Test 1 FIN533.doc - CONFIDENTIAL 2 BM/JULY...

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CONFIDENTIAL2BM/JULY 2012/FIN654/663/533PART AQUESTION 1Remy and his wife are concerned that they have not started saving for their son’s collegeeducation. Although Hakimi is only four (4) years old, putting away money for this goalshould start as soon as possible. In the process of getting their finances organized, theydiscover a need to create system for various documents and records. They also realize thevalue of balance sheet and cash flow statement when planning and implementing personalfinancial decision. Remy has this financial information regarding his family:RMRent for the month800Monthly take home salary5,000Cash in checking account2,500Saving account balance4,000Spending for food per month400Education loan amount16,000Balance of education loan11,000Current value of automobile22,200Automobile purchase price45,500Telephone paid per month100Credit card balances200Loan payment per month850Auto insurance450Household possessions8,500Stereo equipment2,950Payment for electricity per month80Fuel, toll and parking expenses per month700Donation and Zakat per month80Laptop and printer3,250Value of stock investment20,000Clothing3000Restaurant spending per month200Personal expenses and recreation per month200Car loan balance14,200Television set2,500Astro per month70Unit Trust Investment10,000Household Supplies per month700Takaful Cash Value15,000Other Expenses per month400© Hak Cipta Universiti Teknologi MARACONFIDENTIAL
CONFIDENTIAL3BM/JULY 2012/FIN654/663/533

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