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Quiz 1 FIN 502.docx

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FIN 502

Financial planning is generally done Answer a. in family units b. on the basis of required retirement income c. on the basis of single or dual incomes d.on an individual basis, not in family groups Alex is preparing a cash flow statement for the coming year. It is now December, 20X7 and Alex has just received his credit card statement showing an outstanding balance of $1,540 and a minimum payment due of $250.00, payable by January 15th.,20X8. What amount should Alex include for the January month on the cash flow statement? Answer a.The amount he plans to pay in January, but not less than $250 b.$250 c.$1,540 d.None of the given answers apply Annuity due means Answer a.the rate that applies to the next dollar of income b.the rate of return that would compound to give a final return c.the same as a deferred annuity d.payments are made at the beginning of the period The 1986 Divorce Act set the grounds for divorce. Which of the following grounds apply? Answer a.Intolerable physical cruelty only b. All of the given answers apply c. A separation agreement d.A petition by one party that is accepted by the other e.Intentional separation for one year because of marital difficulties or adultery or intolerable physical or mental cruelty Which of the following statements is false? Answer a. A lump sum payment may be the safest way for a spouse to secure his or her entitlement. b. Spousal support is taxable in the hands of the recipient. c. Since it is common that the payer is in the higher tax bracket, lump sum support payments are more tax efficient. d.A regular support payment is generally more tax efficient than a lump sum payment. Joe has Federal non-refundable tax credits of $4,500. His federal tax liability is $3,800 before the non-refundable tax credits and $4,000 was withheld from his pay for Federal tax purposes. Joe's Federal tax refund is: Answer a.$200 b.$700 c. None of the given answers apply d. $4,000 e.$4,500 If you have to pay for financial advice, how would you rank the following sources of financial advice (Most Preferred to Least Preferred)? p 9 depends if you need counselling or if you have
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