Financial planning is generally done
in family units
on the basis of required retirement income
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?
a.The amount he plans to pay in January, but not less than $250
d.None of the given answers apply
Annuity due means
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
a.Intolerable physical cruelty only
All of the given answers apply
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?
A lump sum payment may be the safest way for a spouse to secure his or her entitlement.
Spousal support is taxable in the hands of the recipient.
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:
None of the given answers apply
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