1. (TCO 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. (TCO 2) What is the difference between a short-term capital gain and a long-term capital gain? (Points : 10)
3. (TCO 3) Kelly Manchester wants to know what price home she can afford. Her annual gross income is $45,000. 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 7.0%, 30-year mortgage, so her mortgage payment factor is 6.65. 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. (TCO 3) What is the difference between simple and compound interest? (Points : 10)
5. (TCO 5) Select two or three investment alternatives and describe how the influential factors of safety, risk, income, growth, and liquidity affect each investment alternative. (Points : 10)
6. (TCO 7) When completing the process of estate planning, what federal and state tax considerations must be taken into account? (Points : 10)
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