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SECTION 1: COURSE GUIDE
1.1 Introduction………………………………………………………………………………………1
1.2 Course Description and Aims……………………………………………………………2
1.3 Learning Outcomes …………………………………………………………………………..3
1.4 Overall Assessment …………………………………………………………………………..4
1.5 Learning Materials…………………………………………………………………………….5
SECTION 2: STUDY UNITS
STUDY UNIT 1: Principles of Personal Financial Planning: Benefits and
Process
Learning Outcomes ····················································································SU1-1
Overview ····································································································SU1-2
Review Questions ······················································································ SU1-2
Answers to Review Questions ·································································SU1-4
STUDY UNIT 2: Wealth Generating and Growth: Cash, Investment and
Retirement Planning
Learning Outcomes ····················································································SU2-1
Overview·····································································································SU2-2
Review Questions ·······················································································SU2-3
Answers to Review Questions ··································································SU2-4
STUDY UNIT 3: Wealth Guarding and Wealth Giving: Insurance, Estate and
Tax Planning
Learning Outcomes ··················································································· SU3-1
Overview ····································································································SU3-2
Review Questions ·······················································································SU3-3
Answers to Review Questions ··································································SU3-4
COR167
Managing Your Personal Finances
COURSE GUIDE
COR167 COURSE GUIDE
1
SECTION 1: COURSE GUIDE
1.1 Introduction
Overview
(Access video via iStudyGuide)
Welcome to your study of COR167 Managing Your Personal Finances, a 2.5 credit
unit (CU) course.
This Study Guide is divided into two sections – the Course Guide and Study Units.
The Course Guide provides a structure for the entire course. As the phrase implies,
the Course Guide aims to guide you through the learning experience. In other
words, it may be seen as a roadmap through which you are introduced to the
different topics within the broader subject. This Guide has been prepared to help
you understand the aim[s] and learning outcomes of the course. In addition, it
explains how the various materials and resources are organised and how they may
be used, how your learning will be assessed, and how to get help if you need it.
Course Schedule
To help monitor your study progress, you should pay special attention to your
Course Schedule. It contains study unit related activities including Assignment,
self-evaluations, and examinations. Please refer to the Course Timetable in the
Student Portal for the updated Course Schedule.
NOTE: You should always make it a point to check the Student Portal for any
announcements and latest updates.
You need to ensure you fully understand the contents of each Study Unit listed in the
Course Schedule. You are expected to complete the suggested activities either
independently and/or in groups. It is imperative that you read through your
Assignment questions and submission instructions before embarking on your
Assignment. It is also important you comprehend the Overall Assessment
Weighting of your course. This is listed in Section 1.4 of this Guide.
Manage your time well so you can meet given deadlines and do regular revisions
after completing each unit of study. They will help you retain the knowledge
garnered and prepare you for any required formal assessment. If your course
requires an end-of-semester examination, do look through the Specimen or Past
Year Exam Paper which is available on Learning Management System.
Although flexible learning – learning at your own pace, space and time – is a
hallmark at SUSS, you are encouraged to engage your instructor and fellow students
in online discussion forums. A sharing of ideas through meaningful debates will
help broaden your learning and crystallise your thinking.
COR167 COURSE GUIDE
2
1.2 Course Description and Aims
Financial planning helps us achieve our financial goals and long-term financial
well-being.
Recent studies reveal that the large majority of Singaporeans have not done any
form of planning for their future. They assume that their CPF savings will provide
adequate income for their retirement. It is now known that this is not the case, and
the problem is compounded by a longer life span.
Managing Your Personal Finances is a financial journey of meeting individual life
goals through the proper management of an individual’s wealth. It is also a process
that consists of specific steps that will help an individual to ascertain his/her financial
health. The detailed process involves gathering relevant financial information, setting
financial goals, examining current financial status and coming up with a strategy to
meet the current situation and future plans and regularly reviews the plans.
The learning objectives of this course are:
1. That the students understand the importance of personal financial planning.
2. That they are able to use the six-step process of personal financial planning.
3. That they are able to apply their knowledge in an integrated project of cash
management, investment planning, insurance planning, retirement planning,
tax planning, and estate planning.
By viewing each financial decision as part of a whole, students can consider the
short and long-term effects on their life goals. They can then take effective actions
for their financial well-being.
COR167 COURSE GUIDE
3
1.3 Learning Outcomes
Knowledge & Understanding (Theory Component)
At the end of the course, students should be able to:
Outline their financial goals
Demonstrate the ability to assess personal financial health using financial ratios
Describe the concept of time value of money
Demonstrate Wealth Growing Process through Investment Planning
Key Skills (Practical Component)
By the end of this course, students should be able to:
Interpret the concept of time value of money
Demonstrate the critical aspects of Wealth Guarding through Insurance
Planning
Develop the key elements in Wealth Growing through Investment Planning
and for Retirement
Use key aspects of Wealth Guarding through Tax Planning and Estate Planning
COR167 COURSE GUIDE
4
1.4 Overall Assessment
The overall assessment weighting for this course is as follows:
Assessment Description Weight Allocation
Assignment 1 Pre-class online quiz 20%
Assignment 2 This TMA comprises an individual
written assignment with self financial
health assessment exercise and
accessing personal financial portals.
40%
Assignment 3 This TMA comprises an individual
written assignment, with analysis of
an integrated case study on personal
financial planning.
40%
TOTAL 100%
The assessment strategy consists of three (3) components that make up the overall
course assessment score. Each component is not equally weighted.
Your overall rank score is the weighted average of all the three assignments.
All assignments and attendance are compulsory. If you fail to submit an
assignment by the stipulated deadline (including the automatic mark-deduction
period for TMAs), you will be deemed to have withdrawn from the course, and will
receive a ‘W’ for the course.
The pre-class Online Quiz constitutes 20% of the Overall Continuous Assessment
(OCAS) score.
Important Note
The pre-class Online Quiz must to be completed ahead of the first face-to-face
session.
The minimum passing mark is 60%.
Three attempts are allowed up to the closing deadline of the pre-class Online Quiz.
If you fail to meet the minimum passing mark for the pre-class Online Quiz, or if you
fail to attempt the pre-class Online Quiz by the stipulated deadline, you will be
deemed to have withdrawn from the course, and will receive a ‘W’ for the course.
COR167 COURSE GUIDE
5
1.5 Learning Materials
The following is a list of the required learning materials to complete this course.
Required Textbook
Author
Last name, First
name
Title Year Publisher
Chan, Patrick Managing Your Personal Finances
(2nd Edition)
2010 McGrawHill
COR167
Managing Your Personal Finances
STUDY UNIT 1
Principles of Personal
Financial Planning:
Benefits and Process
COR167 STUDY UNIT 1
SU1-1
STUDY UNIT 1
Principles of Personal Financial Planning: Benefits and
Process
CHAPTERS 1, 2, 4-6 Patrick Chan, Managing Your Personal Finances, McGraw-Hill,
2010
LEARNING OUTCOMES
This study unit aims to provide students with an introduction to the importance of
financial planning, its benefits and the process.
At the end of this study topic, students will be able to:
1) Describe the benefits and process of financial planning.
2) Recognise financial needs for different phases of a human life cycle.
3) List the 3 key components and objectives of personal financial planning: 5G
Road Map to Financial Freedom
a. Wealth Grounding
b. Wealth Generating
c. Wealth Guarding
d. Wealth Growing
e. Wealth Giving
4) Describe the roles and responsibilities of regulatory bodies, professional
bodies and key financial institutions of the financial services industry in
Singapore.
5) Describe the factors affecting financial goals setting.
6) List the six stages of the financial planning process:
a. Establishment of financial planning goals
b. Fact finding
c. Data analysis
d. Plan development
e. Plan implementation
f. Monitoring and revision
7) Define the different levels of wealth (financial stability, financial security
and financial independence).
8) Outline cash management plans such as saving and passive income.
9) Evaluate personal financial statements such as balance sheet, cash flow
(income and expenditure) statement and budget.
10) Analyse costs of Borrowing such as types of debts, loan interest and
amortisations calculations and strategies to manage personal debt.This Study Unit lays the foundation to ground an individual’s effort to build and
manage his/her own personal finance.
This is the basis of personal financial and wealth management to help calibrate the
individual’s financial personality and goals.
Students will have an overview of the keys to financial success, and how these can
be achieved systematically.
The key to this is to gain knowledge of what and how personal financial planning
can form the backbone of achieving financial goals and arriving at desired lifestyle
in the optimum manner.
This unit will also provide students with a perspective of the processes involved in
personal financial planning (5G Roadmap to Financial Freedom).
It involves working through the basic objectives of Wealth Grounding, mindset
change and articulating financial objectives in order to put into action the
attainment of these goals.
Finally, students will be empowered with a range of skills and tools to assess and
determine personal financial health. This helps the individual to set the premise for
quantifying his/her financial resources for the purpose of realising financial goals.
Overview of Personal Financial Planning
Stages of Financial Planning
(Access videos via iStudyGuide)
====================================================================
REVIEW QUESTIONS
Attempt Questions 1-4.
Question 1
Briefly explain why it is necessary to construct a set of personal financial statements,
particularly the Balance sheet and the Cash Flow statement.
COR167 STUDY UNIT 1
SU1-3
Question 2
What are the potential problems that can be encountered when preparing the
personal financial statements?
Question 3
John and Serene Yeo are a couple in their late 30s. Both of them have a combined
income of $160 000 (net income after deduction for CPF and tax is $100 000). They
live in a HDB 5-room flat in Jurong West and are considering purchasing a
condominium next year. They have three children of 5, 7 and 9 years old
respectively.
They have a mortgage loan of $230 000 that has to be paid over 25 years. The
monthly mortgage repayment is $1 600 serviced through their CPF. They also own
a Nisan Camry worth $65 000 financed by a car loan of $40 000. Monthly repayment
over seven years is $580. Other monthly household expenses amount to $7 000.
Both of them save about $800 a month.
John and Serene Yeo’s Balance Sheet as at 31st December 2009
Cash / near cash $30 000
Home mortgage loan $230 000
Unit trusts $60 000
Car Loan $40 000
Market value of HDB flat $530 000
Other debts $60 000
Fair value of car $55 000
Other assets $15 000
Total Assets $690 000
Total Liabilities $330 000
a) Compute the net worth of John and Serene Yeo.
b) Compute the following ratios and interpret the results of the computed
ratios.
(i) Basic Liquidity ratio
(ii) Liquid assets to net worth ratios
(iii) Savings ratio
(iv) Debt to asset ratio
(v) Debt service ratio
(vi) Net investment ratio to net worth ratio
c) Based on the above computed ratios, what advice would you offer to the
couple?
COR167 STUDY UNIT 1
SU1-4
Question 4
Prepare a balance sheet for Mr Simon Lee and his family as at 31
st December 2009
from the information you have gathered:
He owns a semi detach that he lives in. He bought this property three years
ago for $1.8 million. Recently, a professional valuer valued the house at $1.1
million. The mortgage on the property is $650 000.
He and his wife have a joint fixed deposit account of $30 000. They also have
a combined CPF savings of $25 000.
He bought several technology shares at $69 000 when such shares were ‘hot
items’. These shares are now valued at $45 000. He also has unit trusts
valued at $25 000.
The family owns a BMW for which he bought at $160 000 three years ago.
This model is known to have a depreciation value of $20 000 a year. To pay
for this car, he took up a hire purchase loan and has an outstanding loan of
$45 000.
At this point in time, he owes his bank an outstanding credit card balance of
$5600.
ANSWERS TO REVIEW QUESTIONS
Question 1
A set of financial statements enables a planner to assess the financial situation at a
point in time to recommended courses of action that will improve financial
situation and over a period to discover if an individual is progressing towards
financial goals.
Question 2
Problems are:
difficult and time consuming sometimes to compile especially if the
individual does not keep record
assets may be difficult to value at fair market value and may be expensive if
a professional valuer is deemed needed
Question 3
a) Compute the net worth of John and Serene.
Net worth = $ 690 K – $ 330 K = $360 K
b) Compute the following ratios and interpret the results of the computed
ratios.
(i) Basic Liquidity ratio = 30000 / (1600+580+7000+800) = 3.00 (Minimum
requirement met)
(ii) Liquid assets to net worth ratios = 30000/(360000) = 8.33%
(Inadequate)
(iii) Savings ratio=(800×12)/160 000 = 6% (Inadequate)
(iv) Debt to asset ratio= 330K/690K=47.83% (Below 50% – solvent)
(v) Debt service ratio= 12(1600+580) divided by $100K = 26.16% (Healthy,
below 45%)(May assume ‘other debts’ of $60k require no monthly
repayment since no info available, e.g. friendly loan by parents)
(vi) Net investment ratio to net worth ratio = 60 000/360 000 = 16.67%
(Below 50% – Not enough)
c) Advice offered to the couple:
Advise them to have more savings as the current 6% savings are not
enough.
Since their debt to asset ratio is below 50%, solvency is OK as long as
they keep their jobs, not likely to be bankrupt. Also, they have
emergency cash liquidity to last them for three months.
Investment level of 16.67% is not enough especially if they plan to save
up for a retirement nest.
COR167 STUDY UNIT 1
SU1-6
Question 4
Balance Sheet
Mr Simon Lee and family
Balance sheet as at 31 Dec 2009
ASSETS LIABILITIES & NET WORTH
Cash Liabilities
Current account $ – Credit Card balances
Savings account $ – Car Hire purchase
Fixed account $ 30,000.00 Mortgage Loan balance
Total Cash/Cash equivalent $ 30,000.00 Total Liabilities
Invested Assets
Unit trust $ 25,000.00
CPF Savings $ 25,000.00
Shares $ 45,000.00
Total Invested Assets $ 95,000.00
Personal Use Assets Net Worth
Residence $1,100,000.00
Personal Property
Car $ 100,000.00
Total personal use assets $1,200,000.00
TOTAL LIABILITIES
TOTAL ASSETS $1,325,000.00 & NET WORTH
$ 5,600.00
$ 45,000.00
$ 650,000.00
$ 700,600.00
$ 624,400.00
$1,325,000.00
COR167
Managing Your Personal Finances
STUDY UNIT2
Wealth Generating and Growth:
Cash, Investment and
Retirement Planning
COR167 STUDY UNIT 2
SU2-1
STUDY UNIT 2
Wealth Generating and Growth: Cash, Investment and
Retirement Planning
CHAPTERS 9-11 Patrick Chan, Managing Your Personal Finances, McGraw-Hill, 2010
LEARNING OUTCOMES
This study unit aims to provide students with an understanding of wealth
generating through cash management and wealth growing for retirement
through investment planning.
At the end of this study topic, students will be able to:
1) Describe the different investment instruments such as cash, share, bond, unit
trust, financial derivatives, property and others.
2) Demonstrate an understanding of the fundamental concepts of the time
value of money, risk profiling, and investment risk and return.
3) Formulate retirement planning through investment planning.
4) Summarise private and statutory funding methods for retirement that
include investment and retirement fund from Central Provident Fund (CPF);
CPF Life and SRS (Supplementary Retirement Scheme).
5) List the range of CPF schemes for the purpose of investment, protection and
retirement:
a. Property Ownership
b. Retirement Schemes (CPF Life, Minimum Sum Scheme, Enhanced
Minimum Sum Scheme)
c. Family Protection – Home protection insurance and Dependent
protection insurance
d. Asset Enhancement – CPF Investment Scheme (CPFIS)
e. Healthcare Financing – MediSave, MediShield Life and Private
Medical Insurance
6) Explain life annuity, such as immediate annuities, certain and continuous
annuities, refund annuities, reversionary annuities, and investment-linked
annuities.
7) Discuss reverse mortgage and its application in retirement planning.
8) Explain the concept of SRS and its application in retirement planning.
COR167 STUDY UNIT 2
SU2-2
OVERVIEW
This study unit introduces students to the key aspects of the 5Gs Roadmap to
Financial Freedom.
In particular, these key aspects include:
(a) Wealth Generation with Cash Management
(b) Wealth Guarding with Tax Planning and Insurance Planning
(c) Wealth Growth with Investment Plan
(d) Wealth Giving with Retirement Planning and Estate Planning
One key aspect of this unit is the detailing of the Cash Management process, with a
view of working towards positive cash flow. The model of a Monthly Cash Budget
will be deployed for saving and creation of cash reserves.
The topic on Credit Management will cover management of personal debt and the
basic features of different types credit for individuals such as credit cards, overdraft
and loans. Loan interest calculations, loan amortisations and simple strategies to
manage personal debt will also be covered.
Students will be introduced to the concept of Wealth Growing. It will show how
the combined power of time value of money and compound interest can be
fully utilised and leveraged upon in order to create “investable funds”.
The principles of investment strategies will be demonstrated as a viable approach
to deploying “investable funds”.
Key to this is the notion of maximising the returns and minimising the risks of the
“investable funds” through the creation of an investment portfolio involving
different assets classes.
Crucially, a 3-step retirement planning process for Wealth Giving will be
introduced. It debunks the common belief held by many Singaporeans that CPF
savings alone are sufficient for retirement.
Finally, this Study Unit also emphasises the importance of the detailed planning of
both CPF and private savings, and reinforces the notion that the two components
form the backbone of a comprehensive retirement plan.
Cash and Investment Planning
Retirement Planning
(Access videos via iStudyGuide)
====================================================================
COR167 STUDY UNIT 2
SU2-3
REVIEW QUESTIONS
Attempt Questions 1-5.
Question 1
What is the objective of developing a cash management plan?
Question 2
Identify three considerations for having a cash reserve.
Question 3
a) Name and describe the two methods of assessing a person’s retirement
needs.
b) Describe the circumstance under which each of the methods would be
appropriate.
Question 4
Briefly explain the concept of the reverse mortgage.
Question 5
a) Assuming an investment return of 7%, compute the value of an investment
in 25 years currently being valued at $100 000.
b) With a forecasted annual retirement income shortage of $50,000 (in first year
dollars) and an expected average annual investment return of 7%, compute
the lump sum needed at the beginning of retirement. (Assume inflation at
4% and he expects to live another 30 years after his retirement).
c) If the future lump sum value needed at an individual’s retirement of 65
years old is $500,000, compute the annual end-of-year savings that must be
set aside if the individual is 48 years old now. Assume a 7% investment
return and 4% inflation rate.
====================================================================
COR167 STUDY UNIT 2
SU2-4
ANSWERS TO REVIEW QUESTIONS
Question 1
Objective of Cash Management Plan
The main objective of a Cash Management Plan is to manage an effective Cash Flow
in order to create a cash reserve or residual funds resulting from the surplus (Net
Inflow) of the cash flow.
Question 2
The following considerations emphasise the importance of building a cash reserve:
Appropriate cash reserve must be at least of 6 months of living expenses.
This amount will at least buffer the cash flow of the family in times of
emergencies or financial hardship resulting from unemployment or
prolonged hospitalisation of breadwinner.
Sufficient cash reserves to cover unexpected expenses, emergencies or good
investment opportunities, e.g. for job layoff, IPOs.
Cash reserve must not be held in cash but in liquid assets, i.e. held in
investments that are easily converted into cash with little risk of capital loss
or minimal loss in value. These liquid assets will include bank deposits, e.g.
current accounts that pay interest, savings and Fixed Deposits and money
market funds in the United States.
Question 3
a) Two methods of assessing a person’s retirement needs:
Replacement ratio Method – Based on the assumption that the standard of living
experienced during the years prior to retirement will be the determining factor for
the standard of living during retirement. In general, a 70-90% replacement ratio of
a client’s after tax final salary is used in the retirement planning process.
The Expense method – Focuses on projected expenses during retirement. A longer
term projection and harder to forecast accurately. It considers income and expenses
in retirement and tries to determine savings to meet retirement goals.
b) Describe the circumstance under which each of the method would be
appropriate.
The replacement ratio method – More accurate for clients who are younger and still
have some time away from retirement. Pre-retirement income not needed for
retirement estimation because of change in spending patterns.
Expense method – Suitable for people who are near retirement or at pre-retirement
age. They are able to predict with greater accuracy their expenses needed in their
retirement.
COR167 STUDY UNIT 2
SU2-5
Question 4
Concept of the reverse mortgage is where the property is mortgaged to financial
institution in exchange for the right to receive some cash every month until the owner
passes away. This arrangement enables the owner of the property to access cash that would
otherwise be accessible if the property was sold. The scheme ensures that the policy’s basic
living costs are met. It also could provide for occasional lump sum withdrawals to pay for
medical or travel expenses.
Question 5
a) Assuming an investment return of 7%, compute the value of an investment
in 25 years currently being valued at $100 000. $542,743.26
b) With a forecasted annual retirement income shortage of $50,000 (in first year
dollars) and an expected average annual investment return of 7%, compute
the lump sum needed at the beginning of retirement. (Assume inflation at
4% and he expects to live another 30 years after his retirement). $1,009,422.73
c) If the future lump sum value needed at an individual’s retirement of 65
years old is $500,000, compute the annual end-of-year savings that must be
set aside if the individual is 48 years now. Assume a 7% investment return
and 4% inflation rate. $22,976.26
COR167
Managing Your Personal Finances
STUDY UNIT 3
Wealth Guarding and Wealth Giving:
Insurance, Estate and
Tax Planning
COR167 STUDY UNIT 3
SU3-1
STUDY UNIT 3
Wealth Guarding and Wealth Giving:Insurance, Estate
and Tax Planning
CHAPTERS 7-8 & 12 Patrick Chan, Managing Your Personal Finances, McGraw-Hill,
2010
LEARNING OUTCOMES
This study unit aims to give students an understanding of wealth guarding and
wealth giving through insurance, estate and tax planning.
At the end of this study topic, students will be able to:
1) List the features of the main classes of life insurance products as applied in
wealth guarding.
2) List the features of the traditional life insurance products such as whole life,
term, and endowment insurance.
3) Explain variations to basic policies such as living assurance, modified
anticipated endowment, juvenile policies, and joint life policies.
4) Outline life insurance products such as single premium unit-linked whole
life policies and regular premium unit-linked whole life policies.
5) Outline health insurance such as dread disease cover, hospitalisation benefit,
hospital and surgical benefit, CPF’s Medisave and MediShield and
catastrophic medical insurance.
6) Outline property insurance such as household insurance.
7) Explain estate planning and its main purposes.
8) Summarise estate planning process and duties of financial planners in estate
planning.
9) List the types of trusts and the reasons for creating trusts.
10) List the types of wills and the benefits of having wills.
11) Summarise the fundamentals of personal income taxation based on
Singapore Income Tax Act and issues relating to financial planning.
12) Compare Tax Savings with Personal Tax reliefs and special schemes such as
Supplementary Retirement Scheme (SRS) and CPF Topping-up.
COR167 STUDY UNIT 3
SU3-2
OVERVIEW
This unit focuses on the two certainties in life: Death and Tax. Death is a taboo
subject that is seldom discussed openly. Although the sting of death can be
financially fatal, many people avoid planning for their death when they are alive.
Managing a dead person’s financial affairs can be both messy and massive. Poor
estate planning can be disruptive and can completely derail an individual’s lifetime
of hard work of wealth creation and accumulation.
Likewise, tax is also not an issue that can be talked about casually.
Mismanagement of one’s tax affairs can be costly, as the dividing line between what
is legal (tax avoidance) and criminal (tax evasion) is thin.
This Study Unit will put a finishing touch to the painting of a composite picture of
an effective personal financial plan of wealth generating, guarding and growing by
preserving the fruits of the hard labour of the Wealth Generator either for one’s
enjoyment in the later stage of life or as a legacy for loved ones.
We will consider how Insurance can provide an additional financial shield,
protecting both the Wealth Generator (the person creating the wealth) and the
Wealth Generated (assets or the wealth generated and growing) against destruction
from various perils or financial hardship resulting from life uncertainties such as
premature death, disability or diseases encountered along the financial journey of
wealth creation.
Students will also learn how insurance works as the ideal financial shield for
protection against life uncertainties and destruction from various perils or financial
hardship resulting from premature death or illness encountered along an
individual’s financial journey.
In a nutshell, insurance provides a tough shield against human or natural
catastrophes that will disrupt the smooth working of all the other financial plans.
Insurance, Estate and Tax Planning
(Access video via iStudyGuide)
====================================================================
COR167 STUDY UNIT 3
SU3-3
REVIEW QUESTIONS
Attempt Questions 1-5.
Question 1
(a) Briefly describe the uses of term insurance.
(b) Briefly describe the following Term Life Insurance:
i. Term Life with a decreasing sum assured
ii. Term Life with an increasing sum assured
Question 2
Briefly describe the features of the following:
(a) Joint Life policies
(b) Modified Anticipated Endowment
(c) Limited-payment Whole Life Insurance
(d) Single premium Whole Life Insurance
(e) Non-participating Whole Life Insurance
Question 3
Identify the 6 different types of income that are chargeable to tax and briefly
describe each type of income.
Question 4
Briefly explain the four general guidelines which determine whether an expense is
deductible for income tax purposes.
Question 5
List any two tax avoidance strategies that are commonly used by the following:
a) an individual
b) an incorporated business
Question 6
Briefly explain what will happen to an individual’s estate upon death.
====================================================================
COR167 STUDY UNIT 3
SU3-4
ANSWERS TO REVIEW QUESTIONS
Question 1
(a) The purpose of Term life insurance is to offer a basic level of protection
against the risk of death during a specified period of time.
(b) (i) Term Life with a decreasing sum assured/increasing sum assured.
The sum assured is decreasing constantly at a pre-determined
amount or rate, or adjusted downward depending on the level of
risk attached
The following products are the uses of term life insurance policies
with a decreasing sum assured:
Mortgage Redemption Insurance to provide protection against a
mortgage loan
Protection of Juvenile policy in the form of a premium waiver
rider rider
Protection of Family Income plan
(b) (ii) Sum assured starts at one amount and increases, unless the policyowner
requests otherwise, by some specified amount or percentage
at a stated interval over the period of insurance
It is valuable when the insured wants to adjust the sum assured with
the ratios of inflation.
Question 2
(a) Written on more than one life. It is usually purchased by husband and wife
or by business partner where the joint policy-owners have financial interest
on each other’s life, although it is rare that business partners would use such
policies.
Death benefit is payable upon the death of the first life or second life
insured. The maturity benefit is payable if all those lives being insured
survive to the end of the policy period
(b) It provides partial benefit payments at a regular interval, e.g., every 3 years
as long as the insured is alive during the policy period.
A distinguishing feature of this type of policy is that the death benefit is not
reduced by the amount of the partial benefits that the insurer has paid until
the death of the life insured. Therefore, if the life insured dies within the
COR167 STUDY UNIT 3
SU3-5
term of the policy, the full sum assured will be payable, irrespective of any
sums that have been paid to the insured.
These policies are useful when parents plan ahead to budget for their
children’s educational expenses at a regular interval and the final amount
for university education.
(c) Premiums are payable for a limited period (1, 5, 10, 15, 20, 25, or 30 annual
premiums, or up to age 60, 65, or 70) as stipulated in the policy or until the
insured’s death, whichever comes first. Since this type of policy is meant for
a shorter period for premium payments, it generally holds that each
premium for this type of insurance is greater than the premium for an
Ordinary Life insurance. The cash value of this type of policy builds up at a
fast rate as compared to the growth of cash value in the Ordinary Whole
Life policy.
(d) Only one premium payment for lifetime death protection. The insurer
receives a large sum at the beginning of the policy period and will have a
long period for investment. The sum assured of the policy also tends to be
substantially larger.
One disadvantage of this policy is that the effective amount of insurance
coverage can be substantially less than the face amount of the policy
especially when the insured dies during the early policy period.
(e) This policy does not share in the surplus of the insurance company. The
premium is the lowest for a given sum assured as compared to other Whole
Life policies
Question 3
6 different types of income that are chargeable to tax and briefly describe each type
of income.
Gains or profits from a trade, business, profession or vocation (for whatever
period of time such activities have been carried on or exercised)
Gains or profits from any employment
Dividends, interest or discounts
Any pension, charge or annuity
Rents, royalties, premiums and any other profits arising from property
Any gains or profits of an income nature not falling within any of the above
items
COR167 STUDY UNIT 3
SU3-6
Question 4
Four general guidelines which determine whether an expense is deductible for
income tax purposes.
It is a revenue expense not a capital expense
It is wholly and exclusively incurred in the production of income
It is not disallowed under Section 15 of the ITA
It is not subject to restrictions under Section 14 of the ITA
Question 5
Two tax avoidance strategies:
a) CPF contributions, Separate assessments of income, timing of receipts for
individuals
b) Nature of income (loan vs equities), Deferral of receipts, pushing for ‘capital
gains’ status for an incorporated business
Question 6
The following techniques are useful in minimising estate duty:
distribution of property before death, ideally gifts should fall outside the five
year period before death
setting up trusts
family companies – where the companies hold the assets in tax havens overseas
P(5.u)
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occupational therapy
Please write two body paragraphs without introduction or abstract on occupational therapy Imagine you work on an inpatient orthopedic unit and have 2 patients with total hip replacements, both are 55yo males who are married with no children. One is Cantonese, another is Caucasian.
•How might these cultural difference effect how you communicate with them?
•How could you make sure you are prepared to enter this situation?
•Have you ever had to deal with this before?
Use Android and touch interaction to build a system that supports interactive 2D transformations on graphical objects. You will also build on your experience with Model-View-Controller, and will implement a more complex Controller that can deal with selection handles as well as objects.
Part 1: Non-interactive transformations
Build a simple app in Android that programmatically creates three triangles and displays them on the screen. The triangles store values for translation, scaling, and rotation – for part 1, these are set programmatically, not interactively. Each triangle is displayed at the correct location, size, and rotation given its transformation values.
Interface requirements:
• A custom drawing panel that fills the main part of the screen (no scrolling required); this is where the triangles appear
• Three teal triangles are displayed at the correct translation, scaling, and rotation for their assigned values • The triangles can have any (triangular) shape, but must appear entirely on the screen Interaction requirements:
• When the user touches on one of the triangles, it changes colour to pink, and its transformation values are displayed at the top left of the canvas, as shown in the figures below.
• When the user clicks on the background, the selection is cleared and the triangle returns to its original colour.
Software requirements:
• Implement the system using Model-View-Controller, with correct separation between these components (however, it is fine for Triangle objects to have a draw() method that is called from the view)
• Create separate classes for the Model, the View, the
Controller, and the InteractionModel
• Implement publish-subscribe communication to notify Views of changes to the Model and iModel
• Implement your controller as a state machine
• The triangles are created in the constructor of the TriangleModel class; a triangle’s transformation values are also set here
• You should create classes MainActivity,
TriangleModel, Triangle, TriangleView, TriangleViewController, InteractionModel, and interface TriangleModelListener
• Triangles should have the following methods to set the transformations:
o setTranslate(float tX, float tY) o setScale(float sX, float sY) o setAngle(float radians)
• Triangles should be created and stored using coordinates that centre the object at the origin (i.e., at coordinate 0,0)
• The centre of a triangle can be considered the centre of the triangle’s bounding box
• Triangles should also store display coordinates that are adjusted based on the transformations
• When calculating display coordinates, apply the rotation transformation first, then scaling, then translation.
• The system should work correctly on an emulated Pixel 2 device, at Android API level 27
How to draw a triangle in Android:
• There is no Canvas.drawTriangle() method in Android, so you will need to create a Path object
• Create a new Path in each Triangle, and whenever you need to draw the triangle, recreate the path using the triangle’s display coordinates. Start by calling the path’s rewind() command to reset the path, then moveTo() the first display coordinate, and then lineTo() the remaining coordinates of the triangle.
Resources for part 1:
• Tutorial for custom Views in Android: https://developer.android.com/training/custom-views/index.html
• Equations for the three transformations are shown in the course slides (note that rotation is in radians, not degrees)
• API for Android Path class: https://developer.android.com/reference/android/graphics/Path.html
Part 2: Selection handles and interactive transformation
In the second part, will extend your system from part 1 to allow interactive control over translation, scaling, and rotation. When a triangle is selected, it now shows two handles: one at the top left of the triangle for scaling, and one at the bottom-right to allow rotation.
Additional interface requirements:
• Touching a triangle now additionally shows the bounding box of the triangle, and the two handles Additional interaction requirements:
• Dragging inside the triangle changes the translation values for that triangle
• Dragging the scaling handle scales the triangle appropriately for the amount of dragging in the X and Y dimensions
• Dragging the rotation handle rotates the triangle to the relative angle of the touch point to the centre of the triangle (i.e., such that dragging the handle in a circle around the triangle will result in one full rotation of the object). Note that the bounding box rotates along with the triangle.
o The distance from the touch point to the centre point is not used
• The display of transform values in the upper left of the canvas dynamically changes as the selected triangle is manipulated.
Top triangle selected and dragged (cursor shows touch location) Yellow handle dragged to scale triangle Green handle dragged to rotate (touch point need not stay on the handle)
Additional software requirements:
• As in part 1, triangles should store “true coordinates” that are centred around the origin, and then calculate “display coordinates” based on the transforms
• You will also need to store true coordinates and display coordinates for the bounding box
• Your controller will now need to check whether the user has touched on a handle, and will need to manage the new states of translating, scaling, and rotating.
• As in part 1, it is fine to incorporate some display elements in the model (in particular, the Triangle class) including the display coordinates and methods to display the triangle, bounding box, and handles.
Hit detection on triangles:
• There are several ways to determine whether a point is inside a triangle, and you can use any method.
• A simple approach is to compare the area of the original triangle with the sum of the areas of the three triangles that exist between the touch point and each pair of the original triangle’s points:
o Given point p and triangle with points a1, a2, a3:
o A = area of triangle a1, a2, a3 o B = area of triangle p, a2, a3 o C = area of triangle a1, p, a3 o D = area of triangle a1, a2, p
o If A is equal to (B+C+D) then p is inside triangle a1,a2,a3 o (in practice, we use: if A – (B+C+D) < 1 to avoid precision errors)
Answer three of the following questions. What are some potential problems with the top-down and
bottom-up budgeting processes? What are some ways of dealing with these potential problems? What
are some benefits of the network approach to project planning? What are some drawbacks? When
might a company choose to crash a project? What factors must be considered in making this decision?
Why is the impact of scheduling and resource allocation more significant in multiproject
organizations? No format required.
Assignment 2 Task 1
Instructions
Individually prepare and deliver a presentation discussing the strategic plans of an organisation of your choice, and proposing strategic options. Your presentation is to be made to the board of directors and you should:
of existing plans
Submission
Assessment Criteria
1 Critically review organizational strategic plans
1.1 Critically analyse the position of an organisation in its current market
1.2 Critically analyse the effects of existing plans on organisation
2 Propose strategic options for an organisation
2.1 Critically discuss the relationship between, corporate, business and operational strategies
2.2 Apply strategic models and tools to develop strategic options for an organisation
2.3 Evaluate strategic options for an organization
Assignment 2 Task 2
Instructions:
Following your presentation in Assignment 2 Task 1 above, you should now prepare a new strategic plan:
objectives
implementation
Submission:
and potential risks (circa 2500 words) minimum 6 sources
Assessment Criteria
3 Create a strategy implementation plan for an organisation
3.1 Create appropriate vision, mission and strategic goals for an organisation
3.2 Propose a suitable structure for an organisation that fits a Strategic plan
3.3 Create a resourced strategy implementation plan
4 Critically analyse the principal processes of organizational change
4.1 Apply force field analysis to analyse and identify forces of change
4.2 Critically evaluate various change management models
4.3 Apply leadership and change agent skills to implement a strategic change in an organisation
5 Evaluate the implementation of strategic plans
5.1 Analyse the time schedule for the implementation of strategic plans
5.2 Design key success indicators in order to monitor the implementation of the strategic plan
5.3 To analyse potential risks during implementation
Assignment 2 Task 3
Instructions:
Reflect on the usefulness of change models such as Lewin, McKinsey 7s and Kotter for organisation.
You should also explain how you could be a change agent and the leadership skills you would need
to display in order to make changes successful.
Submission:
Assessment Criteria
3 Create a strategy implementation plan for an organisation
3.1 Create appropriate vision, mission and strategic goals for an organisation
3.2 Propose a suitable structure for an organisation that fits a Strategic plan
3.3 Create a resourced strategy implementation plan
4 Critically analyse the principal processes of organizational change
4.1 Apply force field analysis to analyse and identify forces of change
4.2 Critically evaluate various change management models
4.3 Apply leadership and change agent skills to implement a strategic change in an organisation
5 Evaluate the implementation of strategic plans
5.1 Analyse the time schedule for the implementation of strategic plans
5.2 Design key success indicators in order to monitor the implementation of the strategic plan
5.3 To analyse potential risks during implementation.
P(13)
the writer must have this book: Making America, Volume 1 To 1877: A History of the United States, 7th Edition. Instructions:In 250-300 words description of the Gilded Age based on your reading
P(5.u)
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MODULE 2 NOTES:
Strategies for Change – The Testimony
In this module we will learn about another advocacy strategy that is often used – the legislative testimony. Testimony can be delivered by any one on any topic at a public hearing. Hearings can be as formal as a congressional hearing in Washington, DC, or more informal such as a local town or school board hearing. But no matter what the venue, the recommendations for writing and presenting the hearing are the same, and both can have the same impact – to implement change.
Whether you are testifying before Congress, a state legislature, a federal or state regulatory agency, or your local school or zoning board, providing legislative testimony can be one of the most effective ways to educate legislators and policymakers about the impact, either positive or negative, that proposed legislation or legislative change might have. The implications of such legislation or change and the impact on constituents are not always known to legislators. Providing testimony is another important component to an advocacy plan that can significantly help you or your organization obtain support for your position on an issue.
Public hearings, where testimony is presented, are called by legislative bodies for a variety of reasons. Often times they are held to inform the public about issues or for a legislative body to collect information about a proposed law or to find out whether legislation is needed. Not every proposed bill, however, needs a public hearing to move through the committee process and become a law. If there is a particular bill that you are tracking that does not have a hearing scheduled you may have an opportunity to influence the decision. Once a bill moves into the appropriate committee for further discussion and review, this is when you would have an opportunity to contact the committee chair, raise your concerns, and request that a public hearing be scheduled.
Once the hearing is scheduled and you decide to testify, the process then begins to develop your testimony. There are two components to any testimony – the written testimony and the oral testimony. You do not always need to present oral testimony but if you do present oral testimony, you should almost always have a written testimony to accompany it.
The written testimony allows you to develop a comprehensive statement of your position. This would include any background information about the issue, references to any statistical reports or publications, facts and figures, and your key messages on the issue. The oral testimony is an abbreviated version of your written testimony and generally needs to be presented in 3-5 minutes. In your oral testimony you would include the highlights of what the issue is, what is your position, and why. This is similar to what some call an “elevator speech” – if you only had the time it takes to ride an elevator with someone what would you say to get your point across.
When preparing a written testimony, the following describes some key components that should be included.
1.Title page that lists the name of the committee, your name, group you represent, date of the hearing, and any specific bill numbers.
2.An introduction where you should identify yourself and the organization you represent or if you are a member of a local community, or registered voter.
3.Your position in support or opposition of the proposed bill and identify the bill by name and number if there is one. If there is not a specific bill, then reference the issue you are testifying on.
4.A summary of your recommendations, beginning with the most important and compelling reasons first and then add explanation that may include background, facts, figures, and experiences to support your recommendation.
5.Conclusion that restates your position and thanks the committee for the opportunity to speak.
The written testimony can be as long or short as you believe is needed but keep in mind that most legislators will not read the entire testimony. And, depending on the length, the staff members of the legislator may not read it in its entirety either. So, while the testimony needs to be significant enough to highlight your positions and present the supporting fact, it does need to be done in a succinct way.
Once your written testimony is complete you would use this to develop your oral testimony. Again, this would be a short 3-5 minute synopsis of your written testimony. We will be completing the oral testimony in the next module.
When presenting your oral testimony it is best not to read your statement. In this short amount of time you want to be passionate about your topic, make your key points, but also maintain eye contact with the legislators to engage them on your issues. Remember, the point of this is to get them to support your position and be willing to work with you on it.
In this module you will be taking your previously identified health care topic and developing written testimony on your position. Before we begin that activity, first you should review the examples of written testimony and the video clips provided on testimony given. Then, identify your own short video clip of testimony for this week’s discussion forum.
For this assignment you will be developing your own written testimony based on your health care issue you identified in Module 2. You will create a formal written testimony that includes the key components addressed in this week’s module notes that could be submitted at a hearing.
Using your previously identified health care issue, and the key components of testimony you learned in this module, you are to develop a formal written testimony that would be submitted at a public hearing. The testimony should identify your position, review your recommendations, and provide any relevant facts, figures, or personal stories to support your position. The testimony should be compelling but need not be long (3-4 pages).
Microsoft makes money by designing, writing, and selling software. But there are people who do this for free. In fact there is a whole movement devoted to it. It’s called the “open source” software movement. In fact, if you use the Firefox browser or Wikipedia you are using software that was designed and programmed by many people all over the planet, all for free. Your assignment is to research and write about this movement.
Start by reading about Richard Stallman:
http://en.wikipedia.org/wiki/Richard_stallman
Read about the Open Source Movement:
http://en.wikipedia.org/wiki/Open_source
http://en.wikipedia.org/wiki/Open_source_movement
Watch:
See here for a discussion about how two kids wrote the Firefox browser in their spare time: http://www.wired.com/wired/archive/13.02/firefox.html
Watch a video about the ideas and technology behind Wikipedia: http://www.ted.com/index.php/talks/view/id/37
Can anyone make money with open source software? http://www.youtube.com/watch?v=vthdc42WaAE&feature=related
Question: From the above sources (and whatever else you might have found) discuss the history, impact, and likely future of the “open source” software movement by answering the following 5 questions.
You’ll type your answers into a Word document (DOC or DOCX), plain text (TXT), or rich text format (RTF) file. A minimum of 2 paragraphs for the answer to each question: double spaced, font size: 12 point.
Copy the questions from here.
1. What were the contributions of the two different groups established in the 1970s to the Open Source Software Movement?
a. The GNU project and the Free Software Foundation from the U.S. east coast.
Replace this sentence with your answer to Question 1a here.
b. The Computer Science Research Group from the U.S. west coast.
Replace this sentence with your answer to Question 1b here.
2. What is the history of the “open source” software movement in the 1980s, 1990s, and 2000s.
Replace this sentence with your answer to Question 2 here.
3. How has the “open source” software movement made an impact on society as a whole?
Replace this sentence with your answer to Question 3 here.
4. How has the “open source” software movement made an impact, personally, on you and your life?
Replace this sentence with your answer to Question 4 here.
5. What is the likely future of the “open source” software movement?
Replace this sentence with your answer to Question 5 here.
Industrialization After the Civil War Final Paper
Due Week 5 and worth 120 points
After the Civil War, the United States became a much more industrialized society. Between 1865 and 1920, industrialization improved American life in many ways. However, industrialization also created problems for American society. Consider events that took place after the Civil War and discuss ways that industrialization affected the U.S. between 1865 and 1920.
You have already developed a thesis statement and developed an outline in which you identify three main points relevant to your topic. Now you will develop the final paper in which you explore your main points in detail.
Prompt: Discuss three (3) major aspects of industrialization between 1865 and 1920. Identify three (3) specific groups that were affected by industrialization and provide two examples for each group describing how the group was affected.
Key Themes:
Write a three to five (3-5) page paper in which you:
Your assignment must follow these formatting requirements:
The specific course learning outcomes associated with this assignment are:
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