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AFF3111 2006 Sem 2

AFF3111 2006 Sem 2 - OFFICE USE ONLY Monash University...

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OFFICE USE ONLY AFF3111 Exam Sem 2 2006 Page 1 of 11 Monash University Semester Two Examination 2006 Faculty of Business and Economics Department of Accounting and Finance EXAM CODES: AFF3111 TITLE OF PAPER: PERSONAL FINANCIAL PLANNING EXAM DURATION: 3 hours READING TIME: 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (office use only - tick where applicable) Berwick Clayton Peninsula Distance Education Open Learning ; Caulfield Gippsland Sunway Enhancement Studies Other (specify) During an exam, you must not have in your possession, a book, notes, paper, calculator, pencil case, mobile phone or other material/item which has not been authorised for the exam or specifically permitted as noted below. Any material or item on your desk, chair or person will be deemed to be in your possession. You are reminded that possession of unauthorised materials in an exam is a disciplinable offence under Monash Statute 4.1. AUTHORISED MATERIALS CALCULATORS ; YES NO (Permitted calculators: Citizen SRT-135, Casio FX82MS scientific calculator, the Casio FX82AU scientific calculator, and Sharp EL-735 financial calculator, or calculators with an 'approved for use' Faculty label) OPEN BOOK YES ; NO SPECIFICALLY PERMITTED ITEMS YES ; NO if yes, items permitted are: This paper consists of seven (7) questions printed on three (3) pages plus eight (8) pages of Rates and Tables printed on a total of eleven (11) pages. It comprises 70 marks and represents 70 per cent of your final mark in this unit. Students must attempt ALL questions. PLEASE CHECK THE PAPER BEFORE COMMENCING. THIS IS A FINAL PAPER. STUDENT ID: …………………………... DESK NUMBER: ……………………. THIS EXAMINATION PAPER MUST BE INSERTED INTO THE ANSWER BOOK AT THE COMPLETION OF THE PAPER. NO EXAMINATION PAPERS SHOULD BE REMOVED FROM THE EXAMINATION ROOM
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OFFICE USE ONLY AFF3111 PERSONAL FINANCIAL PLANNING AFF3111 Exam Sem 2 2006 Page 2 of 11 Question 1 (a) Briefly describe the steps involved in developing a financial plan. (b) What is the purpose of a financial plan? (8 + 4 = 12 marks) Question 2 (a) Who are the main regulators in the financial planning field, and what is their role? (b) “Know your client” and “Know your product” are important concepts in financial planning. Why is this so? (6 + 4 = 10 marks) Question 3 (a) Describe the main features of a Managed Investment Scheme (MIS). (b) Who might prefer an MIS rather than direct investments? Why? (4 + 4 = 8 marks) Question 4 (a) Taxation is often regarded as a critical element in investment decision making. Illustrate this aspect using three different examples. (b) In the context of financial planning, what is meant by the term “disclosure”? (6 + 6 = 12 marks) Question 5 (a) David has just retired and receives the following payments: (i) a lump sum of $20,000 from his employer in recognition of hard work; (ii) a lump sum of $50,000 from a complying superannuation fund because of his retirement.
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AFF3111 2006 Sem 2 - OFFICE USE ONLY Monash University...

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