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Material
SOLUTIONMANUAL b
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Personal Finance, 14th Edition By
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E. Thomas Garman, Chapter 1 - 17
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Material
TABLE OF CONTENTS bh bh b h
Part I: FINANCIAL PLANNING.
b h b h b h
1. Understanding Personal Finance. b h b h
2. Career Planning. b h
3. Financial Statements, Goals, and Budgets.
bh bh bh bh
bh Part II: MONEY MANAGEMENT.
bh bh bh
4. Managing Income Taxes. b h b h
5. Managing Checking and Savings Accounts. b h b h b h b h
6. Building and Maintaining Good Credit.
b h b h b h b h
7. Credit Cards and Consumer Loans.
b h b h b h b h
8. Vehicles and Other Majory Purchases.
b h b h b h bh
9. Obtaining Affordable Housing. b h b h
Part III: INCOME AND ASSET PROTECTION.
b h b h b h b h b h
10. Managing Property and Liability Risk. b h b h b h b h
11. Planning for Health Care Expenses. b h b h b h b h
12. Life Insurance Planning.
bh bh
bh Part IV: INVESTMENTS.
bh bh
13. Investment Fundamentals. bh
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Material
14. Investing in Stocks and Bonds. b h b h b h b h
15. Mutual and Exchange-Traded Funds. b h b h b h
16. Real Estate and High-Risk Investments.
b h b h b h b h
17. Retirement and Estate Planning. b h b h b h
SolutionandAnswerGuide h
b h
b h
b
GARMAN/FOX, b h PERSONAL b h b h FINANCE b h b h 14E, b h CHAPTER b h b h 1: b h THINKING b h b h LIKE b h b h AY b h FINANCIAL b h
PLANNER
b h
TABLE OF CONTENTS
H
B B H B H
Answers b h to b h Chapter b h Concept b h Checks.................................................................................2
What b h Do b h You b h Recommend b h Now?......................................................................................4
Let’s b h Talk b h About b h It..................................................................................................................5
Do b h the b h Math .............................................................................................................................6
Financial Planning b h b h Cases ...........................................................................................................8
Extended Learning .................................................................................................................... 10
b h
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, Stuvia.com - The Marketplace to Buy and Sell your Study bh bh bh bh bh bh bh bh bh
Material
ANSWERS TO CHAPTER CONCEPT CHECKS B H B H B H B H
LO1.1 b h Recognize the b h b h keys b h to b h achieving financial b h b h success.
1. Explain b h the b h five b h steps b h in b h the b h financial b h planning b h process.
Answer: There are five fundamental steps to the personal financial planning
b h b h b h b h b h b h b h b h b h b h
b process:
h
(1) evaluate your financial health to your education and career choice; (2)
b h b h b h b h b h b h b h b h b h b h b h
b define your financial goals; (3) develop a plan of action to achieve your
h b h bh b h b h b h b h b h b h b h b h b h b h
b goals; (4) implement spending and saving plans to monitor and control
h b h b h bh b h b h b h b h b h b h b h
b progress toward your goals; and (5) review your financial progress and make
h b h b h b h b h b h bh b h b h b h b h b h
b changes as appropriate.
h b h b h
2. Distinguish b h among b h financial b h success, b h financial b h security, b h and b h financial b h happiness.
Answer: Financial success is the achievement of financial aspirations that are
b h b h b h b h b h b h b h b h b h b h
b desired, planned, or attempted. Success is defined by the individual or
h bh b h b h b h b h b h b h b h b h b h
b family that seeks it.
h b h b h b h
Financial success may be defined as being able to live according to
b h b h b h b h b h b h b h b h b h b h b h
b one’s standard ofy living. Financial security is that comfortable feeling that
h b h b h bh b h b h b h b h b h b h b h
b your financial resources will be adequate to fulfill any needs you have
h b h b h b h b h bh b h b h b h b h b h b h
b as well as your wants. Financial
h b h happiness is the experience you b h b h b h b h b h b h bh b h b h
b have when you are satisfied with money matters. People who are
h b h b h b h b h b h b h b h b h b h b h
happy about their finances will see a spillover into positive feelings
bh b h b h b h b h b h b h b h b h b h b h
b about life in general.
h b h b h bh
3. Summarize b h what b h you b h will b h accomplish b h studying b h personal b h finance.
Answer: Several things can be accomplished by studying personal finance.
b h b h b h b h b h b h b h b h b h
bRecognize how to manage unexpected and expected financial events. Pay
h b h bh b h b h b h b h b h b h b h
b as little as possible in income taxes. Understand how to effectively
h b h b h b h b h b h bh b h b h b h b h
bcomparison shop for vehicles and homes. Protect what we own. Invest
h b h b h b h b h b h b h bh b h b h b h
bwisely. Accumulate and protect the wealth that we may choose to spend during
h b h b h b h b h b h b h b h b h b h b h b h b h
bour non-working years (e.g., retirement) or donate.
h b h b h b h b h b h b h
4. What b h are b h the b h building b h blocks b h to b h achieving b h financial b h success?
Answer: The building blocks for achieving financial success include a
b h b h b h b h b h b h b h b h b h
bfoundation ofy regular income that provides the means to support your
h b h bh b h b h b h b h b h b h b h b h
b lifestyle and save for desired goals in the future. The foundation supports
h b h b h b h b h bh b h b h b h b h b h b h
ba base of various banking accounts, insurance protection, and employee
h b h b h b h b h b h bh b h b h b h
bbenefits. Then we can establish goals, a recordkeeping system, a budget,
h b h b h b h b h b h b h bh b h b h b h
band an emergency savings fund. We will also manage various expenses such
h b h b h b h b h b h b h b h b h bh b h b h
bas housing, transportation, insurance, and the payment of taxes. We will also
h b h b h b h b h b h b h b h b h bh b h b h
bneed to handle credit, savings, and educational costs. Finally, we invest
h b h b h b h b h b h b h b h b h b h b h
b in various investment alternatives such as mutual funds, stocks, and bonds,
h bh b h b h b h b h b h b h b h b h b h
boften for retirement. As a result of all these building blocks, we
h b h b h b h b h b h b h b h b h b h b h b h
b are more apt to have a financially successful life.
h b h b h b h b h b h bh b h b h
LO1.2 Understand how
b h b h b h the b h economy b h affects your b h b h personal financial b h b h success.
1. Summarize b h the b h phases b h of b h the b h business b h cycle.
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Distribution of this document is illegal bh bh bh bh bh extra per year? bh bh
bh bh bh bh bh bh bh bh bh
Material
SOLUTIONMANUAL b
h
Personal Finance, 14th Edition By
bh bh bh b h
E. Thomas Garman, Chapter 1 - 17
bh bh bh bh bh bh bh
Downloaded by: Bookista |
bh bh bh bh Want to earn $1.236
bh bh bh
Distribution of this document is illegal
bh bh bh bh bh extra per year?
bh bh
, Stuvia.com - The Marketplace to Buy and Sell your Study
bh bh bh bh bh bh bh bh bh
Material
TABLE OF CONTENTS bh bh b h
Part I: FINANCIAL PLANNING.
b h b h b h
1. Understanding Personal Finance. b h b h
2. Career Planning. b h
3. Financial Statements, Goals, and Budgets.
bh bh bh bh
bh Part II: MONEY MANAGEMENT.
bh bh bh
4. Managing Income Taxes. b h b h
5. Managing Checking and Savings Accounts. b h b h b h b h
6. Building and Maintaining Good Credit.
b h b h b h b h
7. Credit Cards and Consumer Loans.
b h b h b h b h
8. Vehicles and Other Majory Purchases.
b h b h b h bh
9. Obtaining Affordable Housing. b h b h
Part III: INCOME AND ASSET PROTECTION.
b h b h b h b h b h
10. Managing Property and Liability Risk. b h b h b h b h
11. Planning for Health Care Expenses. b h b h b h b h
12. Life Insurance Planning.
bh bh
bh Part IV: INVESTMENTS.
bh bh
13. Investment Fundamentals. bh
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bh bh bh bh Want to earn $1.236
bh bh bh
Distribution of this document is illegalbh bh bh bh bh extra per year?
bh bh
, Stuvia.com - The Marketplace to Buy and Sell your Study
bh bh bh bh bh bh bh bh bh
Material
14. Investing in Stocks and Bonds. b h b h b h b h
15. Mutual and Exchange-Traded Funds. b h b h b h
16. Real Estate and High-Risk Investments.
b h b h b h b h
17. Retirement and Estate Planning. b h b h b h
SolutionandAnswerGuide h
b h
b h
b
GARMAN/FOX, b h PERSONAL b h b h FINANCE b h b h 14E, b h CHAPTER b h b h 1: b h THINKING b h b h LIKE b h b h AY b h FINANCIAL b h
PLANNER
b h
TABLE OF CONTENTS
H
B B H B H
Answers b h to b h Chapter b h Concept b h Checks.................................................................................2
What b h Do b h You b h Recommend b h Now?......................................................................................4
Let’s b h Talk b h About b h It..................................................................................................................5
Do b h the b h Math .............................................................................................................................6
Financial Planning b h b h Cases ...........................................................................................................8
Extended Learning .................................................................................................................... 10
b h
Downloaded by: Bookista |
bh bh bh bh Want to earn $1.236
bh bh bh
Distribution of this document is illegal
bh bh bh bh bh extra per year?
bh bh
, Stuvia.com - The Marketplace to Buy and Sell your Study bh bh bh bh bh bh bh bh bh
Material
ANSWERS TO CHAPTER CONCEPT CHECKS B H B H B H B H
LO1.1 b h Recognize the b h b h keys b h to b h achieving financial b h b h success.
1. Explain b h the b h five b h steps b h in b h the b h financial b h planning b h process.
Answer: There are five fundamental steps to the personal financial planning
b h b h b h b h b h b h b h b h b h b h
b process:
h
(1) evaluate your financial health to your education and career choice; (2)
b h b h b h b h b h b h b h b h b h b h b h
b define your financial goals; (3) develop a plan of action to achieve your
h b h bh b h b h b h b h b h b h b h b h b h b h
b goals; (4) implement spending and saving plans to monitor and control
h b h b h bh b h b h b h b h b h b h b h
b progress toward your goals; and (5) review your financial progress and make
h b h b h b h b h b h bh b h b h b h b h b h
b changes as appropriate.
h b h b h
2. Distinguish b h among b h financial b h success, b h financial b h security, b h and b h financial b h happiness.
Answer: Financial success is the achievement of financial aspirations that are
b h b h b h b h b h b h b h b h b h b h
b desired, planned, or attempted. Success is defined by the individual or
h bh b h b h b h b h b h b h b h b h b h
b family that seeks it.
h b h b h b h
Financial success may be defined as being able to live according to
b h b h b h b h b h b h b h b h b h b h b h
b one’s standard ofy living. Financial security is that comfortable feeling that
h b h b h bh b h b h b h b h b h b h b h
b your financial resources will be adequate to fulfill any needs you have
h b h b h b h b h bh b h b h b h b h b h b h
b as well as your wants. Financial
h b h happiness is the experience you b h b h b h b h b h b h bh b h b h
b have when you are satisfied with money matters. People who are
h b h b h b h b h b h b h b h b h b h b h
happy about their finances will see a spillover into positive feelings
bh b h b h b h b h b h b h b h b h b h b h
b about life in general.
h b h b h bh
3. Summarize b h what b h you b h will b h accomplish b h studying b h personal b h finance.
Answer: Several things can be accomplished by studying personal finance.
b h b h b h b h b h b h b h b h b h
bRecognize how to manage unexpected and expected financial events. Pay
h b h bh b h b h b h b h b h b h b h
b as little as possible in income taxes. Understand how to effectively
h b h b h b h b h b h bh b h b h b h b h
bcomparison shop for vehicles and homes. Protect what we own. Invest
h b h b h b h b h b h b h bh b h b h b h
bwisely. Accumulate and protect the wealth that we may choose to spend during
h b h b h b h b h b h b h b h b h b h b h b h b h
bour non-working years (e.g., retirement) or donate.
h b h b h b h b h b h b h
4. What b h are b h the b h building b h blocks b h to b h achieving b h financial b h success?
Answer: The building blocks for achieving financial success include a
b h b h b h b h b h b h b h b h b h
bfoundation ofy regular income that provides the means to support your
h b h bh b h b h b h b h b h b h b h b h
b lifestyle and save for desired goals in the future. The foundation supports
h b h b h b h b h bh b h b h b h b h b h b h
ba base of various banking accounts, insurance protection, and employee
h b h b h b h b h b h bh b h b h b h
bbenefits. Then we can establish goals, a recordkeeping system, a budget,
h b h b h b h b h b h b h bh b h b h b h
band an emergency savings fund. We will also manage various expenses such
h b h b h b h b h b h b h b h b h bh b h b h
bas housing, transportation, insurance, and the payment of taxes. We will also
h b h b h b h b h b h b h b h b h bh b h b h
bneed to handle credit, savings, and educational costs. Finally, we invest
h b h b h b h b h b h b h b h b h b h b h
b in various investment alternatives such as mutual funds, stocks, and bonds,
h bh b h b h b h b h b h b h b h b h b h
boften for retirement. As a result of all these building blocks, we
h b h b h b h b h b h b h b h b h b h b h b h
b are more apt to have a financially successful life.
h b h b h b h b h b h bh b h b h
LO1.2 Understand how
b h b h b h the b h economy b h affects your b h b h personal financial b h b h success.
1. Summarize b h the b h phases b h of b h the b h business b h cycle.
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Distribution of this document is illegal bh bh bh bh bh extra per year? bh bh
