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Questions and Answers of Personal Finance

This chapter illustrates how the amount of debt you owed would not grow as quickly when interest rates are low. Because interest rates have been low lately, are you more willing to borrow money?
Luis wants to know how much he will have available to spend on his trip to Belize in three years if he deposits $3,000 today at an annual interest rate of 2%.
How much will you have in 36 months if you invest $75 a month at 3% annual interest?
DeMarcus wants to retire with $1 million in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 10% annual return on his
What two methods can be used to calculate future values?
Cheryl wants to have $2,000 in spending money to take on a trip to Disney World in three years. How much must she deposit now in a savings account that pays 3% per year to have the money she needs in
How does the rate of interest affect future values?
Juan would like to give his newly born grandson a gift of $10,000 on his eighteenth birthday. Juan expects to earn an 8% annual return on his investment. How much must he deposit now to achieve his
How does your time horizon affect future values?
Winners of the Georgia Lotto drawing are given the choice of receiving the winning amount divided equally over twenty years or as a lump-sum cash option amount. The cash option amount is determined
What is discounting?
How does deferring student loan payments affect the future value of your debt?
Amy and Vince want to save $7,000 so that they can take a trip to Europe in four years. How much must they save each month to have the money they need if they can get 3% per year, compounded monthly,
Lena has just become eligible to participate in her company’s retirement plan. Her company does not match contributions, but the plan does average an annual return of 12%. Lena is 40 and plans to
Jesse has just learned that she won $1 million in her state lottery. She has the choice of receiving a lump-sum payment of $312,950 or $50,000 per year for the next twenty years. Jesse can invest the
How would you modify the FVA equation to determine how much you would need to save each month to have a specific amount at a specific time in the future?
Jen spends $20 per week on doughnuts and coffee. If she takes the same amount that she spends on doughnuts and coffee and invests it each week for the next five years at 4%, compounded weekly, how
In determining the future value of an annuity to be invested monthly over a five-year period, what number of periods should you use?
Kirk can take his $1,000 income tax refund and invest it in a 36-month certificate of deposit at 3%, compounded monthly, or he can use the money to purchase a home entertainment system and put $30 a
Jerry would like to save the same amount every month until he turns 40. Which time value concept should he use to compute the value of his savings at that time?
Lakesha recently found out that her credit card balance was compounded daily rather than monthly. How will this compounding frequency impact the outstanding debt she owes on her credit card?
Jim accepted a $3,000 loan from his Uncle Kurt. Uncle Kurt agreed to defer payments for two years until after Jim graduates from college. How much will Jim owe in two years if his uncle charges him
Elizabeth borrowed $1,000 for a year from her credit union. She has to make only one payment at the end of the loan. How much will she owe at the end of the year if the credit union charges her 5%
Winston will receive $100,000 on his 25th birthday. Which time value of money concept would you use to compute the value of his future inheritance?
Monica intends to invest $400 a month in her company’s retirement plan. The company will match the entire amount. How much will Monica have in her retirement account after forty years if she earns
How can an understanding of the time value of money motivate you to save more money?
Cindy and Jack have always practiced good financial habits, in particular, developing and living by a budget. They are currently in the market to purchase a new car and have budgeted $300 per month
Go to the “Federation of Tax Administrators” Web site at www.taxadmin.org. Go to “Divisions and Programs” and click on “Research and Tax Rates” and then “Current Tax Rates.” Open the
This chapter explains how a portion of your income is withheld throughout the year by your employer, as required by the Internal Revenue Service (IRS). You may have some flexibility on how much
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
Brian makes $27,000 per year. How much can he expect to contribute to FICA taxes in 2018? How much will his employer contribute?
Go to one of the Web sites that contains video clips (such as www.youtube.com) and review some video clips that are available about reducing your taxes. You can use search phrases in the Web site
Go to turbotax.intuit.com, go to “Tax Calculators” under “Tools & Tips,” and click on “Tax Caster calculator” to answer the following questions:a. Assume that your filing status is
Read one practical article of how psychology affects behavior when paying taxes. You can easily retrieve possible articles by doing an online search using the terms “psychology” and “paying
Emily and Paul are married and will file a joint return for 2018. The standard deduction for their filing status is $24,000. They have the following itemized deductions:Should Emily and Paul itemize
What is Medicare? How much do you pay in Medicare taxes?
Stephen’s salary is $34,000 in 2018. In 2018, he sold stock that he had held for nine months for a gain of $1,900. How much tax must he pay on this capital gain? How much would the tax be if he had
What are capital gains? When is a capital gain considered short term? When is it considered long term? Why is this distinction important?
Nick and Nora are married and file jointly. They have an adjusted gross income of $47,400. If they have itemized deductions of $22,500, what is their taxable income?
Using the information in problem 7, if Nick and Nora’s itemized deductions increase by $4,000, how will their taxable] income be affected?Data From Problem 7Nick and Nora are married and file
What is a standard deduction? How much is the standard deduction for taxpayers filing single? For married taxpayers filing jointly?
Daniel has a marginal tax rate of 24%. He suddenly realizes that he neglected to include a $1,000 tax deduction. How will this oversight affect his taxes?
Which of the following would be included in gross income? Salary Capital gains Veteran's benefits Child support Prizes Tips Welfare benefits Dividend income Interest income
Hareem is single and earned $104,300 in taxable income. He contributed $4,200 to an IRA during the year. How much did Hareem’s IRA contribution lower his tax liability?
Dorinda earned $112,000. How much did she pay in Social Security taxes?
When Larry filed his taxes he forgot to include $2,500 in cash income he earned painting a friend’s house. He was going through his checking account records and noticed the cash deposit and
What is a Coverdell Savings Account? List some expenses that can be paid with Coverdell funds.
What is an earned income credit?
What is a Section 529 Savings Plan? What is the advantage of this plan?
How are charitable gifts treated for tax purposes?
Go to www.fdic.gov, and insert the search term “A Bank Customer’s Guide to Cybersecurity.” Read the brochure titled “A Bank Customer’s Guide to Cybersecurity.” List three steps 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
Go to one of the Web sites that contain video clips (such as www.youtube.com) and view some video clips about banking tips. You can use search phrases such as “banking tips.” Select one video
a. Conduct an online search for an Internet bank. Describe the services it offers. How do these services differ from the services offered by a “regular” commercial bank? Would you bank at an
Read one practical article of how psychology can affect bill-paying behavior. You can easily retrieve possible articles by doing an online search using the terms “psychology” and “paying
Go to the markets section of www.bloomberg.com and click on U.S. Bonds under “Rates and Bonds.” Next click on “U.S.” and review the “Treasury Yields.”a. How does the yield on Treasury
Go to the news section of www.bloomberg.com. Locate an article related to recent market news. Write a brief summary of the article, and explain what impact it is likely to have on the economy and you
What is the FDIC? Why is FDIC insurance important?
Spencer is considering investing $5,000 in higher risk debt securities that pay 7% for a ten-year period of time. What is the risk premium on that investment assuming he can earn 2.5% on a one-year
Jill just finished reconciling he account balance and discovered the bank made a $567 error in her favor. She double-checked her numbers and is certain the bank made an error, and the difference is
What is a risk-free rate? Give an example of an investment with a risk-free rate. Why is there no risk?
What does it mean to “reconcile your account balance?” Why is it important for you to regularly perform this task?
What is monetary policy? What organization controls monetary policy in the United States?
A local bank offers a deposit that earns 4% annual interest. The deposit is backed by the government if the bank fails. What is the risk premium of this depost?
A local bank offers a deposit that earns 4% annual interest. The deposit is backed by the government if the bank fails. What is the risk premium of this depost?
What is the difference between a cashier’s check and a money order?
List the advantages of paying your bills online.
What is the risk premium of Metallica Financial Company’s two-year interest rate of 12% given that your local FDIC-insured bank only offers a 5% return for two-year CDs? Why is Metallica offering a
Why do some investors pursue higher-risk investments when their income falls during economic downturns? What is wrong with this strategy?
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 is a trustee?
Calculate the NAVPS for a mutual fund with the following values:Market value of securities in the portfolio ..................... $1.2 billionLiabilities of the fund
How do loads affect a fund’s return? Why do some investors purchase load funds? How does an investor purchase a no-load fund?
How do loads affect a fund’s return? Why do some investors purchase load funds? How does an investor purchase a no-load fund?
What is reinvestment risk?
What is inflation risk? What is the relationship between inflation risk and the real rate of return on a bond?
What may happen if the value of the stock bought on margin declines?
Describe electronic trading.
Considering the information in problem 7, how much life insurance should they purchase for Murtaz?
Roberto is married and has two children. He wants to be sure that he has sufficient life insurance to take care of his family if he dies. Roberto’s wife is a homemaker but attends college
Ingrid’s employer provides her with two times her annual gross salary in life insurance. How much additional insurance should she purchase based on the information provided in problem 3?
Ingrid is a widow with two teenage children. Her total income is $3000 per month, and taxes take about 30 percent of this income. Using the income method, Ingrid calculates she will need to purchase
What is reinstatement? How does it work?
Explain the benefit of the grace period.
What is permanent insurance? Define the terms cost of insurance and cash value.
What is term insurance?
What is the responsibility of the insurance company that sells you a policy? How do insurance companies determine their profits?
What is a convertible mortgage?
What is the main factor in determining a home’s resale value? How can you predict a home’s resale value?
If you find an error on your credit card statement, how do you prove that an error was made?
What is the credit score range? What is a good score? If you have good credit, will you automatically be approved for a loan?
Define and describe credit.
Bart, 19, received $1000 from his grandparents as a birthday present. He wants to use this money to purchase a new $1200 mountain bike. Since he does not have enough money, Bart has decided to invest
Hamza has recently received a bonus of $5000 from her employer. She is not sure what she would eventually like to do with this money. For the time being she is considering two GIC investment
Compare and contrast the return and liquidity characteristics of the various money market investments. Give specific examples.
Compare and contrast savings accounts and chequing accounts.
What features of a tax-free savings account (TFSA) allow it to be considered a very flexible savings alternative?
Define and describe automated banking machines (ABMs).
Why is it important to keep track of your account balance?
Define and describe credit unions and caisses populaires.

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