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Questions and Answers of
Personal Finance
What might be a savings goal for a person who buys a five-year CD paying 4.67 percent instead of an 18-month savings certificate paying 3.29 percent?
A certificate of deposit will often result in a penalty for withdrawing funds before the maturity date. If the penalty involves two months of interest, what would be the amount for early withdrawal
Janie has a joint account with her mother with a balance of $562,000. Based on $250,000 of Federal Deposit Insurance Corporation coverage, what amount of Janie’s savings would not be covered by
Match the following descriptions with the appropriate financial institution.A. commercial bankcommonly used by people without a bank account B. credit unioninvestment services accompany main
(a) What are potential benefits of an overdraft protection service for your checking account? (b) What costs should a person consider before deciding to use the overdraft protection service?
For each of these situations, determine the savings amount. Use the time value of money tables in Chapter 1 (Exhibit 1–3) or in the Chapter 1 appendix.a. What would be the value of a savings
What fees and deductions may be overlooked when balancing your checking account?
A payday loan company charges 5 percent interest for a two-week period. What would be the annual interest rate from that company?
What actions would you recommend to someone who was considering using the services of a pawnshop, check-cashing outlet, or payday loan company?
1. Jamie Lee is beside herself knowing that the thieves had unauthorized use of her Debit/ATM card. What is Jamie’s financial responsibility for the unauthorized use? 2. What would have been
What relationship exists between changing interest rates and the rates of return for various savings accounts, money market accounts, and certificates of deposit of various lengths?
1. What benefits and drawbacks might Melanie encounter when using each of these financial services? Mobile banking ... Prepaid debit card ... Check-cashing outlet2. What factors should Melanie
An ATM with a service fee of $2 is used by a person 100 times in a year. What would be the future value in 10 years (use a 3 percent rate) of the annual amount paid in ATM fees?
How has online banking changed the way consumers select and use various financial services?
If a person with a 33 percent tax bracket makes a deposit of $5,000 to a tax-deferred retirement account, what amount would be saved on current taxes?
Reginald Sims deposits $2,500 each year in a tax-deferred retirement account. If he is in a 28 percent tax bracket, what amount would his tax be reduced over a 20-year time period?
On December 30, you decide to make a $2,000 charitable donation.a. If you are in the 28 percent tax bracket, how much will you save in taxes for the current year?b. If you deposit that tax
For the following tax situations, indicate if this item refers to tax-exempt income or tax-deferred income.Tax-exemptTax-deferred(a) Interest earned on municipal bonds(b) Earnings on an individual
Would you prefer a fully taxable investment earning 10 percent or a tax-exempt investment earning 8.25 percent? Why?
What common tax-saving methods are available to most individuals and households?
Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation (and rounds to the nearest $50). If the exemption in a recent year was worth $3,950 and inflation was 1.2
Betty Sims has $30,000 of adjusted gross income and $5,000 of medical expenses. She will be itemizing her tax deductions this year. The most recent tax year has a medical expenses floor of 10
Wendy Brooks prepares her own income tax return each year. A tax preparer would charge her $75 for this service. Over a period of 10 years, how much does Wendy gain from preparing her own tax return?
Using the tax table in Exhibit 3–5 (p. 90), determine the amount of taxes for the following situations:a. A head of household with taxable income of $97,525. b. A single person with taxable
If 300,000 people each receive an average refund of $2,500, based on an interest rate of 3 percent, what would be the lost annual income from savings on those refunds?
What are some advantages of electronic filing?
Using the tax table on page 81, determine the amount of taxes for the following situations:a. A head of household with taxable income of $55,000. b. A single person with taxable income of
What tax situation would cause a person who previously used Form 1040A to be required to file Form 1040?
For each of the following, indicate if the item is a TAX DEDUCTION or a TAX CREDIT.Check the appropriate box to indicate if this is……a tax deduction, or……a tax credit.(a) state personal
Noor Patel has had a busy year! She decided to take a cross-country adventure. Along the way, she won a new car on the “Price Is Right” (valued at $14,000) and won $500 on a scratch-off lottery
If $4,323 was withheld during the year and taxes owed were $4,122, would the person owe an additional amount or receive a refund? What is the amount?
What tax information sources would you be most likely to use? Why?
How might tax-exempt income and tax credits be used by government to stimulate economic growth?
What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780?
What are the ethical implications of not paying your fair share of taxes?
For each of the following financial planning situations, list the type of tax that is being described.Financial planning situationType of tax(a) A tax on the value of a person’s house.(b) The
1. Jamie Lee is trying to decide between Form 1040EZ and Form 1040A to file her federal income tax return. Using the Personal Finance Guide in Practice information found on page 86, choose the most
What factors might be considered when creating a tax that is considered fair by most people in a society?
What are the four major categories of taxes?
1. What are Eric’s major financial concerns in his current situation?2. In what ways might Eric improve his tax planning efforts?3. Calculate the followinga. What is Eric’s taxable income? (Refer
Daniel Simmons arrived at the following tax information:Gross salary, $54,250 ....................................Interest earnings, $75 Dividend income, $140
Kara George received a $5,000 gift for graduation for her uncle. If she deposits this in a account paying 3 percent, what will be the value of this gift in 12 years?
If a person desires to obtain the following information, check the box for the document that would be most useful.Financial information neededBalance sheetCash flow statementBudgetAmounts owed for
Brenda plans to reduce her spending by $50 a month. What would be the future value of this reduced saving over the next 10 years? (Assume an annual deposit to her savings account, and an annual
Use future value and present value calculations (see tables in the appendix for Chapter 1) to determine the following: a. The future value of a $600 savings deposit after eight years at
What relationship exists among personal financial statements, budgeting, and achieving financial goals?
The Nollin family has budgeted expenses for a month of $4,560 and actual spending of $4,480. This would result in a budget _____________ or DEFICIT (circle one) of $______.
For each of the following household expenses, indicate if the item is FIXED expense or a VARIABLE expense.Food away from home …………………………………………….….Cable
The Brandon household has a monthly income of $5,630 on which to base their budget. They plan to save 10 percent and spend 32 percent on fixed expenses and 56 percent on variable
Jan Franks has liquid assets of $6,300 and monthly expenses of $2,100. Based on the liquidity ratio, she has ______ months in which living expenses could be paid if an emergency arises.
For the following items, identify each as an asset (A), liability (L), cash inflow (CI), or cash outflow__ Monthly rent
Based on this financial data, calculate the ratios requested:Liabilities, $7,800
What are long-term effects of low savings for both individuals and the economy of a country?
For each of the following situations, compute the missing amount.a. Assets $65,000; liabilities $18,000; net worth __________b. Assets $86,500; liabilities __________; net worth $18,700c. Assets
How might financial ratios be used when planning and implementing financial activities?
For each of the following records, check the column to indicate the length of time the item should be kept. “Short-time period” refers to less than five years.DocumentShort time periodLonger-time
1. According to the text, a personal balance sheet is a statement of your net worth. It is an accounting of what you own as well as what you owe. Using the information provided, prepare a personal
Using the following balance sheet items and amounts, calculate the total liquid assets and total current liabilities:Money market account $2,600
What do you believe to be the major characteristics of an effective system to keep track of financial documents and records?
1. What situations might have created the budget deficit for the Constantine family?2. What amounts would you suggest for the various categories for the family budget?3. Describe additional actions
Based on the following data, determine the amount of total assets, total liabilities, and net worth.Liquid assets, $3,870Current liabilities, $2,670Long-term liabilities, $76,230 Investment
Describe some common money management mistakes that can cause long-term financial concerns?
Match the following common goals to the life situation of the people listed.A. Pay off student loansA young couple without childrenB. Start a college savings fundAn older person living aloneC.
1. In each situation, what are the main financial planning issues that need to be addressed?2. What additional information would you like to have before recommending actions in each situation?3.
Tran Lee plans to set aside $2,200 a year for the next seven years, earning 3 percent. What would be the future value of this savings amount?
For the following situations, identify the type of risk being described.PERSONALLIQUIDITYINTEREST RATEINCOME
Why are career planning activities considered to be personal financial decisions?
If a person spends $10 a week on coffee (assume $500 a year), what would be the future value of that amount over 10 years if the funds were deposited in an account earning 3 percent?
What actions might a person take to identify alternatives when making a financial decision?
Carla Lopez deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement
Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $8,000 available each year for various school and living expenses. If he earns 4
What does time value of money measure?
If you desire to have $10,000 for a down payment for a house in five years, what amount would you need to deposit today? Assume that your money will earn 4 percent.
What are some examples of personal opportunity costs?
Using time value of money tables (Exhibit 1–3 or chapter appendix tables), calculate the following. a. The future value of $550 six years from now at 7 percent.b. The future value
Describe risks that you might encounter when making financial decisions over the next few years.
What would be the yearly earnings for a person with $6,000 in savings at an annual interest rate of 2.5 percent?
Ben Collins plans to buy a house for $220,000. If the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be seven years from now?
What are possible drawbacks associated with not considering opportunity costs and time value of money when making financial decision?
What are some examples of long-term goals?
A family spends $46,000 a year for living expenses. If prices increase by 3 percent a year for the next three years, what amount will the family need for their living expenses after three years?
Talk with several people about their financial goals. How have their employment situations affected their financial decisions?
1. Using Your Personal Plan Sheet #2, what are Jamie Lee’s short term financial goals? How do they compare to her intermediate financial goals? 2. Browse Jamie Lee’s current financial
In 2011, selected automobiles had an average cost of $16,000. The average cost of those same automobiles is now $20,000. What was the rate of increase for these automobiles between the two time
What factors in an economy might affect the level of interest rates?
For each of the following situations, indicate if the person would tend to “suffer” or tend to “benefit” from inflation. A person with money in a savings accountA person who is borrowing
In your opinion, what is the main benefit of wise financial planning?
How do personal and economic factors affect the operation of the financial system and personal financial decisions?
You want to open a checking account with a $500 deposit. You estimate you will write 10 checks a month and use an ATM from other banks about twice a week. Bank A charges $1 per check if you drop
Jamal is considering taking out a home equity loan to cover the expenses of remodeling his home. He is doing much of the work himself on weekends over the course of the summer. He estimates that the
In 2016, you gave a $14,000 cash gift to your best friend. What is the gift tax?
What will be the gift tax in 2017?
What is the total amount removed from Joshua’s estate in 2017?
What was the gift tax in 2016?
Since Tanya Martin retired, she has used income from her investment in the Alger Mid Cap growth fund to supplement her other retirement income. During one three-month period, the fund grew by $2,800.
Over a four-year period, Matt Ewing purchased shares in the Oakmark I Fund. Using the following information, answer the questions below. You may want to review the concept of dollar cost averaging in
Given the information in question 12, calculate the percent of total return for your $7,040 investment.
Assume that one year ago, you bought 320 shares of a mutual fund for $22 per share, you received an income dividend of $0.17 cents per share and a capital gain distribution of $0.22 cents per share
In the prospectus for the Brazos Small Cap fund, the fee table indicates that the fund has a 12b -1 fee of 0.35 percent and an expense ratio of 1.65 percent that is collected once a year on December
Jane Ramirez owns shares in the Touchstone Small Cap fund that have a current value of $19,250. The fund charges an annual 12b-1 fee of 0.25 percent. What is the amount of the 12b-1 fee Ms. Ramirez
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