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Questions and Answers of Personal Finance

Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? Adjusted gross income, $42,140
Robert Sampson owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his mortgage, he has the following liabilities: Visa$565MasterCard480Discover
While fraud usually involves deceptions against consumers, what are some “frauds” that consumers commit against business?
A service contract for a video projection system costs $70 a year. You expect to use the system for five years. Instead of buying the service contract, what would be the future value of these annual
What is a “certified preowned” vehicle? What are the benefits and drawbacks of this type of purchase?
Match the following descriptions with the warranties listed here. Write your answer in the space provided.(a) Express warranty(b) Service contact(c) Limited warranty(d) Implied warranty(e) Full
Calculate the unit price of each of the following items:a. Motor oil—2.5 quarts for $1.95 (cents/quart)b. Cereal—15 ounces for $2.17 (cents/ounce)c. Canned fruit—13 ounces for 89
What are potential concerns associated with obtaining furniture, appliances, and other items from a rent-to-own business?
1. Jamie Lee is considering a used vehicle, but cannot decide where to begin her search. Using Your Personal Financial Plan Sheets #19, name the sources available to Jamie Lee for a used car
John Walters is comparing the cost of credit to the cash price of an item. If John makes an $80 down payment and pays $35 a month for 24 months, how much more will that amount be than the cash price
When using the research-based approach for purchasing described in this chapter, which actions do you believe are overlooked by most shoppers?
An online buying club offers a membership for $300, for which you will receive a 10 percent discount on all brand-name items you purchase. How much would you have to buy to cover the cost of the
What types of brands are commonly available to consumers?
What are some warning signs of debt problems?
How might you protect your credit information on the internet?
What steps would you take if someone stole your identity?
What steps might you take if there is a billing error in your monthly statement?
Using terms from the following list, complete the sentences below. Write the terms you have chosen in the space provided.Finance chargeAnnual percentage rateSimple interestMinimum monthly
What are the three major trade-offs you should consider as you take out a loan?
What are the two key concepts to remember when you borrow money?
Write the steps you should take if you are denied credit.
If Samantha Jones had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,200.Donations to church and other
Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus. Actual
For the following situations, calculate the cash surplus or deficit: Cash Outflows $3,306 $4,803 Cash Inflows Difference (surplus or deficit) $3,460 $4,693 $4,287 $4,218
In your own words, describe how an investment in common stock could help you obtain your investment goals.
Jamie and Peter Dawson own 220 shares of Duke Energy common stock. Duke Energy's quarterly dividend is $0.28 per share. What is the amount of the dividend check the Dawson couple will
Why do corporations sell stock? Why do investors purchase stock?
Assume you have $5,000 to invest and are trying to decide between two different companies. One company is a tobacco company that has increased sales, profits, and dividends over the last five years.
During the four quarters for 2015, the Browns received two quarterly dividend payments of $0.18, one quarterly payment of $0.20, and one quarterly payment of $0.22. If they owned 300 shares of stock,
1. What is the benefit to Jamie Lee and Ross investing in a company’s IPO? Will they be guaranteed a large return from this investment? At this life stage, would you recommend that Jamie Lee and
Describe how each of the following sources of information could help you evaluate a stock investment.Source of informationType of InformationHow Could This HelpThe InternetStock advisory servicesA
What is the difference between the dividend yield and total return calculations that were described in this chapter?
Sarah and James Hernandez purchased 140 shares of Macy's stock at $57 a share. One year later, they sold the stock for $61 a share. They paid a broker $8 commission when they purchased the stock and
What is the difference between a prospectus and an annual report?
Prepare a list of questions you could use to interview an account executive about career opportunities in the field of finance and investments.
Wanda Sotheby purchased 120 shares of Home Depot stock at $82 a share. One year later, she sold the stock for $74 a share. She paid her broker a $34 commission when she purchased the stock and a $39
Using Exhibit 12-5, pick three financial measures and describe how they could help you evaluate a corporate stock.
Prepare a chart that describes the similarities among the long-term and short-term investment strategies described in this chapter.
In September, the board of directors of Chaparral Steel approved a 2-for-1 stock split. After the split, how many shares of Chaparral Steel stock will an investor have if she or he owned 400 shares
Michelle Townsend owns stock in National Computers. Based on information in its annual report, National Computers has reported after-tax earnings of $9,700,000 and has issued 7,000,000 shares of
Write the formula for the following stock calculations, and then describe how this formula could help you make a decision to buy or sell a stock.
Analysts that follow JP Morgan Chase, one of the nation’s largest providers of financial services, estimate that the corporation’s earnings per share will increase from $5.56 in the current year
What is the difference between the primary market and the secondary market? What is an initial public offering (IPO)?
Currently, Boeing pays an annual dividend of $2.92. If the stock is selling for $128, what is the dividend yield?
Assume you want to purchase stock. Would you use a full-service broker or a discount broker? Would you ever trade stocks online?
Ford Motor Company has a 1.35 beta. If the overall stock market increases by 6 percent, how much will Ford Motor Company change?
Explain the important characteristics of each of the following types of stock transaction orders.Market orderLimit orderStop-loss order
Casper Energy Exploration reports that the corporation’s assets are valued at $185,000,000, its liabilities are $80,000,000, and it has issued 6,000,000 shares of stock. What is the book value
In your own words, describe the difference between an investor and a speculator.
For four years, Marty Campbell invested $4,000 each year in Harley Davidson. The stock was selling for $36 in 2011, $45 in 2012, $52 in 2013, and $70 in 2014.a. What is Marty’s total
Describe each of the following investment techniques.Buy and hold Dollar-cost averagingDirect investmentDividend reinvestmentMarginSelling short Options
Bob Orleans invested $3,000 and borrowed $3,000 to purchase shares in Verizon Communications. At the time of his investment, Verizon was selling for $45 a share.a. If Bob paid a $30 commission, how
After researching Valero Energy common stock, Sandra Pearson is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 300 shares of Valero Energy. At the
Closed end, exchange-traded, or open ended mutual funds are available today. Describe the differences between each type of fund.
For many investors, mutual funds have become the investment of choice. In your own words, describe why investors purchase mutual funds.
The Western Capital Growth mutual fund has Total assets: $750,000,000Total liabilities: $7,200,000Total number of shares: 24,000,000What is the fund’s net asset value (NAV)?
1. It has been suggested by Jamie Lee and Ross’ professional investment counselor to perform a financial check-up as the first step in investing in mutual funds, even though they are investing
Assume your employer offers you the opportunity to participate in the company’s 401(k) retirement plan.a. Would you participate in the company’s retirement plan? Justify your answer. b.
As Bart Brownlee approached retirement, he decided the time had come to invest some of his nest egg in a conservative fund. He chose the Franklin Utilities fund. If he invests $46,000 and the fund
Choose either the Invesco Charter (symbol CHTRX) mutual fund or the Fidelity Fifty (symbol FFTYX) mutual fund. Then describe how each of the following sources of information could help you evaluate
The value of Mike Jackson’s shares in the New Frontiers Technology fund is $11,400. The management fee for this particular fund is 0.80 percent of the total asset value. Calculate the management
Identify one mutual fund in each of the three categories (stocks, bonds, and other) and describe the characteristics of the fund you select and the type of investor who would invest in that type of
How can choosing the right fund help you save for retirement?
As part of his 401(k) retirement plan at work, Ken Lowery invests 5 percent of his salary each month in the Capital Investments Lifecycle fund. At the end of this year, Ken’s 401(k) account has a
In your own words, describe the difference between a managed fund and an index fund. Which one do you think could help you achieve your investment goals?
When Jill Thompson received a large settlement from an automobile accident, she chose to invest $146,000 in the Vanguard 500 Index fund. This fund has an expense ratio of 0.17 percent. What is the
The Yamaha Aggressive Growth fund has a 1.83 percent expense ratio.a. If you invest $55,000 in this fund, what is the dollar amount of fees that you wouldb. Based on the information in this
In your own words, describe the advantages and disadvantages of mutual fund investments.
Jason Mathews purchased 300 shares of the Hodge & Mattox Energy fund. Each share cost $14.15. Fifteen months later, he decided to sell his shares when the share value reached $17.10.a. What is
Three years ago, James Matheson bought 200 shares of a mutual fund for $23 a share. During the three-year period, he received total income dividends of $0.92 per share. He also received total capital
Assume that one year ago, you bought 120 shares of a mutual fund for $33 a share, you received a $0.60 per-share capital gain distribution during the past 12 months, and the market value of the fund
What options can be used to purchase shares in or withdraw money from an open-end mutual fund?
Over a four-year period, LaKeisha Thompson purchased shares in the Oakmark I Fund. Using the following information, answer the questions that follow. You may want to review the concept of dollar cost
During one three-month period, Matt Roundtop’s mutual fund grew by $6,000. If he withdraws 35 percent of the growth, how much will he receive?
What is a credit bureau?
What are the factors a lender cannot consider according to the law when offering credit?
Define the following key terms.a. Characterb. Capacityc. Capitald. Collaterale. Conditions
Grayson just received his credit card statement. He noticed a charge for $40 to a store he has never patronized. What steps should he take to handle this?
In problem 5, if Joshua paid the $500 in 12 equal monthly payments, what is the APR?Data from problem 5Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service
Why is it important to avoid the minimum monthly payment trap?
In problem 5, Joshua borrowed $500 on January 1, 2012, and paid it all back at once on December 31, 2012. What was the APR?
Diane wants to purchase a home in the next five years. She knows how important a good credit score is for getting a lower interest rate. What are some ways she can continue to improve her credit
Define the following key terms:a. Closed-end credit b. Open-end credit c. Line of credit d. Interest
Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service charge. What is the finance charge on this loan?
Samuel applied for a loan to purchase a new car. His application was denied. What should he do now?
Madeline Rollins is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Madeline is living at home and works in a shoe store, earning a gross
Alka plans to spend $5,000 on plasma television and home theatre system. She is willing to spend some of her $9,000 in savings. However, she wants to finance the rest and pay it off in small monthly
List two good reasons to borrow and two unnecessary reasons to borrow.
To finance a sofa for his new apartment, Caleb signed a contract to pay for the sofa in six equal installments. What type of consumer credit is Caleb using?
1. What steps should Jamie Lee take so she may discover the reason for the denial of her credit application?2. Jamie discovers that she has become the victim of identity theft, as her credit report
1. What is perhaps the most important item shown on the disclosure statement? Explain why.2. What is included in the finance charge?3. What is the amount Sue will receive from the bank?4. Should Sue
A few years ago, Simon Powell purchased a home for $110,000. Today, the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming that Simon can borrow up to 80 percent of the
Vicky is trying to decide whether to finance her purchase of a used Mustang convertible. What questions should Vicky ask herself before making her decision?
Based on the following information, prepare a bank reconciliation (see page 131) to determine adjusted (corrected) balance: Account fees ATM withdrawals Deposit in transit Interest eamed Bank balance
What would be the net annual cost of the following checking accounts?a. Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 14 a month.b. Interest earnings of 4
For the following situations, select and describe a payment method that would be appropriate for the needs of the person.Payment situationSuggested payment method(a) a need to send funds for a
A bank that provides overdraft protection charges 12 percent for each $100 (or portion of $100) borrowed when an overdraft occurs.a. What amount of interest would the customer pay for a $188
Compare the costs and benefits of these two checking accounts:Account 1: A regular checking account with a monthly fee of $6 when the balance goes below $300.Account 2: An interest-earning
What is the annual opportunity cost of a checking account that requires a $300 minimum balance to avoid service charges? Assume an interest rate of 3 percent.
In the following financial situations, check the box that is the major influence for the person when selecting a savings plan:Financial planning situationRate of

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