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Questions and Answers of Personal Finance

What are the advantages of using direct deposit?
Lauren purchased a $40,000 T-bill for $39,200. A few months later, Lauren sold the T-bill for $39,700. What was Lauren’s return on the T-bill?
Brenda purchased a $30,000, ninety-day T-bill for $29,850. What will
How can automatic transfers help you save money?
On June 1, Mia deposited $4,000 in an MMDA that pays 2% interest. On October 31, Mia invested $2,000 in a three-month CD that pays 1.75%. At the end of the year, how much interest will Mia have
Thomas can invest $10,000 by purchasing a one-year T-bill for $9,775, or he can place the $10,000 in a twelve-month CD paying 2.5%. Which investment will provide a higher return? In addition to
Jill placed $10,000 in a ninety-day CD that offered an annualized return of 1.20%. How much interest will she earn on this CD?
Explain why maintaining more liquidity during a weak economy is costly.
How does a debit card transaction differ from writing a check?
How will overdraft protection affect bounced checks? Should you take advantage of this feature if your bank offers overdraft protection?
How does your individual tolerance for risk impact money management?
Explain why you should not invest in the stock market if you expect to need the funds in the near future. Are stocks liquid?
Go to the Web site www.consumer.gov, and go to the section on credit, loans, and debt.a. What are some ways that you can build your credit history?b. What type of information is contained in your
Some consumers prefer putting off their credit card payments and don’t think about having to repay the debt along with the interest later. At the other extreme, other consumers are obsessed with
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
What are the advantages and disadvantages of using credit?
Review the information at www.ftc.gov about free credit reports.a. What is the only authorized source for free credit reports under federal law?b. How can you request a free credit report?c. Why
Why should some people use cash to make purchases instead of credit?
Go to the Web site www.identitytheft.gov, and summarize the actions you should take if your identity is stolen.
What factors determine your credit score, and how are these factors weighted by FICO?
How does a Vantage Score differ from a FICO score?
Explain how to correct a mistake you discovered on your credit report.
What are some common types of credit?
How did the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 change credit card access to students under the age of 21? Why was this change deemed necessary?
What is your credit history? How does it impact your ability to borrow money?
Explain how closing a credit card account can negatively impact your credit score.
Why should you be careful about checking your credit score on one of the numerous “free” sites?
Explain the advantages and disadvantages of using a credit counseling organization.
How has EMV technology helped reduce identify theft?
What are some factors to consider when using social media with respect to identity theft?
Refer to Problem 19. How much will Monica have at retirement if she earns 12% a year? Compare the two amounts. Should the difference affect Monica’s choice of investment vehicle?Data From Problem
Some people purposely ignore a bill and put it out of their minds to avoid the stress associated with it. Other people pay their bills immediately because they worry that they might forget about
What is a risk premium? How is the risk premium calculated?
Teresa has just opened a NOW account that pays 1.5% interest. If she maintains a minimum balance of $500 for the next twelve months, how much interest will she earn?
Go to the banking section of www.bankrate.com, and answer the following questions using St. Louis, Missouri as your reference city:a. What is the highest rate on a money market account (MMA)?b. What
Some consumers force themselves to save money by depositing a portion of their paycheck into a savings account. They deposit the remainder into a checking account and then only spend the money in 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 view some video clips about investing in money market securities. You can use search phrases such as “investing in
Travis has invested $3,000 in a three month CD at 1.25%. How much will Travis have when the CD matures?
Go to www.fdic.gov, and answer the following questions:a. List at least three types of bank accounts that are insured by the FDIC. Are money market deposit accounts insured and, if so, to what
This chapter explains how consumers may make purchases, that they cannot afford, in order to keep up with their friends. This could prevent them from allocating any funds toward all the other
Why do most people need access to financing at some point in their lives?
How does your choice of major affect your financial plan?
Angela (from Problem 1) inspects her checkbook and her credit card bills and determines that she has the following monthly
Do an Internet search for a web site on “Planning for Retirement,” and answer the following questions:a. What factors do you need to consider when planning for retirement?b. How do these factors
Emma’s 2018 adjusted gross income is $24,200. She has $1,800 in unreimbursed medical expenses. How much in medical expenses could Emma claim as an itemized deduction?
Tracy is single and had adjusted gross income of $37,000 in 2018. Tracy also has the following items:Which of Tracy’s expenses might qualify as itemized deductions? Unreimbursed medical
How is mortgage interest treated for tax purposes? How does it differ from auto loan interest?
Jauna made $178,400 in salary during 2018. How much were her FICA withholdings for that year?
What is a marginal tax bracket? Why is it important?
Compute Lana’s tax liability if she is single and earned $74,400 in wages. She will take the standard deduction.
List some common types of tax credits.
What is the likely impact of increased government borrowing on market rates of interest?
Julia brings home $1,800 per month after taxes. Julia’s rent is $650 per month, her utilities are $100 per month, and her car payment is $210 per month. Julia is currently paying $150 per month to
The purpose of this exercise is to introduce you to one of the online tools that are available to help with budgeting and financial planning. Go to www.mint.com and review the information available
Read one practical article on how psychology affects spending behavior. You can easily retrieve possible articles by doing an online search using the terms “psychology” and “spending.”
How can an application of personal finance skills increase your wealth?
How can your post-high school education decisions affect your wealth?
How can an understanding of personal finance enhance your job marketability?
At the beginning of the year, Lakynn has a net worth of $4,500. During the year, she set aside $80 per month from her paycheck for savings. In December, she made a $600 payment for a plane ticket.
Anna has just received a gift of $500 for her graduation, which increased her net worth by $500. If she uses the money to purchase a tablet computer, how will her net Anna has just received a gift of
Why is it important to track your spending before creating a budget?
Mason selected a private university to attend. His tuition, room and board, and other costs were $47,000 per year for four years. His brother Kage attended a public institution and elected to live at
Jill has decided to save 50% of her income for retirement. Her father told her she needed to set a different goal. Why do you think he gave her this advice?
What are some possible disadvantages of using online sources of personal finance information?
Assume that you have established a plan to achieve a particular level of wealth in three years, but economic conditions suddenly cause both your existing income and the value of your existing assets
During a weak economy, jobs are scarce, so some individuals may consider starting their own businesses. What is the disadvantage of this idea during a weak economy?
How can peer pressure affect your spending habits?
Explain why it is important to select the right university or college.
Ricardo wants a career where he can help people. He also wants to travel and see the world. He is thinking about becoming a personal care aide. What advice would you give him?
What are some ways you can lower the cost of a college education?
Go to the Web site www.moneycrashers.com. In the search box, search for “5 personal budgeting tips for those who hate budgets” and answer the following questions:a. What are the three reasons
Review your largest cash outflows over the last year, and identify your largest expenses (for example, rent, a car loan, and tuition). Were any of your major purchases influenced by psychological
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 view some video clips about financial planning. Conduct a search of the site using phrases such as “value of
Go to one of the Web sites that contains video clips (such as www.youtube.com) and view some video clips about budgeting. You can use search phrases such as “budgeting tips.” Select one video
Angela earns $2,170 per month before taxes in her full-time job and $900 before taxes in her part-time job. Her employers withhold about $650 per month from her checks to pay taxes. What is
Go to www.bankrate.com. Under Popular Calculators, select the Simple Savings Calculator, which allows you to determine the savings that will accrue over time if you reduce various expenses. You can
Classify all your spending into categories such as car, rent, school expenses, clothing, and entertainment. Determine the proportion of your cash outflows that is allocated toward each of these
Jeremey wants to increase his net worth. What advice would you give him?
How can peer pressure affect your cash outflows?
List your monthly cash outflows. Will everyone have similar cash outflows?
Angela analyzes her personal budget and decides that she can reduce her recreational spending by $80 per month. How much will that increase her annual savings? What will her annual savings be now?
How does student loan debt affect your cash flows while in college? How does student loan debt affect your cash flows after college?
If Angela is saving $380 per month, what is her savings rate (i.e., savings as a percentage of disposable income)?
How are cash flows related to your life stage or age?
How does your choice of career affect your cash flows?
How are unexpected expenses and liquidity related?
Remi and Raina will both receive $100,000 from their grandfather when they graduate college next month. Remi went to a public university and accumulated $25,000 in total student loan debt. Raina
Remi graduated with a degree in computer engineering and will start a job making $65,000 per year in after-tax income. Raina’s degree is in political science and the job she was offered pays
What is a personal balance sheet?
How does a personal balance sheet help you track your net worth?
Justin’s stock portfolio increased in value during the year, and the balance on his mortgage declined. What happened to his net worth over the course of the year?
Psychology. Explain how credit card usage can affect your spending habits.
What is the time value of money? How is it related to opportunity costs?
This chapter explains how your cash deposited in a bank can grow over time. Some people are only willing to save if they are rewarded with a high interest rate. However, the interest rate on deposits
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 view some video clips about how savings grow. You can use search phrases such as “future value of savings.”
Kyle has $1,000 in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate of deposit (CD) so that he will have a down payment on a car when he
List one reason why the time value of money is an important concept.

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