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Personal Financial Planning Assignment 1

In: Business and Management

Submitted By aciesek
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ADMS 3541 Winter 2016
Assignment 1

Due at the start of class in Week 8 (Section R on March 3,2016)

100 marks, 25 each question.
Instructions:
Each group must submit the assignment to the instructor at the beginning of class on the date the assignment is due. Textual portions must be typed and double-spaced. This does not include variables, labels and brief notes of explanation. Use at least one inch margins all around.
1. Double-sided is preferred, if you can do it with your printer.
2. Use 8 ½ X 11 paper only.
3. Do not use report covers.
4. Staple your assignment prior to handing it in.
5. Be sure to print clearly your names, student numbers, section and Assignment 1 at the top of the first page.
6. Spelling and grammar may affect your marks.
7. Late assignments will be penalized and no assignments will be accepted after the last class.

Question 1: Risk Management

Meet the Jones family:
Mom, Maria age 47
Dad, Daniel age 51
Three kids – Patty (6), Kobe (9) and Gordon (12).

They have come to you for advice on how to manage their risk. They have provided you with the following information about their family.

Maria and Daniel both work in the financial services industry, which is how they initially met. Daniel was working as a Sales Representative for a mutual fund company and Maria was his Inside Sales Associate. They continue to work for the same firm; however, Daniel is now VP of sales earning an annual salary of $250,000 plus bonus and Maria is a Sales Representative earning a salary of $60,000 plus bonus based on net sales. The company provides them with a group RRSP, life insurance coverage of one times salary for Maria and two times salary for Daniel, and they each have an expense account. They do not have any extended health care benefits. Maria uses her personal vehicle for work purposes such as attending client…...

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