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FINC-3480-A-Personal Finance I
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The Simpsons’ fixed expenses relative to net income after deductions (Fixed Expenses Coverage) is closest to:
The Simpsons’ have leveraged their equity position. What percentage of total assets is financed through their own equity?
Use the following information to answer the 3 questions below (questions 5-7):
The Simpsons have a yearly household income of $48,000 per year after deductions.
Their monthly expenses are as follows:
Entertainment
|
$300
|
|
Utilities
|
$250
|
|
Life and disability insurance
|
$200
|
|
Groceries
|
$350
|
|
Clothes
|
$250
|
|
Mortgage payment
|
$700
|
(principal, interest and property taxes)
|
Car loan payments
|
$100
|
(for the next 20 months)
|
Car insurance
|
$150
|
|
Holiday loan payments
|
$150
|
(for the next 6.67 months)
|
Total
|
$2,450
|
per month
|
The Simpsons have the following assets:
Chequing
Savings
|
$10,000
$2,000
|
Home
|
$150,000
|
Two cars
|
$10,000
|
Furniture
|
$10,000
|
Cottage
|
$40,000
|
Retirement savings
|
$35,000
|
Total Assets:
|
$257,000
|
The Simpsons have debt as follows:
Mortgage on their residential property:
|
$100,000
|
Car loans (long term debt) totaling:
|
$20,000
|
Current debt (holiday loan)
|
$1,000
|
Total Debt:
|
$121,000
|
5. Based on the Simpsons’ monthly expenses coverage (short term debt servicing) ratio, they should be able to pay bills for, approximately, how many months if they lose their income sources:
Which statement most accurately lists the five EIC’s (essential investment considerations) according to the chapter?
i. Changes in the economy such as when interest rates rise
ii. Regulatory changes such as a new tax system for trust unit distributions
iii. Internal factors such as a new job or change in family structure
iv. Competitive behavior such as having a better car than the neighbors