1. (TCO 1) Suppose Debra Betts has presented you w...

BUS 380-Personal Finance Questions

1. (TCO 1) Suppose Debra Betts has presented you with the following information: She currently possesses a checking account with a balance of $850, a savings account with a balance of $3,000, a credit card balance of $300, jewelry worth $600, real estate valued at $75,000, and a mortgage on the real estate of $66,000. What is the total of Debra’s assets and how could she increase her net worth? (Points : 10)

2. (TCO 2) You have recently started a new job and were presented with information related to opening a 401(k). What are the advantages of investing in a 401(k)? (Points : 10)

3. (TCO 3) Kelly Manchester wants to know what price home she can afford. Her annual gross income is $45,000. She owes $750 per month on other debts and expects her property taxes and homeowners insurance to cost $250 per month. She knows she can get a 7.0%, 30-year mortgage, so her mortgage payment factor is 6.65. She expects to make a 20% down payment. What is Michelle’s affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline. Round your answer to the nearest $100. (Points : 10)

4. (TCO 3) What is the difference between simple and compound interest? (Points : 10)

5. (TCO 5) There are times when a financial crisis may occur and it is optimal to be prepared by ensuring that one’s financial affairs are in order. What actions can you and others take to make sure that your financial affairs are in order? (Points : 10)

6. (TCO 7) When completing the process of estate planning, what federal and state tax considerations must be taken into account? (Points : 10)

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