Can you suggest ways in which this family could have cut monthly expenses and thus set aside some money for more
The Tucker family has health insurance coverage that pays 80 percent of out-of-hospital expenses after a $500 deductible per person. If one family member has doctor and prescription medication
What is the relationship between health insurance coverage and other aspects of financial planning?
What are the two ways by which you can reduce your vehicle insurance costs?
List the five factors that determine driver classification.
List at least three other kinds of automobile insurance that are available to you.
What is no-fault insurance? What is its purpose?
a. List the three main types of bodily injury coverage.b. In the space provided, write “T” if statement is true, “F” if it is false.a..Financial responsibility law requires drivers to prove
List the five factors that affect home insurance costs.
What are the two methods insurance companies use in settling claims?
In the space provided, write “T” if you believe the statement is true, “F” if the statement is false.a. Today most insurance policies automatically increase coverage as construction costs
1. Using Your Personal Financial Plan Sheet 22, compare the advantages and the disadvantages of renting a home or apartment versus the purchase of a home.2. Jamie Lee and Ross are estimating that
List at least four personal property items that are not covered by a homeowner’s insurance policy.
Define the following terms:a. Umbrella policyb. Medical payments coveragec. Endorsement
Identify the choice that best completes the statement or answers the question:a. The personal liability portion of a homeowner’s insurance policy protects the insured against financial loss when
For each of the following situations, what amount would the insurance company pay?a. Wind damage of $835; the insured has a $500 deductible.b. Theft of a stereo system worth $1,150; the insured has a
Define the following terms:a. Homeowner’s Insuranceb. Household inventoryc. Personal property floaterd. Renter’s insurance
Give an example of each kind of risk—personal, property, and liability.
What would it cost an insurance company to replace a family’s personal property that originally cost $25,000? The replacement costs for the items have increased 15 percent.
List the four steps in planning for your insurance program.
1. Based on their current life status, what are some of the goals Jamie Lee and Ross should set to achieve when developing their insurance plan?2. What four questions should Jamie Lee and Ross ask
What amount would a person with actual cash value (ACV) coverage receive for two-year-old furniture destroyed by a fire? The furniture would cost $2,000 to replace today and had an estimated life of
What are the four methods of managing risks? Give an example for each.Risk avoidanceRisk reductionRisk assumptionRisk shifting
Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insurance. If $4,500 worth of jewelry and $6,000 worth of silverware
What are the three types of risk? Give an example for each.Personal risksProperty risksLiability risks
You estimate that you can save $3,450 by selling your home yourself rather than using a real estate agent. What would be the future value of that amount if invested for five years at 3 percent?
For the following situations, select the type of home financing action that would be most appropriate:a. FIXED-RATEb. REFINANCEc. HOME EQUITY LOANd. VA MORTGAGEe. REVERSE MORTGAGE
In an attempt to have funds for a down payment in five years, James Dupont plans to save $3,800 a year for the next five years. With an interest rate of 4 percent, what amount will James have
Under what conditions might an adjustable-rate mortgage be appropriate?
Kelly and Tim Jarowski plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $56 a month. Their closing costs for refinancing will be $1,670.
If an adjustable-rate 30-year mortgage for $120,000 starts at 4.0 percent and increases to 5.5 percent, what is the amount of increase of the monthly payment?
Which mortgage would result in higher total payments?Mortgage A: $985 a month for 30 yearsMortgage B: $780 a month for 5 years and $1,056 for 25 years
Based on Exhibit 7–7, what would be the monthly mortgage payments for each of the following situations? a. A $160,000,15-year loan at 6.5 percent. b. A $215,000, 30-year loan at
Ben and Carla Covington plan to buy a condominium. They will obtain a $220,000, 30-year mortgage, at 5 percent. Their annual property taxes are expected to be $1,800. Property insurance is $480 a
Prepare a list of actions to take when selling a home.
Condominiums usually require a monthly fee for various services. At $235 a month, how much would a homeowner pay over a 10-year period for living in this housing facility?
Describe how knowledge of current interest rates would help you better plan when obtaining a mortgage.
Many locations require that renters be paid interest on their security deposits. If you have a security deposit of $1,800, how much would you expect a year at 3 percent?
What actions would you recommend to a person who was considering buying a home that needed several improvements?
What are some common mistakes a person might make when renting an apartment or other housing?
A class-action suit against a utility company resulted in a settlement of $1.4 million for 62,000 customers. If the legal fees, which must be paid from the settlement, are $300,000, what amount will
Based on the following, calculate the costs of buying versus leasing a motor vehicle.Purchase Costs
Based on the data provided here, calculate the items requested:Annual depreciation, $2,500 Annual
For the following situations, identify the legal action that would be most appropriate to take.(a) LEGAL AID SOCIETY(b) SMALL CLAIMS COURT(c) ARBITRATION(d) CLASS ACTION SUIT
Based on the following data, prepare a financial comparison of buying and leasing a motor vehicle with a $24,000 cash price: Down payment (to finance vehicle), $4,000
For the following situations, would you recommend that the person rent of buy their housing? (Circle your answer)A person who desires to reduce income taxes paidrentA person who expects to be
The following abbreviations appeared in an ad for selling used cars. Interpret these abbreviations.air conditioningpower mirrorsanti-lock braking systempower steering
If a person saves $62 a month by using coupons and doing comparison shopping, (a) what is the amount for a year?(b) What would be the future value of this annual amount over 10 years, assuming
What would be the net present value of a microwave oven that costs $159 and will save you $68 a year in time and food away from home? Assume an average return on your savings of 4 percent for five
A work-at-home opportunity is available in which you will receive 3 percent of the sales for customers you refer to the company. The cost of your “franchise fee” is $600. How much would your

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