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49. By evaluating your credit options, you can reduce your finance charges. 50. After you have selected a product, you should buy it immediately before the store runs out of it. 51. The most expensive loans available are provided by finance companies, retailers, and banks through credit cards. 52. Using parents or family.
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65. Deductions are amounts that a taxpayer is allowed to deduct from taxable income. 66. There is no significant difference between a federal tax credit and a federal tax deduction. 67. Most taxpayers have to file quarterly payments of estimated amounts owed for taxes. 68. Tax assistance from an attorney is less common.
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31. The borrower's attitude toward his or her credit obligations is called A. capacity. B. capital. C. character. D. collateral. E. conditions. 32. The borrower's financial ability to meet credit obligations is called A. capacity. B. character. C. capital. D. collateral. E. conditions. 33. A term that refers to the.
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41. A $100 savings account that earns $5 interest in a year has a yield of                        percent. A. 6 B. 5 C. 4.75 D. 3.75 E. 6.5 42. Savings compounded                        would have the lowest effective yield A. monthly B. annually C. semi­annually D. daily E. weekly 43. If the.
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93. Describe the four budgeting strategies suggested for dual income households. Pooled Income: both incomes are combined, and bills are paid from the pool. This method requires trust and shared goals and values. Sharing the bills: each person is responsible for paying predetermined bills. 94. List and briefly explain the 4 characteristics.
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49. The use of electronic banking does not add to the "float" time for financial services customers. 50. Time deposits are more commonly referred to deposits made to savings accounts and investment certificates. 51. ATM fees are about the same in different geographic areas. 52. Lower returns on savings will usually result in.
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1. The main purpose of taxes is to A. create jobs B. reduce the chances of inflation. C. generate revenue for funding government programs. D. discourage use of certain goods and services. E. decrease competition from foreign companies. 2. The use of legitimate methods to reduce one's taxes is tax                      .
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31. What effective rate of interest is being charged when the quoted APR is 6%, compounded semi­ annually? A. 6.00% B. 6.09% C. 6.17% D. 6.18% E. 6.50% 32. Identify the correct statements. I. Shortening the term of a loan will reduce total interest charges. II. The interest component of each installment loan payment.
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41. To help you cope with taxes, common goals related to tax planning include all the following except: A. Knowing the current tax laws and regulations that affect you B. Maintaining complete and appropriate tax records. C. Making employment and purchase decisions that leave you with the greatest after­tax cash flows.
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84. Most Canadians have an adequate savings for emergencies. 85. Under a direct deposit system the bank will make an automatic debit from you bank account and have the funds transferred periodically to an investment account. 86. "Sharing the bills" is a budgeting strategy for two­income households where each partner contributes an.
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21. Savings compounded                        would have the highest effective yield A. monthly B. annually C. semi­annually D. daily E. weekly 22. Comparison of earnings for different savings plans can best be accomplished using the A. discounted present value. B.  compounded rate of return. C. net present value. D. effective.
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51. Which of the following financial documents would most likely be stored in a safety deposit box? A. Company pension information B. Personal financial statements C. Warranties D. Birth, marriage and death certificates E. Checking account statements 52. Which of the following financial documents would most likely be stored.
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80. How is taxable income computed? 81. Cameron Nelson wants to complete his own federal income tax return. He has several questions about the tax form to use and what items should be reported as income. What sources of assistance would you recommend for Cameron? 82. What is the difference between the marginal.
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1. The convenience of using a financial institution with 24­hour banking frequently requires a trade­off with A. safety. B. personal service. C. growth of savings. D. liquidity. E. a lower rate of return. 2. A trust has the purpose of A. solving a person's financial problems. B. obtaining.
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31. A                        endorsement would be used if a person is presenting a cheque in order to obtain cash. A. restrictive B. common C. special D. blank E. documented 32. The first information to be recorded when writing a cheque is the A. date. B. cheque stub or cheque.
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11. The major service offered by investment companies is A. interest­bearing checking accounts. B. variable­rate loans. C. credit card accounts. D. savings bonds. E. mutual funds. 12. A financial institution organized for the main purpose of providing loans to purchase homes is a A. mortgage and loan company. B..
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55. Taxes are not only considered in financial planning in April. 56. The principal purpose of taxes is to control economic conditions. 57. A province may impose a personal property tax. 58. Real­estate property taxes are significant but not a major source of revenue for local governments. 59. A tax credit is an amount subtracted.
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64. Liabilities are cash and items of value that can be easily converted to cash. 65. When one money management decision is selected, something else must be given up. 66. Opportunity costs are not only associated with money management decisions involving long­ term financial security. 67. Financial records that may need to be referred.
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21. Debt­to­equity ratio is A. a useless ratio for determining your credit capacity. B. calculated by dividing monthly debt payments by net monthly income. C. determined by dividing your assets by liabilities. D. calculated by dividing total liabilities by net worth. E. rarely used by creditors in determining credit.
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59. Credit is an arrangement to receive cash, goods, or services now and pay for them in the future. 60. Consumer credit refers to the use of credit for personal needs (except a home mortgage) by individuals. 61. Most consumers have only one choice in financing current purchases. 62. Consumer credit is based.
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73. What are the main types of financial institutions used by consumers? 74. Evan Kostakis is living in this country while going to school. He is not familiar with the  operation of savings plans available to consumers. What factors would you recommend that he consider when evaluating and comparing different savings.
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11. Which of the following would be excluded from total income to obtain net income? A. contributions to RPPs B. mortgage interest C. child support payments D. foreign income exclusion E. charitable contributions 12. Phillip Marnier had earnings from his salary of $40,000, interest on savings of $700, and a contribution.
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