...2013 Unit 3 Assignment The Uniform Premarital Agreement Act is the regulation that allows the parties of a premarital contract to choose the state's jurisdiction under which their contract will fall. A couple can decide on any state in which one of the parties lives or plans to live or the state in which the couple will be married. Because this act has not been passed in all states, parties to a prenuptial contract are also limited to choosing only the states that have passed the Uniform Premarital Agreement Act. It was drafted by the National Conference of Commissioners on Uniform State Laws in 1983. The state of Texas is one of 27 states that adopted the Uniform Premarital Agreement Act (UPAA) Texas Family Code, Chapter 4: Premarital and Marital Property Agreements govern Texas prenuptial agreements. There are obligations that the couple must meet and some circumstances that might render the agreement void. Prenuptial agreements need to be in writing. Some states require a notarized agreement, but Texas does not. Both partners must fully disclose their assets and liabilities. This includes getting appraisals done for things that might be difficult to value. The partners need to understand each other’s situation fully before they can agree to anything in a prenuptial agreement. A court will void an agreement that involves less than full disclosure on the part of one of the partners. Each partner must sign the prenuptial agreement voluntarily. The court will not enforce any contract...
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...Cover Page Programme: BTEC Higher National Diploma (HND) in Business Unit Title and Number: Managing Financial Resources and Decisions (Unit 2) QFC Level: 4 Credit Value: 15 Credits Module Tutor: Yannick Fansi Student’s Name: Adeyinka Adedoyin Email: princessadeyinkaadedoyin@yahoo.com Student’s ID: 21834 Task 1: 1.1 Identify the Alternative Sources of finance that could be available to the business. (1.1, 1.2) Introduction In writing this assignment report, I will attempt to look into the different sources of finance that business can access or that available for starting a new business and I will also find out the implications of sources of finance and how it impacts on the business. It is often difficult to start a business without enough capital or cash, as all businesses require some form of finance throughout the life span of the business and for the operational cost of the day to day running of the business. Therefore without finance or raising enough capital the business can never materialised. It can therefore be argued that Finance is the life wire of a business as it plays a major role in starting a business. Finance can be used for various business projects including purchase of machinery, starting up a restaurant or for expanding existing business. When considering starting a business before raising the finance certain factors such as the size of the business, location of the business, the type of business and the target...
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...The Uniform Premaritial Agreement Act is a regulation that allows you to choose which jurisdiction your prenuptial agreement will fall in.If you do decide to fall under one of the selected jurisdictions that has adopted the act you will have provisions out there to resolve issuessuchs as estate planning, seperation of property, financial assets, alimony and support. Although the Act has been has introduced in Mississippi they have not adopted the Act. In the state of Mississppi there are four requirements for a valid Prenuptial agreement.The agreement must be in writing. A prenuptial agreeement can never be an oral agreement.When the agreement is done it must be voluntary. If it is found out that any party was forced to sign the would become null and void. The agreement cannot leave one person destuite. in other words it cannot leave a person burdened or struggling. Lastly and most important the agreement must be notarized. There are five rules that cam invalidate a prenuptial agreement. If the agreement is fraudulent.that means if a spouse withholds information and you find out it becomes invalid. If the agreement is coerced or you signed it under duress it may be invalid. The agreement may not be vaid if the paperwork isntdone properly. If you dontmake sure you dot your i's and cross your t's in could be considered invalid. You also need to make sure you are represented by two lawyers so they can make sure every think on your side is good. The prenup also cannot have ridicoulous...
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...[1] a) Looking at Exhibit 1 it says that “the magnitude and nature of financial statement misstatements or omissions will not have the same influence on all financial statement users” (p.11). With that it is clear why different materiality bases are considered because a misstatement on one account on the financial statement may be of more importance to one particular type of user while or the other it is irrelevant. b) An example given at the bottom of Exhibit 1 explains why it is important to have different thresholds for different audit engagements. “If a client is close to violating the minimum current ratio requirement for a loan agreement, a smaller planning materiality amount should be used for current assets and liabilities. Conversely, if the client is substantially above the minimum current ratio requirement for a loan agreement, it would be reasonable to use a higher planning materiality amount for current assets and current liabilities” (p.11). This makes sense because it is unfair to audit a small company under the same materiality thresholds as one would do with a significantly large company. c) Once again looking at Exhibit 1 on page 11, the very last paragraph on that page states why it is important to generally use the smallest threshold for planning purposes. It is because the smallest amount provides reasonable assurance that the financial statements, takes as a whole, are not materially misstated for any user. It is to be conservative with discrepancies...
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...themselves from certain tax issues and legal concerns, which can be avoided by structuring their business in certain ways. Starting your business The beginning of starting businesses is financial. You have to know what the steps are in order to develop your own business. The official business link to the US government, https://www.sba.gov/starting-business, provides free training and counseling services such as preparing a business plan and getting financing. By researching some and skill building, using the resources available on the government business link, the new proprietor will be prepared to meet the challenges associated starting a new business venture. Financial skills and management skills must be determined in a very realistic manner. A financial management section of the business plan should explain plans for funding the company and the initial amount of equity capital. Potential investors, or lenders, will want to see a monthly operating budget and expected return, a projected monthly sales volume, including any expected seasonal trends must also be calculated. how your business will operate on a day-to-day basis, covering personnel issues, insurance, rental agreements, equipment needs, and anything else relevant the specific business must also be determined. (Planning your...
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...PORTFOLIO ALLOCATION Investments in the capital markets offer a unique opportunity to protect and grow personal wealth. Any discussion of investment strategy must begin with the investors risk tolerance. Some of the major factors contributing to any individual’s investments strategies are age, total value of savings and other assets, income, family and health. After a thorough discussion and getting some answers to a series of questions, your tolerance for risk can be assessed. This data helps us formulate investment policy that best fits your needs and objectives. Market timing, security selection and asset allocation are the three tools that are used to help reach your financial goals. ANALYSIS James and Lucy Anderson have an average/moderate tolerance for risk based on the risk tolerance quiz they completed. We have completed a review of the Anderson’s current holdings and assigned them into asset class. Some stocks will be sold and other will be held. Within any given asset class, a benchmark of expected performance has been performed. If the current stocks held in that class are underperforming the class in general, they should be sold and replaced with positions that better represents the asset class. Then purchasing patterns will be changed to add asset in the other classes that are currently not represented in your portfolio. The net result will be a well balance asset allocation that is representative of moderate risk tolerance. James and...
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...Q) Career planning and its benefits? What is Career Planning? Career planning is a lifelong process, which includes choosing an occupation, getting a job, growing in our job, possibly changing careers, and eventually retiring. The Career Planning Site offers coverage of all these areas. This article will focus on career choice and the process one goes through in selecting an occupation. This may happen once in our lifetimes, but it is more likely to happen several times as we first define and then redefine ourselves and our goals. Process The career planning process has four steps: Step 1: knowing yourself Step 2: finding out Step 3: making decisions Step 4: taking action Step 1: knowing yourself Begin by thinking about where you are now, where you want to be and how you’re going to get there. Once you have thought about where you are at now and where you want to be, you can work on getting to know your skills, interests and values. Begin by asking yourself the following questions: Where am I at now? Where do I want to be? What do I want out of a job or career? What do I like to do? What are my strengths? What is important to me? At the end of this step you will have a clearer idea of your work or learning goal and your individual preferences. You can use this information about yourself as your personal ‘wish list’ against which you can compare all the information you gather in Step 2: finding out. Your personal preferences are very useful for helping you choose your...
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...Global Financing and Exchange Rate Mechanisms The operations of the global financing in an organization includes all these financial procedures. They are the financial analysis, financial planning, accounting, strategy planning, relationship with the investor, the treasury and the financial compliance. “An exchange rate is simply the rate at which on currency is converted into another” (Hill, 2009, p. 324). This assignment will define the tariff and non-tariff barriers, the impact in the operations of the global financing and the managing risks. Tariff and non-tariff barriers Tariff is a “tax levied on import (or exports)” (Hill, 2009, p. 6). There are different types of tariff. There are specific tariffs where the price never changes, is always the same. The revenue tariff who raise the money for the government The prohibitive tariff is the one that the price is so high that nobody imports or export with that type of tariff. The protective tariff price of the imports goods and keep their domestic industries save from the competition. The environmental tariff is like the protective tariff but is relate to the environmental. The last one is the retaliatory tariff, already have charges against the country. The non-tariff barriers (NTBs) is the one that will have restrictions for any imports. Some examples are packaging and labeling conditions, products standards, quotas (specific) for the product, licenses for import goods, and sanitation conditions. There...
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...Estate Planning for Same Sex Couples I. Introduction The benefits of marriage are unavailable to same-sex couples. Moreover, outdated intestacy statutes fail to recognize the close family bond between same-sex partners. Moreover, most intestacy laws discriminate against same-sex couples in that gay or lesbian relationships are generally considered invalid for the purposes of distributing the estate of a deceased partner who dies without a will. Accordingly, in order to reap inheritance and tax benefits that are automatically afforded to traditional married couples, these same-sex couples must rely on extensive and creative legal planning. There are several tools that provide solutions to this issue. Contract based estate planning techniques are the most commonly used tools for distributing a decedent’s property at death. Though the following planning mechanisms provide certain advantages, they are also accompanied by various disadvantages. II. Wills A will is an instrument by which a person directs dispositions of property to take effect upon death. It is the only document that allows a decedent’s probate assets to pass testate to persons of his or her choosing as opposed to passing via the strict laws of intestacy, under which the surviving partner would receive nothing. Even in the presence of strategies used to avoid probate such as intervivos trusts, wills are an essential precautionary measure to demonstrate the intent to pass property outside of probate, to...
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...Strategic Initiative and Financial Planning Businesses lay out new strategic plans as a way to enhance their business. Starbucks in an effort to broaden their business ventures over the past couple of years have ventured into a couple of deals that were not in their best interest. The deal with Kraft Foods Global, Inc. was a discontinued in the first quarter of 2011 due to violations of the contract on Kraft Foods part of the deal (Starbucks Corporation, 2011). Although Kraft Foods was found to be in default of their part of the contract, Kraft Foods was asking in court documents for Starbucks to compensate Kraft Foods until an agreement was has been reached. Kraft Foods lost the pre-hearing for the compensation and the final agreement should come out soon and possibly in favor of Starbucks Corporation. Smart financial planning and a good legal team has been a plus for Starbucks in this deal with Kraft Foods Global and with other outstanding legal deals they are dealing with at this present time (Starbucks Corporation, 2011). Starbucks has many shared projects with different companies such as the one with Seattle’s Best Coffee and also the Tazo-brand coffee products listed above. These are shared dealings and because Starbucks is not the majority owner some of the projects are not posted on Starbucks financials they are listed on the other companies’ financial records. References Starbucks Corporation. (2011, Fall). Starbucks Corporation Fiscal 2011...
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...ENVIRONMENT MULTIPLE CHOICE 1. In comparing financial and management accounting, which of the following more accurately describes management accounting information? a. historical, precise, useful b. required, estimated, internal c. budgeted, informative, adaptable d. comparable, verifiable, monetary ANSWER: c EASY 2. Management and financial accounting are used for which of the following purposes? Management accounting Financial accounting a. internal external b. external internal c. internal internal d. external external ANSWER: a EASY 3. One major difference between financial and management accounting is that a. financial accounting reports are prepared primarily for users external to the company. b. management accounting is not under the jurisdiction of the Securities and Exchange Commission. c. government regulations do not apply to management accounting. d. all of the above are true. ANSWER: d EASY 4. Which of the following statements about management or financial accounting is false? a. Financial accounting must follow GAAP. b. Management accounting is not subject to regulatory reporting standards. c. Both management and financial accounting are subject to mandatory recordkeeping...
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...questions and so little time to make the right decision I will review how government plays a role in International trading and the impact government has. There are many factors that affect the International arena like political, financial and culture. I will review how these elements can shape as well as tear down the market. I will conclude my review with strategies for entering and staying in the International ring of Go Fish. Explain the role of government in international trade, the various levels of economic integration, and the impact on international marketing. There are five major levels of economic integration; the two I will discuss are preferential trade agreements (PTA), Free trade areas (FTA), customs unions, common markets and economic and monetary unions. The more integrated the economies become, the fewer trade barriers exist and the more economic and political coordination there is between the member countries. A preferential trade agreement (PTA) is a pact between countries to reduce tariffs or taxes on different products. Since this is a pact between certain countries, other organizations like General Agreement on Trades and Tariffs (GATT) and the World Trade Organization (WTO) These two organizations do not like this agreement because they feel it does not fairly serve the developing companies. The developing companies are...
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...Business Administration Business Participants: Owners, Employees, Customers Functional Areas of Business Management Operations Marketing Accounting Finance Management- planning, organizing, staffing, directing, and controlling a company’s resources so it can achieve its goals Operations- converts resources into goods or services to ensure products are high quality Marketing- everything that a company does to identify customers’ needs and design products to meet those needs Accounting- measures, summarizes, and communicates financial and managerial information and advise other managers on financial matters Fields of Accounting Financial Accountants -Prepare financial statements -Assess financial strength Managerial Accountants- Prepare internal reports Finance- planning for, obtaining, and managing a company’s funds Economics- study of the production, distribution, and consumption of goods and services Economists’ Questions What goods & services should be produced? How should goods & services be produced? Who receives the goods & services produced? Mix Market Economy- a mixed market economy relies on both markets and the government to allocate resources Privatization- converting previously government-owned businesses to private ownership Gross Domestic Product- market value of all goods and services produced by economy in a given year includes only goods and services produced domestically ...
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...Statement on Responsibilities in Personal Financial Planning Practice Copyright © 2010 by American Institute of Certified Public Accountants, Inc. New York, NY 10036-8775 All rights reserved. For information about the procedure for requesting permission to make copies of any part of this work, please visit www.copyright.com or call (978) 750-8400. ACKNOWLEDGMENTS Statement on Responsibilities in Personal Financial Planning Practice Task Force Clark Blackman II, Chair (PFP Executive Committee) and Past Chair Dirk Edwards, Chair John Connell Charles Kowal Jerry Love Randy Ryan Scott Sprinkle Ken Strauss AICPA Staff Mark Koziel, Director (Specialized Communities) Andrea Millar, Sr. Technical Manager (PFP Division) Teighlor March, Senior Manager (Legal, Legislative & Regulatory Affairs) Sarah Bradley, Project Manager (PFP Division) 2 Contents Acknowledgments .................................................................................................................................. 2 Foreword ................................................................................................................................................ 4 Exceptions From This Statement............................................................................................................. 6 Responsibilities of Members in Personal Financial Planning Services Engagements .............................. 7 Professional Competence .....................................................
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...© 2008 Reed International Books Australia Pty Limited trading as LexisNexis Permission to download and make copies for classroom use is granted. Reproducing or distributing any material from this website for any other purpose requires written permission from the Publisher. © 2009 Reed International Books Australia Pty Limited trading as LexisNexis: Ancillary for Financial Planning in Australia, 3rd ed., by Taylor, Juchau, Houterman Financial Planning in Australia CHAPTER 18 — ESTATE PLANNING — CORE PRINCIPLES AND PRACTICE Solutions to Questions Question 1 The seven steps in the estate planning process are: 1 2 3 4 5 6 7 Identify and prioritise the client’s objectives. Assess the current and likely future circumstances. Ascertain adequacy of short- and long-term funding. Assess and identify problems. Formulate the strategy. Implement the plan. Ongoing review. Question 2 Individuals control their wealth either directly through their direct, personal ownership or through intermediate structures or arrangements such as companies, trusts, partnerships, joint ventures or other comparable enterprises. Estate Asset Testamentary Asset, eg solely owned asset Non Testamentary Asset Jointly owned asset Life, ‘TPD’, Trauma or other Insurance Likely Decision-maker Willmaker Likely Governing Document Will Legal owner of property, eg Governing document of company or trustee estate structure Surviving joint owner Policy owner or nominated beneficiary Surviving joint owner’s Will Insurance...
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