Personal Financial Literacy 1st Edition Joan Ryan - Solutions

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(a) Brainstorm what financial plans need to be made over the next five years. (b) Develop a financial plan to achieve three of these items on the list. Provide information on how planning can help with each of these.
You have learned that planning for the future includes more than making a decision to further your education or to become wealthy. An important part of all these decisions involves planning your personal finances. Using the journal in MyFinLitLab or on paper, fill in the following information:
In a team, develop a presentation explaining to teens why it is important for them to begin personal financial planning. You may create a brochure, write a newsletter, produce a skit, or present a video presentation. Be creative, but make sure you stress information discussed in this chapter and
Prepare a personal goal statement that explains how you plan to carry out the steps of your financial plan for the next 5–15 years.
Prepare a list of financial decisions you are likely to make over the next 5 years and then the next 10 years. For example, think of what you hope to purchase over that time, or how much progress you hope to make toward specific goals. Be specific about anticipated dollar costs for each decision.
Read the comic strip. Is what Pierce (the red-headed character) did by calling in sick right or wrong (ethical or unethical)? Many employers pay their employees even when they are sick, but sometimes if you call in sick, you will not receive pay for that day. What happens at work when Pierce calls
If you decide to study 4 hours more a week during your junior year(32 weeks) with the expectation of getting a $2,000 scholarship to college, how much is your study time worth per hour?
Assume you wanted to save $2,000 to buy a used car 18 months from now. How much money do you need to save every week to accomplish your goal?
What is the opportunity cost of going to the football game on Friday night instead of working at the mall when you make $7.50 an hour and usually work six hours?
If you worked an extra two hours a week during your junior year in high school and you average bringing home $9 an hour, how much money could you accumulate over that 52-week period?
Assume you drink eight sodas per week and they cost $1.59 each.How much money can you accumulate over the course of the year if you opt to save the money instead?
Mary Beth would like to buy a more fuel-efficient vehicle instead of driving her mom’s gas guzzler. Assuming she can find a car that gets 32 miles per gallon (mpg) and her mom’s car only gets 16 mpg, how much will she save if she usually drives about 3,000 miles a year and the average price of
Justin’s boss said work was optional this afternoon, so Justin decided to skip work and go swimming with his friends. Normally he would have worked three hours. Assuming he makes $11 an hour and the swimming trip will cost him $8 in gas, what is the total cost of Justin’s decision to go
Ryan worked 40 hours during the first week of his summer job and made $9 an hour. His paycheck was for $332.46. How much did his employer withhold from his paycheck?
(a) What type of person needs to engage in personal financial planning?(b) Does having wealth reduce a person’s need for financial planning? Explain.
(a) What does certification tell you about a financial planner?(b) Why do you think you must be responsible for your own financial plan, no matter who you get to help you?
(a) List some information available on the Internet that might be useful for financial planning.(b) Describe one way you might use some of this information for financial planning purposes.
(a) How can financial planning help you plan for your future education?(b) Why is it worth investing significantly in education?
(a) Why plan for the future?(b) Why might you need to revise your financial plan?
(a) How do your goals affect decision making for your financial plan?(b) Explain how you might be able to work toward short-term, intermediate-term, and long-term goals at the same time.
(a) Why is it important to begin saving for retirement while you are young?(b) What is the significance of the generally low rate at which people save for retirement?
(a) Name some factors that might affect your choice of career and eventually your finances.(b) How would you expect the earning of a college degree to affect your financial plans?
(a) Define opportunity cost.(b) Give an example of opportunity cost.
(a) Define personal financial planning.(b) Why is learning about personal financial planning important?
Identify sources of financial planning?
Examine the goals for which people make financial plans?
Analyze the benefits of good financial?
Define personal finance and personal?
What do you stand to gain from your knowledge of personal finance?
What three categories of goals should you plan for?
Why is it important to become knowledgeable about financial issues that can affect your personal finances?
What is an example of a liquid asset?
What does the high rate of bankruptcy suggest about the average person’s understanding of personal finance?
3. What may happen if the employer discovers that Mario was not truthful on his resume and application?
2. How might Mario’s actions affect other applicants for the job?
1. What might be some negative outcomes for the employer that result from Mario’s overstating his qualifications?
2. You plan to buy 35 shares of stock for $22.18 per share. If you use a full-service broker, you must pay a 2 percent commission on the purchase price. You must also pay $10.00 for an odd-lot sale and$15.00 because this is a small purchase. What is the total amount you must pay? If you use a
1. You plan to buy 100 shares of stock for $45.00 per share. If you use a full-service broker, the fee will be a 2 percent commission on the purchase price. Investment advice is included at no extra cost.What will be the amount of the commission you must pay? If you use a discount broker, you will
22. A(n) is a place where brokers buy and sell stock for their clients.
21. Fewer than 100 shares of stock is known as a(n) .
20. A(n) is a request to buy or sell stock at a set price.
19. An online place where you can find short articles or comments on a particular subject area is called a(n) .
18. A(n) is a licensed person who buys and sells securities for investors.
17. Supervision of the markets by government, called , is for the purpose of protecting investors from unlawful actions.
16. A company’s first sale of its stock to the public is called a(n) .
15. A market in which stock is sold to the highest bidder is a(n) .
14. A(n) takes place when a company issues more stock to shareholders in proportion to the stock they already own.
13. is the process of buying stock with a partial loan and repaying the loan when the stock is sold.
12. Buying shares of stock directly from the issuer of the stock takes place in the .
11. Buying shares of stock from current owners of the stock takes place in the .
10. An order to sell stock that allows the broker to get the best possible deal is a(n) .
9. A(n) is a request to sell stock when the price reaches a certain amount.
8. is a long-term timing plan whereby you hold stock for many years.
7. Selling stock that has been borrowed and must be replaced later is called .
6. A network of dealers who buy and sell stocks (not as part of a securities exchange) is the .
5. A company’s report to stockholders, called a(n) , tells about the financial position of the company.
4. A(n) is a request to buy stock at the current market price.
3. When a company issues shares of stock to shareholders instead of a cash dividend, this is called a(n) .
2. When you buy a(n) , you are buying 100 shares or multiples of 100 shares of stock.
1. A licensed person who buys or sells stock for clients at fees much lower than a full-service broker charges is called a(n) .
1. Choose a job in the agriculture, food, and natural resources field to explore further. Select a job from the list above, or choose another job in this career area.
11. Some of the skills and traits needed for a career in agriculture, food, and natural resources include the following:Math and science skills Management skills Communications skills Decision-making skills Computer/technology skills Problem-solving skills
10. How does the IRS help consumers? What tax form is used to report details of stock trades?
9. What organization provides the MyMoney.gov Web site? What types of information are available on the site?
8. What is the primary federal agency responsible for the economic security of the United States? How does it help citizens?
7. What prompted passage of the Sarbanes-Oxley Act of 2002? How does this law help protect consumers and investors?
6. What does the SEC do to protect investors?
5. What is meant by government oversight of the securities industry?
4. What organization is responsible for protecting the retirement incomes of workers with defined benefit pension plans?
3. What is the NASD? What does it do?
2. What is the NCUA? What does it do?
1. What is purpose of the FDIC? How does it benefit consumers?
Explain the purpose of the Sarbanes-Oxley Act.
Describe government agencies that regulate and supervise the financial industry.
Describe independent agencies that regulate and supervise the securities industry.
10. Explain the purpose of a market timing plan, and list three market timing plans.
9. Describe four types of stock market orders.
8. What is a round lot in a stock order? What is an odd lot in a stock order?
7. What is an advantage of using a discount broker or an online broker rather than a full-service broker? What is a disadvantage?
6. What services do investors receive from a full-service broker?
5. List three advantages of direct investing.
4. List the steps in a buy transaction on a stock exchange.
3. How does buying stock on a securities exchange differ from buying in the over-the-counter market?
2. What is an IPO? What is its purpose?
1. What is the difference between the primary market and the secondary market for securities?
Explain the purpose of market timing strategies.
Discuss types of stock market orders.
Compare a full-service stockbroker to a discount broker and an online broker.
List advantages of direct investing.
Describe the steps in a buy transaction on a stock exchange.
Compare buying stock on a securities exchange to buying in the over-the-counter market.
Explain the difference between the primary market and the secondary market for securities.
9. Would you consider one or more of these companies a good investment? Why or why not?
8. Have you heard or read any current news reports about this company or its industry? If so, what were the main points of the reports?
7. Did each company have a current ratio of 1 or above? If not, which ones did not?
6. Which company had the highest P/E ratio?
5. Which company had the highest net income?
4. Which company had the highest revenue?
3. Create a table that compares the three companies. Use the table that follows as an example. Enter the data you found in columns 2, 3, and 4.
2. Access the Internet. Use a search engine to find the Web site for each company you chose, or find data about the company on sites such as Yahoo! Finance. A link to this site is provided on the Web site for this textbook. For each company, find the following information:Industry sector or primary

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