Explain the difference between a personal balance sheet and a
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Added on 2019-09-23
1.Explain the difference between a personal balance sheet and a personal cash flow statement. What are their main components and how do they differ in terms of their purpose? (Points : 10)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.Tammy Walters wants to know what price home she can afford. Her annual gross income is $40,000. 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 6.0%, 30-year mortgage, so her mortgage payment factor is 6.00. 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.Identify two or three sources of consumer credit and discuss the advantages and disadvantages of each type selected. (Points : 10)5.Clayton and Barbara Patterson were married immediately after graduating from college and have been married for 20 years. They both started investments early in life, but the majority of their funds were placed in speculative stock funds. Their portfolios performed well until the last few years, when they faced losses due to an economic downturn. Explain how asset allocation could have helped the Pattersons. (Points : 10)6.What is a will? Identify the primary types of wills. What are the ramifications of not having a will?(Points : 10)
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