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Questions and Answers of Personal Finance

Obtain samples of current tax forms you would use to file your federal income tax return. These may be downloaded from the CRA Web site at http://www.cra-arc.gc.ca.
Who must file an income tax return?
What information is needed to compute net income?
How do changing economic conditions affect the use of financial services?
What are the major categories of financial services?
What are examples of deposit-type financial institutions?
What are examples of long-term goals?
Prepare a personal balance sheet and cash flow statement.
You have $800 in a savings account that earns 6% interest compounded annually. How much additional interest would you earn in two years if you moved the $800 to an account that earns 6 percent
If you want to have $7,000 in five years, how much do you have to deposit today if your investment earns a rate of 3 percent per annum?
A car that cost $12,000 in 1998 cost $16,000 10 years later. What was the rate of increase in the cost of the car over the 10-year period?
Go to www.nolo.com. Scroll down, then click on “Wills, Trusts & Probates.” Summarize some of the information available on this site.
Refer to problem 3. How much money will Judy have at retirement if her employer matches her contributions?Data From Problem 3Judy pays off her car loan and now must decide how she wants to invest the
Referring to the previous question, what other factors should Miguel consider with regard to his retirement goal? What recommendation would you give Miguel regarding his goal?Data From Problem
What is the retirement account trade-off?
Eileen (from question 7) wants a car that costs $7,000. How long would it have taken Eileen to save for the outright purchase of the car if she did not have any credit card debt and used the interest
Barry has just become eligible for his employer-sponsored retirement plan. Barry is 35 and plans to retire at 65. Barry calculates that he can contribute $3,600 per year to his plan. Barry’s
In need of extra cash, Troy and Lilly decide to withdraw $8,000 from their traditional IRAs. They are both 40 years old. They are in a 24% marginal tax bracket. What will be the tax consequences of
Ezra works for a firm that offers a 100% match up to 4% of his salary on retirement contributions. How much will Ezra accumulate in twenty years if he contributes 4% of his salary of $100,000 per
Go to a search engine and type in “Create your own will.” Read though several of these Web sites, then list the pros and cons of creating your own will.
Some people put off creating a will because they do not want to think about financial planning for their death. In addition, they might struggle with the decision of how to distribute their estates.
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to www.estateplanning.com. Click on “10 Things You Need to Know About Estate Planning.”a. Describe some of the key tasks involved in estate planning.b. Click on “Finding a Planning
What is a will? Why is a will important? What does it mean to die intestate?
What is a beneficiary? Why is it important to be specific with regard to beneficiaries and assets in your will?
What is an executor? Why is it important to name an executor in your will?
What is typically covered in a letter of last instruction?
Beyond the will, what does estate planning involve?
What is a power of attorney?
List several important documents that are important for estate planning.
Jill just inherited $12 million from her grandfather in 2018. How much of the inheritance is subject to estate tax?
How can you use annual gifts to reduce the tax burden on your heirs?
Lisa has an estate worth $3.21 million, and three children who will receive her assets on her death. Should she create a will, given that her estate is worth less than the threshold that is exempt
Go to www.moneycrashers.com and pick a recent article on saving money.a. Summarize the information contained in the article.b. Will you adopt any of the recommendations? Why, or why not?
Do you dedicate a sufficient amount of money toward financial planning purposes such as saving, insurance, investing, and your retirement? Explain how you could revise your spending now so that you
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Stephanie Spratt comes to you for advice. Due to a very weak economy, she was just laid off from her job. She will receive $1,200 per month for the next six months. 1. Offer advice to her on how she
Go to www.quicken.com and click on “Tools & Tips” at the bottom of the page. Go to Money Management Tips, listed in the dropdown menu.a. List three ways you could save money.b. Watch one of
Your financial plan should include plans for managing your liquidity, financing, insurance, investments, and retirement planning. Which of these plans causes you the greatest concern? Which of these
What is the most common problem that prevents effective financial planning? Why do some people spend too much money? How can you use a budget to help you with spending issues?
Judy believes that another benefit of investing the extra $3,648 in her employer sponsored retirement plan is the tax savings. Judy is in a 24% marginal tax bracket (when considering her federal and
How can you protect your assets and income? What is the insurance trade-off?
In the previous question, you decide to pay off the car loan and invest the difference. Now you no longer have a $350 per month car payment. Suggest some ways you might use these additional funds.
Explain why having very specific goals is important for financial planning.
Why is it important to track your expenditures for a few months? How does this practice impact your budget?
Why is it important to keep financial records stored in a safe location? List some important documents that you should keep in a safe place.
What are some common financial goals?
What factors should you consider when selecting which stockbroker to use?
Investors expect that the return on a risky bond to an investor will be higher than the return on bonds with less risk. They enjoy the thrill of the gamble of investing in risky bonds and when these
Timothy has an opportunity to buy a $1,000 par value corporate bond with a coupon rate of 7% and a maturity of five years. The bond pays interest annually. If Timothy requires a return of 6%, what
What if Mark’s Treasury bond in the previous problem had a coupon rate of 9% and new bonds still had interest rates of 4%? For what price should Mark sell the bond in this situation?
Ronnie owns 600 shares of a stock mutual fund. This year he received dividend distributions of sixty stock mutual fund shares ($40 per share) and long-term capital gain distributions of forty-five
Explain how economic conditions in the United States influence economies of other countries.
What are Treasury securities? What is a T-bill? How is it denominated? How do you earn a return on a T-bill? How is the return calculated?
Go to the savings calculator in the banking section of www.bankrate.com to estimate how your savings will grow.a. By inputting an investment amount, the monthly deposit, the return, and the period of
Go to www.renaissancecapital.com.a. Describe what type of information is available to investors.b. Summarize in general how IPOs have performed recently.
Some investors get a bigger thrill from gambling with money than from paying off a loan. Thus, they invest in stocks hoping to make a larger return than whatever interest rate they are paying on
Go to the Finance section of Yahoo.com, where you can obtain stock quotes, and insert the stock symbol of a stock in which you are interested.a. What was the last price of the stock you looked up?b.
Read one practical article about how psychology affects decisions when investing in stocks. You can easily retrieve possible articles by doing an online search using the terms “psychology” and
How are personal debt and investing related?
Go to the Finance section of Yahoo.com to determine how stocks are correlated with various indexes.a. Enter “GE,” the symbol for General Electric, in the box where you can obtain stock quotes.
Distinguish between the primary and secondary stock markets. Why does the price of a stock change each day in the secondary market?
Bob purchased stock in a new social media company for $40 per share shortly after the stock’s IPO. The stock had been heavily publicized on the Internet. Over the next three years, the stock price
Dawn decides to invest $2,000 each year in stock at the end of each of the next five years. She believes she can earn a 6% return over that time period. How much will Dawn’s investment be worth at
What are dividends? Do all firms pay them?
Floyd wants to invest the $15,000 he received from his grandfather’s estate. He wants to use the money to finance his education when he pursues his doctorate in five years. What amount will he have
Morris will start investing $1,500 a year in stocks. He feels he can average a 10% return. If he follows this plan, how much will he accumulate in ten years? In twenty years? In thirty years?
Gemma purchased twelve ounces of gold for $1,344 an ounce. She sold the gold one year later for $1,534 per ounce. What was her dollar return? What was her percentage return?
Thomas purchased 400 shares of stock A for $23 a share and sold them more than a year later for $20 per share. He purchased 500 shares of stock B for $40 per share and sold them for $53 per share
What are publicly traded stock indexes, or exchange-traded funds (ETFs)? What are the benefits of ETFs to investors?
Charles recently sold 500 shares of stock A for $12,000. In addition, he sold 600 shares of stock A for $6,000. Charles had paid $20 per share for all his shares of stock A. What amount of loss will
Jenna purchased a five-acre parcel of land for $28,000 and sold it two years later for $41,000. What was her return on that investment over the two-year period?
What are some common investment metals? List some ways to invest in precious metals.
What is the formula for estimating returns on dividend-paying stocks? Describe each element of the formula. How do you calculate the dollar amount of your returns?
What is the difference in tax rates on long-term versus short-term capital gains?
Describe how economic conditions might affect certain investments.
How is investing related to liquidity? Give some examples of liquid investments.
What is a growth stock? What is an income stock? Why would investors prefer one type over the other?
What is an IPO? What are the risks associated with buying IPOs?
How is investing related to your personal financial goals?
How does your personal tolerance for risk impact your investment decisions?
What are some of the risks associated with investing in real estate?
Some investors are naive and are overconfident that the stocks in which they invest will perform well. They know that they might achieve high returns from buying stocks on margin, but they ignore the
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as www.youtube.com) and review some video clips about investing in stocks. You can use search phrases such as “tips on investing in
Go to http://us.etrade.com. Go to the section “Education” under “Knowledge.” Review some of the videos and articles about investing in stocks and summarize the general advice offered.
What is the Nasdaq? Describe how trades are carried out on the Nasdaq.
Go to the finance section of Yahoo.com to assess the recent performance of stock indexes. Summarize the performance of stocks in the last year.
List some of the information contained in a typical stock quotation from a financial website.
What does it mean to short a stock? When would this strategy be used?
What is technical analysis? What is fundamental analysis?
When performing an economic analysis of stocks, what economic factors are most closely watched?
What is inflation? How is inflation measured? How does inflation affect stock prices?
What determines stock price? How do investors use this information to make buy or sell decisions?
What are some limitations of stock analysis?
Why should young people have investments in stocks as part of their portfolio?
Bernie purchased twenty bonds with par values of $1,000 each. The bonds carry a coupon rate of 7% payable semiannually. How much money will Bernie receive for his first interest payment from these
Go to www.calculatorweb.com and to the Bond Calculator under “Investment Calculators.” Describe what this calculator allows you to do.
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as www.youtube.com), and review some video clips about investing in bonds. You can use search phrases such as “tips on investing in

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