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Questions and Answers of Personal Finance

Based on the after-tax returns, at what federal tax rate (as shown in Chapter 4 on page 96) is an investor better off choosing a tax-exempt 2.78 percent municipal bond over a taxable 4.03 percent
Describe the online banking features that you have used or would use in the future. Would you consider using an Internet-only bank? Why or why not? What could be the primary advantages and
Compare your current bank or credit union checking account to at least two others according to the "three Cs" criteria. Be sure to include one Internet-only bank in the comparison. Describe which is
Consult the Web site www.imoneynet.com or www.bankrate.com for a comparison of current earnings on different taxable and tax-exempt retail money market mutual funds. Visit the Web sites for at least
Shop for a new liquid asset account appropriate for your needs (e.g., bank account, CD, money market mutual fund). Describe the purchase process (e.g., dollar cost, "paperwork") and your anticipated
Interview a stockbroker about the characteristics of cash or liquid asset management alternatives sold by brokerage firms. Inquire about the fees charged for purchasing these products and the
Review your latest savings account statement. Find the annual percentage yield (APY) paid on your account and compare it to the "quoted rate." What method is used to determine the account balance in
Use Worksheet 8 to reconcile the balance in a bank or credit union checking account. Big USA Bank Summary Beginning balance 6/27 $1,964.17 Total deposits $2,823.46 Total withdrawals $2,982.74 Service
Banks charge billions of dollars per year in overdraft, insufficient funds, or "bounced" check fees. As a group project, survey several local financial institutions to determine their fees and
As a group project, develop a chart noting the cost of making a transaction at an A TM machine owned by your bank and at a machine owned by another bank. Compare the costs reported by the members of
Interview three heads of household, each from a household representing a different stage of the life cycle orsocioeconomic status. Inquire about their financial planning process and their strategies
Jimmy, an accountant, and Bethany just returned from their honeymoon in the Bahamas. They celebrated their marriage and the completion of Bethany's M.B.A. program. They have been encouraged by their
Review the six financial accomplishments that may result from studying personal finance. In your opinion, which three are most important? Why?
You can think of a financial plan as a "financial road map to guide you through life." Develop a visual display that illustrates this concept and the five steps of the financial planning process. Try
Summarize the five steps that make up the financial planning process.
Visit your campus career counseling office to learn about the services available to assist you with your career search and your job search. What career management services, if any, are available
Jason Zweig, author of Your Money and You1· Brain (2007), poses the question, which animal is responsible for the greatest number of deaths in the United States annually? The options given are
List and explain the four common concerns that should guide all financial plans.
As a foundation for your financial planning, visit the U.S. Department of Labor Career Guide to Industries at www.bls.gov/oco/cg to determine the earnings, benefits, and employment outlook for a
As a group project, have each member of the group visit a financial professional (e.g., benefits officer, stockbroke,r, insurance company representative, loan officer, banker, financial planner,
Explain why planning for financial independence is more difficult for women than men.
Summarize two strategies that women should implement to compensate for the unique financial challenges they face.
Describe a good, or effective, job interview.
List and describe two important factors that help determine your current and future income.
Define the terms "diversification" and "liquidity." Give an example to illustrate each concept.
Describe the "sunk cost effect" and why this is considered a financial bias.
Using Worksheet 6 as a guide, talk to your parents about their record-keeping system. Offer to assist with organizing the household financial records. Do they have a balance sheet, income statement,
Sami, 34, and Ronald, 31, want to buy their first home. Their current combined net income is $65,000 and they have two auto loans totaling $32,000. They have saved approximately $12,000 for the
Use Worksheet 7 to track your actual income and expenses for 1 month and then to develop a budget or spending plan for future months. Analyze your income and expenses to determine your spending
Locate at least three different Web sites with net worth calculators. Compare and contrast the listings of assets and liabilities. Do any of the calculators offer guidelines for interpreting results?
The acronym GIGO-"garbage in, garbage out"-is commonly associated with computer-automated analysis. How does GIGO apply to the calculation of a balance sheet, income statement, or the ratios that are
To learn more about financial planners, profile a typical client, summarize the services offered by the planner, and explain the method(s) of payment for the services. Planners often include this
Watch a short video on the Mint.com Web site on how to set up a Mint account. Explore the Web site to determine who funds the program. Read one or more of the personal finance blogs and write a
Write a one-page essay that explains at least four reasons why you believe that people do not budget or develop even a simple plan for balancing income and expenses, including saving for goals.
If Larry and Louise Tate were trying to determine how long they would be able to continue paying their bills if they both lost their jobs, which financial ratio would be most useful?
Summarize the steps to establish a cash budget.
Using a financial calculator, determine the future value of $5,000 invested at 12 percent for 40 years with annual compounding. What rate of interest would result in the same future value if the
Research the cost of five products or services that were advertised in newspapers or magazines published more than 20 years ago. Then find the current cost of these items. Calculate the rate of
Visit a local financial institution and record the interest rates and minimum balance requirements for the various financial products it offers. Using the information gathered, determine how much
What two factors most affect how much people need to save to achieve their financial goals?
Assume you can save $4,000 a year (about $80 per week) after graduation. Set a financial goal for yourself and specify the time frame and cost. Calculate the interest rate required to achieve the
Investigate a specific financial planning issue or decision that involves the use of the time va lue of money concepts. Describe why it is necessary to make a time value of money
What is the primary difference between an annuityand a compound annuity?
Define an amortized loan and give two common examples.
What is a perpetuity? Name an example of a perpetuity (payments or receipt of income) in personal finance.
In March 1963, Ironman was first introduced in issue number 39 of Tales of Suspense. The original price for that issue was 12 cents. By March 2012, 49 years later, the value of this comic book had
Review Figure 4.1 and complete one of the following projects:a. Is the advice to "defer income and accelerate deductions" always a good tax planning strategy? Given the projected demands on Social
Write a one-page paper discussing why taxes are withheld directly from your pay rather than collected on an annual basis. Also, explain how the amount of taxes withheld is determined.
It can be said that capital gains income is better than interest income because of taxes and timing. Why? ls the same true for dividend income?
Sukeeta, a young mother, is preparing to file her 2011 income tax return. Her husband, who was killed in a boating accident in the summer of 2011, always handled the tax filing. Assuming she does not
Calculate your income tax liability using two approaches. First, assume that your parents claim you as a dependent. What is your tax liability? Second, assume that you are independent and claim
A couple with three dependent children has an annual adjusted gross income (AGI) of $238,500. Calculate the total dollar amount of personal exemptions that they can claim for the 2011 tax year.
Estimate your non-income-based tax expenditures for the last 6 months. Consider sales taxes, excise taxes, and personal property taxes. To estimate your personal properhJ taxes, consult your tax
Save all of your sales receipts for 1 month. At the end of the month calculate the total sales tax paid and annualize the amount by multiplying it by 12. Compare this amount to your total state
Calculate the total 2011 tax liability for a single parent of one dependent child with a gross income of$46,250, no salary reductions for employer provided benefits, and no itemized deductions.
Prepare yourself for an audit by collecting all relevant tax records from the last year. Include all pay stubs that verify deductions, credit card bills and their matching receipts that verify
Call a certified public accountant (CPA) or enrolled agent and explain that you are a student current1y studying taxes. Ask the accountant to explain three of the most commonly recommended tax saving
Talk to your parents about their taxes. Do they follow any of the five tax reduction strategies presented in this chapter? Talk to them about the benefit of following one or more of these strategies.
Aliza Grajek is a self-employed nurse with a 2011 gross income of $68,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total
Calculate the 2011 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has an active income of $40,000, a shortterm capital gain income of $4,000 from the
What is the maximum allowable taxable income for filing a 1040A or 1040EZ income tax form?
What are the three main types of assistance available to the general public for completing their tax forms?
Ask older friends or relatives about the cost of specific items (e.g., a gallon of gas, a cup of coffee, etc.) during their youth. Also inquire bout their average wages in the past. Compare the
Develop and solve a future-value, a present-value, a future value of an annuity, and a present value of an annuity problem. Establish the three known variables in each problem and solve for the
Use the information on pages 194, 195, and 196 to discuss how best to deal with student loan debt.
Review Figure 2-6 and create or update a sample cover letter to accompany your resume when applying for a job.
Using the Monster. com find a job listing for a position in your career field. Prepare a resume for the job. Review Figures 2-3, 2-4, and 2-5 on pages 49, 50 and 51 and create or update your resume
Dial 1 (800) TAX-1040 (or 1 (800) 829-3676) to pose a question for an IRS spokesperson. Think of a question before you call. It deals with whether you qualify for a specific education tax credit, can
Type “tax reform” into your browser and skim read what you find of interest on three websites. Write a summary of your findings and include your views of what reform(s) you might prefer as the
Why should a shopper negotiate?
Survey two relatives or friends and ask about their decision-making process when they most recently bought a vehicle. Find out if they thought about the opportunity costs when making the purchase.
Survey three people to determine their opinions on the direction of the economy over the next 12 months. Even though they may not know the meaning of these exact terms, ask about their perceptions on
Use the Internet and/or Yellow Pages to find a local company that employs people in your prospective career field. Request a brief interview with the human resource manager. Ask about salary levels,
It is highly likely that one of the best job opportunities for you at graduation will require that you move away from your hometown and/ or where you went to college. While that new location is
To help you clarify your values, review the section titled “Clarify Your Values and Interests” on pages 34 and 35 and make a list of your 10 most important ones.
To clarify your lifestyle trade-offs, review the section titled “Lifestyle Trade-offs” on page 00 and given the list make a list of your choices for trade-offs.
Review the questions in the section on “Prepare Responses for Anticipated Interview Questions” on page 58 and write out concise sample responses to each question.
Stanford University professors Bill Burnett and Dave Evans bring a fresh perspective to career advice. Their book, Designing Your Life: How to Build a Well-Lived, Joyful Life, offers a series of
Use “Topics to Discuss with a Partner” as a guide to interview two married couples. Ask them which of the topics they discussed with their partners within the first year of marriage. Make a table
Interview two people to learn about their financial mistakes in life. Ask each person to cite two financial mistakes they have made. Make a table that summarizes your findings.
Pick two wealth-building principles for life and explain what they mean to you.
Of the financial ratios described in this chapter, which two might be most useful for the typical college student to track over time?
Interview two people to ascertain their financial goals. Ask each person, “What are your top three long-term financial goals?” Make a table that summarizes your findings. Are their goals
What can a person try to do to genuinely control spending to better achieve financial success?
Evaluate the biggest three financial mistakes you made over the past seven years. Are there any patterns in the mistakes?
Which two financial ratios for evaluating financial progress do you think will help you the most, and why?
Identify two money topics you think might be valuable to discuss with a partner.
Identify two money topics that you think might present some challenges when discussing them with a partner.
The long-term capital gains tax rates are 0 percent for singles earning up to $44,625, 15 percent for those earning $44,626 to $492,300 and 20 percent for those earning above $492,300. What is your
Find the tax liabilities based on the taxable income of the following people: (a) Married couple, $92,225; (b) Married couple, $74,170; (c) Single person, $30,925; (d) Single
Type “income taxes, who pays” into your browser and skim read what you find of interest on three websites. Does what you find cause concern over equity and fairness within the U.S. income tax
Summarize how a small claims court works.
Interview two insurance agents, one who is an independent agent and one who is an exclusive agent. Ask each to describe the benefits to a customer who buys insurance from that type of agent.
Interview two or three people who have been involved as an insured party in an automobile accident. Ask them to summarize the claims process as they experienced it and how they now view the process
What experiences have you or a family member had with the claims process on a renter’s insurance policy? What if anything might have been done differently or better?
Summarize how companies select among insurance applicants.
Explain why selecting a policy with a high deductible and high liability limits is better than one with a low deductible and low liability limits.
Describe the term release and explain why signing a release too soon might work to our disadvantage
Visit the government’s website (https://acl.gov/ltc/costs-and-who-pays) to learn the costs and how to pay for long-term care insurance. Write a summary of your findings.
Visit your state’s health insurance exchange (kff.org/state-health-marketplace-profiles). How easy was it to navigate through the information provided? Why or why not? Would you feel comfortable

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