Personal Finance-3

Anonymous
timer Asked: Dec 17th, 2018
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Question Description

Questions 3 & 6 require that you access the Personal Financial Planner Worksheets. These can be found in the course materials by clicking on the link to the left. There are several worksheets in this packet. Find the ones titled Tax Planning Activities and Payment Account Comparison to answer the questions. There is a minimum word count for all questions combined of 1000 words. This is a total of three scholarly sources to be used in the complete section.

Case Study 1: Taxes (p. 153):

1. Given her current situation, list some suggestion on what Shelby should do with a tax refund of $800.

2. Based on her current and future life situation, what tax planning strategies should she consider?

3. Describe how Shelby should use Personal Financial Planner sheet #22, “Tax Planning Activities” to help her tax situation.

Case Study 2: Banking Services (p. 185):

4. Provide some suggestions for Shelby to increase her emergency fund.

5. Identify other money management and financial planning activities that Shelby should consider.

6. Determine how Shelby should use Personal Financial Planner sheet #26, “Payment Account Comparison” and #28, “Checking Account Reconciliation”.


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Final PDF to printer Preface Items to consider when using this Personal Financial Planner 1. Since these sheets are designed to adapt to every personal financial situation, some may be appropriate for you at this time while others will not be used until later in your life. 2. The sheets are referenced to specific pages in the textbook. To help you use these sheets with the appropriate text material, the following textbook icon (appearing as appropriate with the Practice Quizzes) will refer you to the appropriate sheet. PFP Sheet 15 Personal balance sheet 3. Some sheets will be used more than once (such as preparing a personal cash flow statement or a budget). You are encouraged to photocopy additional sheets as needed, or print additional copies from the Excel templates at www.mhhe.com/kdh. 4. To assist you with using online information sources for financial planning activities, suggested websites and apps are presented on the sheets. 5. Finally, remember personal financial planning is an ongoing activity. With the use of these sheets, textbook material, and your efforts, an organized and satisfying personal economic existence can be yours. kap61647_pfp.indd 1 Personal Financial Planner This Personal Financial Planner is designed to help you create and implement a personal financial plan. 06/12/13 11:32 AM Final PDF to printer Personal Financial Planner Table of Contents kap61647_pfp.indd 2 Chapter 1 1 Personal Data 2 Financial Institutions and Advisers 3 Personal Financial Goals 4 Current Economic Conditions 5 Time Value of Money Chapter 2 6 Career Research Sheet 7 Career Contacts 8 Résumé Planning 9 Cover Letter Planning 10 Prospective Employer Research 11 Interview Preparation 12 Employee Benefits Comparison 13 Career Development and Advancement Chapter 3 14 Financial Documents and Records 15 Personal Balance Sheet 16 Personal Cash Flow Statement 17 Cash Budget 18 Annual Budget Summary 19 College Education Savings Plan Chapter 4 20 Income Tax Estimate 21 Tax Preparer Comparison 22 Tax Planning Activities Chapter 5 23 Financial Services Planning 24 Saving to Achieve Financial Goals 25 Savings Plan Comparison 26 Payment Account Comparison 27 Payment Account Cost Analysis 28 Checking Account Reconciliation Chapter 6 29 Consumer Credit Usage Chapter 7 30 Credit Card Comparison 31 Consumer Loan Comparison Chapter 8 32 Unit Pricing Worksheet 33 Consumer Purchase Comparison 34 Transportation Needs 35 Used-Car Comparison 36 Buying or Leasing a Motor Vehicle 37 Comparing Cash and Credit Purchases 38 Auto Operation Costs 39 Legal Services Comparison Chapter 9 40 Housing Needs 41 Renting or Buying Housing 42 Apartment Rental Comparison 43 Housing Mortgage Affordability 44 Mortgage Comparison 45 Mortgage Refinance Analysis Chapter 10 46 Insurance Policies and Needs 47 Home Inventory 48 Property Insurance 49 Apartment/Home Insurance Comparison 50 Automobile Insurance Comparison Chapter 11 51 Health Care Insurance 52 Disability Income Insurance Chapter 12 53 Life Insurance 54 Life Insurance Comparison Chapter 13 55 Investment Objectives 56 Investment Risk 57 Investment Information Sources Chapter 14 58 Corporate Stock Evaluation 59 Investment Broker Comparison Chapter 15 60 Corporate Bond Evaluation Chapter 16 61 Mutual Fund Investment Information 62 Mutual Fund Evaluation Chapter 18 63 Retirement Planning 64 Retirement Plan Comparison 65 Retirement Income Forecast Chapter 19 66 Estate Planning 67 Will Planning 68 Trust Comparison 69 Estate Tax Estimate Summary Sheets 70 Financial Data Summary 71 Savings/Investment Portfolio Summary 72 Progress Check—Major Financial Goals and Activities 73 Money Management, Budgeting, and Tax Planning—Summary 74 Banking Services and Consumer Credit—Summary 75 Consumer Buying and Housing—Summary 76 Insurance—Summary 77 Investments—Summary 78 Retirement and Estate Planning—Summary 06/12/13 11:32 AM Final PDF to printer Name: Date: Personal Data 1 Purpose: To provide quick reference for vital household data. Suggested websites: www.money.com www.kiplinger.com www.moneycafe.com Name _____________________________ _____________________________ Birth date _____________________________ _____________________________ Marital status _____________________________ _____________________________ Address _____________________________ _____________________________ Phone _____________________________ _____________________________ E-mail _____________________________ _____________________________ Social Security no. _____________________________ _____________________________ Driver’s license no. _____________________________ _____________________________ Place of employment _____________________________ _____________________________ Address _____________________________ _____________________________ Phone _____________________________ _____________________________ Position _____________________________ _____________________________ Length of service _____________________________ _____________________________ Checking acct. no. _____________________________ _____________________________ Financial institution _____________________________ _____________________________ Address _____________________________ _____________________________ Phone _____________________________ _____________________________ Personal Financial Planner Instructions: Provide the personal and financial data requested below. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. Dependent Data Name Birth date Relationship Social Security no. _______________________________ _______________________________ _______________________________ _______________________________ What’s Next for Your Personal Financial Plan? • Identify financial planning experts (insurance agent, banker, investment adviser, tax preparer, others) you might contact for financial planning information or assistance. • Discuss with other household members various financial planning priorities. kap61647_pfp.indd 3 06/12/13 11:32 AM Final PDF to printer Name: 2 Date: Financial Institutions and Advisers Purpose: To create a directory of personal financial institutions and financial planning professionals. Personal Financial Planner Instructions: Supply the information required in the spaces provided. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. Suggested websites: www.20somethingfinance.com Attorney Name Address Phone/Fax Website _______________________ _______________________ _______________________ _______________________ _______________________ E-mail _______________________ Primary Financial Institution Name Address Phone/Fax Website Checking acct. no. Savings acct. no. Loan no. _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ Insurance (Home/Auto) Agent Company Address Phone/Fax Website Policy no. E-mail _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ Credit Card 1 Issuer Address Phone/Fax Website Acct. no. Exp. date Limit _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ Suggested App: Financial •• Ask Dave and TVM Ramsey Calculator Phone/Fax Website Acct. no. Exp. date Limit Tax Preparer Name Firm Address Phone/Fax Website E-mail ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ Insurance (Life/Health) Agent Company Address Phone/Fax Website E-mail Policy no. ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ Investment Broker Name Address Phone/Fax Website E-mail Acct. no. ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ Real Estate Agent Name Company Address Phone/Fax Website ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ E-mail ________________________ Investment Company Credit Card 2 Issuer Address www.bankrate.com _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ _______________________ Name Address Phone Fax Acct. no. E-mail Website ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ What’s Next for Your Personal Financial Plan? • Talk to various personal and professional contacts to determine factors to consider when selecting various financial planning advisers. • Identify additional financial planning contacts that you might consider using in the future. kap61647_pfp.indd 4 06/12/13 11:32 AM Final PDF to printer Name: Date: Personal Financial Goals 3 Purose: To identify personal financial goals and create an action plan. (pp. 15–18) Suggested websites: www.financialplan.about.com www.planwise.com www.20somethingfinance.com Short-Term Monetary Goals (less than one year) Description Example: pay off credit card debt Amount needed Months to achieve Action to be taken Priority $850 10 Use money from pay raise High Intermediate and Long-Term Monetary Goals Description Amount needed Months to achieve Action to be taken Priority Personal Financial Planner Instructions: Based on personal and household needs and values, identify specific goals that require action. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. Nonmonetary Goals Description Example: set up system for personal financial records and documents Time frame Next 2–3 months Actions to be taken • Locate personal and financial records and documents. • Set up spreadsheet for various spending, saving, borrowing categories. Suggested App: • Financial • Urge and TVM Calculator What’s Next for Your Personal Financial Plan? • Based on various financial goals, calculate the savings deposits necessary to achieve those goals. • Analyze current economic trends that might influence various saving, spending, investing, and borrowing decisions. kap61647_pfp.indd 5 06/12/13 11:32 AM Final PDF to printer Date: Name: Personal Financial Planner 4 Current Economic Conditions Purpose: To monitor selected economic indicators that might influence your saving, investing, spending, and borrowing decisions. (pp. 11–15) Instructions: Using The Wall Street Journal, an Internet search, or other sources of economic information, obtain current data for various economic factors. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. Suggested websites: www.bls.gov www.federalreserve.gov www.wsj.com www.ft.com Economic Factor Recent Trends Possible Financial Planning Actions Example: Mortgage rates Decline in mortgage rates • Consider buying a home. • Consider refinancing an existing mortgage. Interest rates Consumer prices Other: Other: Suggested App: Other: • The Wall Street Journal What’s Next for Your Personal Financial Plan? • Determine the economic factors that could affect your personal financial decisions in the next few years. • Identify actions to take as a result of various current economic trends. kap61647_pfp.indd 6 06/12/13 11:32 AM Final PDF to printer Name: Date: Time Value of Money 5 Purpose: To calculate future and present value amounts related to financial planning decisions. (pp. 19–23; 34–45) Suggested websites: www.dinkytown.net www.kiplinger.com/tools www.grunderware.com (Use Exhibit 1–A in Chapter 1 Appendix) Future Value of a Single Amount • to determine future value of a single amount • to determine interest lost when cash purchase is made current amount future value factor times future value amount equals FV 5 PV (11i)n $ Future Value of a Series of Deposits 3 regular deposit amount times $ Present Value of a Single Amount • to determine an amount to be deposited now that will grow to desired amount FV PV 5 ______ (11i)n 3 future value of annuity factor $ future value amount equals $ 5 (Use Exhibit 1–C in Chapter 1 Appendix) future amount desired Present Value of a Series of Deposits present value factor times $ • to determine an amount that can be withdrawn on a regular basis 1 12 ______ (11i)n PV 5 Annuity _________ i $ 5 (Use Exhibit 1–B in Chapter 1 Appendix) • to determine future values of regular savings deposits • to determine future value of regular retirement deposits (11i)n 2 1 FV 5 Annuity __________ i $ 3 $ Personal Financial Planner Instructions: Use a calculator or future/present value tables to compute the time value of money. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. present value amount equals $ 5 (Use Exhibit 1–D in Chapter 1 Appendix) regular amount to be withdrawn $ present value of annuity factor times 3 $ equals 3 present value amount $ Suggested App: • Financial and TVM Calculator Note: A financial calculator or spreadsheet software may be used for future value and present value calculations. What’s Next for Your Personal Financial Plan? • Identify various financial goals that require time value of money calculations. • Research current interest rates to determine a rate that you might use when calculating time value of money for various personal financial goals. kap61647_pfp.indd 7 06/12/13 11:32 AM Final PDF to printer Name: 6 Date: Career Research Sheet Personal Financial Planner Purpose: To become familiar with work activities and career requirements for a field of employment. (pp. 48–54) Instructions: Using various information sources (library materials, interviews, websites), obtain information related to one or more career areas of interest to you. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. Suggested websites: www.mappingyourfuture.org www.ajb.dni.us Career Area/Job Title Nature of the work General activities and duties Working conditions Physical surroundings, hours, mental and physical demands Training and other qualifications Job outlook Future prospect for employment in this field Earnings Starting and advanced Additional information Other questions that require further research Suggested App: • Job Search Organizer Sources of additional information Publications, trade associations, professional organizations, government agencies, websites What’s Next for Your Personal Financial Plan? • Identify various employment activities and industries of interest to you. • Discuss existing and future career opportunities with various people. kap61647_pfp.indd 8 06/12/13 11:32 AM Final PDF to printer Name: Date: Career Contacts 7 Purpose: To create a guide of professional contacts. (pp. 56–59) Suggested websites: www.rileyguide.com www.careerjournal.com Name _____________________________________________________________________ Organization _____________________________________________________________________ Address _____________________________________________________________________ _____________________________________________________________________ Phone Website Fax E-mail Date of contact _____________________________________________________________________ Situation _____________________________________________________________________ Career situation of contact _____________________________________________________________________ Areas of specialization _____________________________________________________________________ Major accomplishments _____________________________________________________________________ Name _____________________________________________________________________ Organization _____________________________________________________________________ Address _____________________________________________________________________ Personal Financial Planner Instructions: Record the requested information for use in researching career areas and employment opportunities. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. _____________________________________________________________________ Phone Fax ____________________________________ Website E-mail _________________________________ Date of contact _____________________________________________________________________ Situation _____________________________________________________________________ Career situation of contact _____________________________________________________________________ Suggested App: Areas of specialization _____________________________________________________________________ • Linkedin Major accomplishments _____________________________________________________________________ What’s Next for Your Personal Financial Plan? • Identify various people whom you might contact to obtain career information. • Prepare specific questions to ask people about career fields and the application process. kap61647_pfp.indd 9 06/12/13 11:32 AM Final PDF to printer Name: 8 Date: Résumé Planning Personal Financial Planner Purpose: To inventory your education, training, work background, and other experiences for use when preparing a résumé. (pp. 75–79) Instructions: List dates, organizations, and other data for each of the categories given below. This sheet is also available in an Excel spreadsheet format at www.mhhe.com/kdh. Suggested websites: www.monster.com www.rileyguide.com Education Degree/programs completed School/location Dates Work Experience Title Organization Dates Responsibilities Organization Dates Responsibilities Dates Involvement Other Experience Title Campus/Community Activities Organization/location Honors/Awards Title Suggested App: • Pocket Résumé Organization/location Dates References Name Title Organization Address Phone Note: See Exhibit 2-B, Page 77 for résumé format suggestions. What’s Next for Your Personal Financial Plan? • Create a preliminary résumé and ask others for suggested improvements. • Conduct research to obtain samples of effective résumé formats. kap61647_pfp.indd 10 06/12/13 11:32 AM Final PDF to printer Name: Date: Cover Letter Planning 9 Purpose: To outline an employment cover letter. (pp. 80–81) Suggested websites: www.monster.com www.rileyguide.com Name ________________________________________________ Title ________________________________________________ Organization ________________________________________________ Address ________________________________________________ Phone ________________________________________________ Fax E-mail Information about Employment position available ________________________________________________ Organizational information ________________________________________________ Introduction: Get attention of reader with distinctive skills or experience; or make reference to a mutual contact. Personal Financial Planner Instructions: Prepare the preliminary draft of a cover letter for a specific employment position. This sheet is also avail ...
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Tutor Answer

doctorlisa
School: UT Austin

Find attached work, thank you. Please let me know if everything is ok. I will be happy to help with more assignments in the future.

Running head: CONTINUING CASE

1

Continuing Case
Student’s Name
Affiliation
Date

CONTINUING CASE

2

1. Given her current situation, list some suggestions on hat Shelby should do with a tax
refund of 800?
Shelby should use the tax refund to pay credit card debit. By reducing the credit card
balance, Shelby will reduce the monthly interest being charged by her bank. Besides, Shelby can
use this to settle her student loan. Moreover, she can decide to deposit the cash into a checking
account as this will earn her interest. Under the presumption that Shelby does not have an
emergency fund, she can use the cash from the tax refund to start one for herself. However, if she
has an emergency fund, Shelby can still use the funds to start or add to an investment program.
Through this, she will avoid using the money on unnecessary expenses that might not be
beneficial. Shelby is faced with different options including putting the $800 to settle her student
loan or for her credit card debit. Additionally, Shelby can choose to invest the money in the stock
market. This is a viable option for her to return more benefits, but it is much riskier.
2. Based on her current and future life situation, what tax planning strategies should she
consider?
Based on her current and future situation, Shelby should request her employer to hold
back the income tax by fi...

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Anonymous
Top quality work from this guy! I'll be back!

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