FIN2602 EXAM PACK 2023

OCT/NOV 2020 FIN2602 Personal Financial Management 70 Marks Duration 2 Hours First examiner: Nico Swart Second examiner: Me L Ngcobo This paper consists of 21 pages including one rough work sheet plus instructions for the completion of a mark reading sheet. Instructions: Use of a non-programmable pocket calculator is permissible. This examination question paper remains the property of Unisa. We remind you about your Honesty Declaration. Remember to submit your examination on myUnisa as per the circulated instructions and keep proof of submission. Remember to double-check your answers. CONFIDENTIAL This paper consists of 21 pages including one rough work sheet. Hierdie vraestel bestaan uit 21 bladsye insluitend een kladwerkblad. Each multiple choice question carries 2 marks. Both English and Afrikaans questions appear on the question paper. Elke meervoudigekeusevraag tel 2 punte. Sowel Engelse as Afrikaanse vrae verskyn op die vraestel. FIN2602 Page 2 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL Personal financial planning: 1 Which of the following statements are correct? (a) An increase in a person’s salary will have no advantage unless it is supported by financial literacy. (b) An increase in a person’s salary will improve the quality of his/her life in the medium and long term. (c) Personal financial management education increases personal wealth. (d) Financial literacy refers to personal financial literacy. (e) Financial literacy refers to savings and investments only. [1] a and b [2] a, b and c [3] a, b, c and d [4] a, c and d [5] a, c and e 1 Watter van die volgende stellings is korrek? (a) ‘n Verhoging in ‘n persoon se salaris sal geen voordeel inhou tensy dit deur finansiële geletterdheid ondersteun word nie. (b) ‘n Verhoging in ‘n persoon se salaris sal sy/haar lewenskwaliteit op die medium- en langtermyn verbeter. (c) Opvoeding in persoonlike finansiële bestuur verhoog persoonlike welvaart. (d) Finansiële geletterdheid verwys na persoonlike finansiële geletterdheid. (e) Finansiële geletterdheid verwys slegs na spare en beleggings. [1] a en b [2] a, b en c [3] a, b, c en d [4] a, c en d [5] a, c en e 2 Which of the following statements is/are correct? (a) Personal financial literacy is a prerequisite for entrepreneurship. (b) Without financial literacy the possibility of economic freedom and transformation disappears. (c) Total quality of life = quality of life at work. (d) Debt counselling cannot replace financial literacy education. (e) Debt counselling is the long-term solution to financial illiteracy. [1] a only [2] a, b and c [3] a, b and d [4] b, c and d [5] b, c and e S - The study-notes marketplace FIN2602 Page 3 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 2 Watter van die volgende stellings is korrek? (a) Persoonlike finansiële geletterdheid is ‘n voorvereiste vir entrepreneurskap. (b) Sonder finansiële geletterdheid verdwyn die moontlikheid van ekonomiese vryheid en transformasie. (c) Totale lewenskwaliteit = kwaliteit van werkslewe. (d) Skuldberading kan nie finansiële geletterdheidsopvoeding vervang nie. (e) Skuldberading is die langtermynoplossing van finansiële ongeletterdheid. [1] slegs a [2] a, b en c [3] a, b en d [4] b, c en d [5] b, c en e 3 Which one of the following statements is correct? [1] Within the same financial planning cycle, people’s priorities and preferences are exactly the same. [2] Within the same financial planning cycle, people’s priorities and preferences will not change according to their current individual circumstances. [3] Our financial priorities stay the same as we move through the personal financial planning cycle. [4] Personal financial planning has to do with what the world’s richest people have done. [5] Our financial priorities change as we move through the personal financial planning cycle. 3 Watter een van die volgende stellings is korrek? [1] Mense se prioriteite en voorkeure is presies dieselfde binne dieselfde finansiële beplanningsiklus. [2] Mense binne dieselfde finansiële beplanningsiklus se prioriteite en voorkeure sal nie verander volgens hulle huidige individuele omstandighede nie. [3] Ons finansiële prioriteite bly dieselfde soos wat ons deur die persoonlike finansiële beplanningsiklus beweeg. [4] Persoonlike finansiële beplanning het te doen met wat die wêreld se rykste mense gedoen het. [5] Ons finansiële prioriteite verander soos wat ons deur die persoonlike finansiële beplanningsiklus beweeg. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 4 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL The measurement and assessment of personal financial performance: 4 Which of the following statements is/are correct? (a) You + your own financial habits = you in 10 years (b) You + your own financial habits = you after retirement (c) Social habits are more dangerous than self-developed habits. (d) Our personal financial decisions establish and maintain our financial habits. (e) Your daily habits do not determine your financial path in life. [1] a, b and c [2] a and c [3] a, b and d [4] b, c and e [5] d only 4 Watter van die volgende stellings is korrek? (a) Jy + jou eie finansiële gewoontes = jy oor 10 jaar (b) Jy + jou eie finansiële gewoontes = jy ná aftrede (c) Sosiale gewoontes is gevaarliker as self-ontwikkelde gewoontes. (d) Ons persoonlike finansiële besluite skep en onderhou ons finansiële gewoontes. (e) Jou daaglikse gewoontes bepaal nie die pad van jou finansiële lewe nie. [1] a, b en c [2] a en c [3] a, b en d [4] b, c en e [5] slegs d 5 Which of the following is/are limitations of a personal budget? (a) You need a household record system in order to draw up your budget. (b) A budget is the solution to all financial problems. (c) The success of the budget depends on people. (d) A budget is based on forecasts. [1] a only [2] a and b [3] a, b and c [4] a, b and d [5] a, c and d 5 Watter van die volgende is beperkings van ‘n persoonlike begroting? (a) Jy benodig ‘n huishoudelike rekordstelsel ten einde jou begroting op te stel. (b) ‘n Begroting is die oplossing vir alle finansiële probleme. (c) Die sukses van die begroting hang van mense af. (d) ‘n Begroting is gebaseer op vooruitskattings. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 5 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL [1] slegs a [2] a en b [3] a, b en c [4] a, b en d [5] a, c en d Credit planning 6 Which one of the following statements is correct? (Debt counselling) [1] The Financial Services Board endorses the debt counselling process. [2] A debt counsellor must register you (the applicant) with the credit provider. [3] If you are married, only the one spouse needs to be registered. [4] Upon registration you receive immediate protection against your creditors. [5] All debt repayment has to be rearranged within 12 months. 6 Watter een van die volgende stellings is korrek? (Skuldberading) [1] Die Finansiële Diensteraad onderskryf die skuldberadingsproses. [2] ‘n Skuldberader moet jou (die applikant) by die kredietverskaffer registreer. [3] Indien jy getroud is hoef slegs die een eglid geregistreer te word. [4] Tydens registrasie ontvang jy onmiddellike beskerming teen jou skuldeisers. [5] Die terugbetaling van alle skuld moet binne 12 maande geherorganiseer word. 7 Which one of the following statements is correct? Consider the following actions instead of surrendering a policy: [1] Cede the policy to a friend. [2] Ask the insurance company to repay the invested premiums to you. [3] Cede the policy within two years prior to your liquidation, insolvency or sequestration. [4] Decrease the annual escalation rate. [5] Stop paying the premiums. 7 Watter een van die volgende stellings is korrek? Oorweeg die volgende stappe in plaas van die afkoop van ‘n polis: [1] Sedeer die polis aan ‘n vriend. [2] Versoek die versekeringsmaatskappy om die betaalde premies aan jou terug te betaal. [3] Sedeer die polis binne twee jaar vóór jou likwidasie, insolvensie of sekwestrasie. [4] Verminder die jaarlikse eskalasiekoers. [5] Staak die betaling van die premies. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 6 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL Income tax planning 8 Which of the following statements are correct? (a) Income tax and property tax are examples of indirect tax. (b) Value-added tax (VAT) is levied via registered businesses. (c) Value-added tax (VAT) is an example of direct tax. (d) Indirect tax is levied on capital goods. (e) If a person donates an amount of money or assets with a value of greater than R100 000, donation tax is payable. [1] a and b [2] b and c [3] b and e [4] c and d [5] c and e 8 Watter van die volgende stellings is korrek? (a) Inkomstebelasting en eiendomsbelasting is voorbeelde van indirekte belasting. (b) Belasting op toegevoegde waarde (BTW) word deur middel van geregistreerde besighede gehef. (c) Belasting op toegevoegde waarde (BTW) is ‘n voorbeeld van direkte belasting. (d) Indirekte belasting word op kapitaalgoedere gehef. (e) Indien ‘n persoon ‘n bedrag geld of bates ter waarde van meer as R100 000 skenk, is geskenkbelasting betaalbaar. [1] a en b [2] b en c [3] b en e [4] c en d [5] c en e 9 Which one of the following statements is correct? [1] In the case of a testamentary trust, income tax may be payable by the donor, the trust or the beneficiaries. [2] The income and assets from a vesting trust are vested in the trust. [3] The income and assets from a discretionary trust are vested in the beneficiaries. [4] The income and assets from a discretionary trust are vested in the donor. [5] SARS describes trusts in the following ways: the way in which they are formed; the rights they give beneficiaries; and their purpose. 9 Watter een van die volgende stellings is korrek? [1] In die geval van ʼn testamentêre trust, kan inkomstebelasting betaalbaar wees deur die skenker, die trust of die begunstigdes. [2] Die inkomste en bates van ‘n gevestigde-regte trust is in die trust gevestig. [3] Die inkomste en bates van ‘n diskresionêre trust is in die begunstigdes gevestig. [4] Die inkomste en bates van ‘n diskresionêre trust is in die skenker gevestig. [5] Die SAID beskryf trusts op die volgende wyses: die wyse waarop hulle gevorm is; die regte wat hulle gee aan begunstigdes; en hulle doel. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 7 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 10 Which one of the following statements is correct? [1] Provisional tax is paid six monthly. [2] Provisional tax is payable at the end of the first three months of the tax year. [3] A method of avoiding tax: invest tax free in your mortgage bond. [4] A method of avoiding tax: do not declare all your income. [5] You have to calculate your tax liability before establishing your taxable income. 10 Watter een van die volgende stellings is korrek? [1] Voorlopige belasting is ses-maandeliks betaalbaar. [2] Voorlopige belasting is betaalbaar aan die einde van die eerste drie maande van die belastingjaar. [3] ‘n Metode om belasting te vermy: belê belastingvry in jou verband. [4] ‘n Metode om belasting te vermy: moet nie al jou inkomste verklaar nie. [5] Jy moet jou belastingaanspreeklikheid bereken voordat jy jou belasbare inkomste bepaal. 11 A medical expenses tax credit … [1] includes excess medical scheme fees. [2] includes qualifying out-of-pocket medical scheme fees only. [3] includes all out-of-pocket medical expenses. [4] is applicable to taxpayers younger than 65 years only. [5] is applicable to taxpayers older than 65 years only. 11 ʼn Mediese uitgawe-krediet ... [1] sluit oorskot mediese skema voordele in. [2] sluit slegs kwalifiserende uit-die-sak mediese uitgawes in. [3] sluit alle uit-die-sak mediese uitgawes in. [4] is slegs van toepassing op belastingbetalers jonger as 65 jaar. [5] is slegs van toepassing op belastingbetalers ouer as 65 jaar. Starting a business: 12 Which of the following statements about culture and multicultural differences in an organisation are correct? (a) Culture refers to the things people believe in and the way they do them. (b) Religion helps people to deal with life and death. (c) Culture is learned. (d) Cultures have the same characteristics. (e) Designing training programmes does not require cultural knowledge. [1] a and b [2] a, b and c [3] a, b and e [4] b, c and e [5] a, b and c S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 8 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 12 Watter van die volgende stellings omtrent kultuur en multi-kulturele verskille in ‘n organisasie is korrek? (a) Kultuur verwys na die dinge waarin mense glo en die wyse waarop hulle dit doen. (b) Godsdiens help mense om met lewe en dood te deel. (c) Kultuur word aangeleer. (d) Kultuur het dieselfde eienskappe. (e) Die ontwerp van opleidingsprogramme vereis nie kennis van kultuur nie. [1] a en b [2] a, b en c [3] a, b en e [4] b, c en e [5] a, b en c 13 Which one of the following statements about traditional managers, entrepreneurs and intrapreneurs is correct? [1] Traditional managers – risk – high risk [2] Entrepreneur – principal motives – independence, creativity and making money [3] Intrapreneur – status – concerned with status symbols [4] Traditional manager – serve whom? – sponsors [5] Entrepreneur – status – concerned with status symbols 13 Watter een van die volgende stellings omtrent tradisionele bestuurders, entrepreneurs en intrapreneurs is korrek? [1] Tradisionele bestuurders – risiko – hoë risiko [2] Entrepreneur – primêre motiewe – onafhanklikheid, kreatiwiteit en die maak van geld [3] Intrapreneur – status – bekommerd oor statussimbole [4] Tradisionele bestuurders – dien wie? – borge [5] Entrepreneur – status – bekommerd oor statussimbole 14 Basic African culture broadly consists of the following: (a) The family – the extended family and the tribe provide the guidelines for accepted behaviour. (b) Trust and friendship – it precedes business deals and lead to acceptance into families. (c) Time – people are more important than time – time is flexible. [1] a only [2] a and b [3] a, b and c [4] b and c [5] c only S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 9 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 14 Die basiese Afrika kultuur bestaan breedweg uit die volgende: (a) Die gesin – die verlengde gesin en die stam verskaf riglyne vir aanvaarbare gedrag. (b) Vertroue en vriendskap – dit gaan besigheidstransaksies vooraf en lei tot aanvaarding binne families. (c) Tyd – mense is meer belangrik as tyd – tyd is buigbaar. [1] slegs a [2] a en b [3] a, b en c [4] b en c [5] slegs c Buying a business: 15 Which one of the following statements is correct? [1] Buying a business – owners are more dependent. [2] Buying a franchise – owners are more independent. [3] Buying a business – you cannot change the business model. [4] Buying a franchise – you can change the business model. [5] Buying a franchise – the creation of branding and marketing are easier. 15 Watter een van die volgende stellings is korrek? [1] Die koop van ‘n besigheid – eienaars is meer afhanklik. [2] Die koop van ‘n konsessie – eienaars is meer onafhanklik. [3] Die koop van ‘n besigheid – jy kan nie die besigheidsmodel verander nie. [4] Die koop van ‘n konsessie – jy kan die besigheidsmodel verander. [5] Die koop van ‘n konsessie – die skepping van ‘n handelsmerk en bemarking is makliker. Buying a franchise: 16 Which one of the following statements about franchising is correct? (a) There is less risk with a franchise than with the start of a new business. (b) Experience of the specific business is a prerequisite. (c) Funds are more readily available from financial institutions for an existing franchise than for a new business. [1] a only [2] a and b [3] a, b and c [4] b and c [5] c only S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 10 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 16 Watter een van die volgende stellings omtrent konsessies is korrek? (a) Daar is minder risiko met ‘n konsessie as met die begin van ‘n nuwe besigheid. (b) Ervaring van die spesifieke besigheid is ‘n voorvereiste. (c) Fondse is meer geredelik beskikbaar van finansiële instellings vir ‘n bestaande konsessie as vir ‘n nuwe besigheid. [1] slegs a [2] a en b [3] a, b en c [4] b en c [5] slegs c Estate planning: 17 Which one of the following statements is correct? [1] A trust is the only way to solve liquidity problems in an estate. [2] A legate is a testamentary bequest. [3] A donation in a person’s will is called a donation inter vivos. [4] A donation during a person’s lifetime is called a donation mortis causa. [5] In a will the right to live in a house is called a fideicommissum. 17 Watter een van die volgende stellings is korrek? [1] ‘n Trust is die enigste manier om likiditeitsprobleme in ‘n boedel op te los. [2] ‘n Legaat is ‘n testamentêre bemaking. [3] ‘n Skenking in ‘n persoon se testament word ‘n skenking inter vivos genoem. [4] ‘n Skenking gedurende ‘n persoon se leeftyd word ‘n skenking mortis causa genoem. [5] Die reg om ‘n huis te bewoon word ‘n fideicommissum in ‘n testament genoem. 18 Which one of the following statements is correct? [1] A marriage in community of property means that assets and liabilities will be divided according to your divorce settlement. [2] The matrimonial property regime you choose will determine whether you need the approval of your spouse to perform certain actions. [3] When you marry in community of property with exclusion of the accrual system, the exclusion of the accrual system should be stipulated in your antenuptial contract. [4] The inclusion of the accrual system will prevent many hidden financial problems for both parties. [5] Do not become involved in the planning of your children’s antenuptial contracts when they get married. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 11 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 18 Watter een van die volgende stellings is korrek? [1] ‘n Huwelik binne gemeenskap van goedere beteken dat bates en laste verdeel word volgens die egskeidingsooreenkoms. [2] Die huweliksgoederebedeling wat jy kies sal bepaal of jy jou gade se toestemming nodig het vir sekere aksies. [3] Die uitsluiting van die aanwasbedeling moet in jou huweliksvoorwaardekontrak aangedui word, sou jy binne gemeenskap van goedere met uitsluiting van die aanwasbedeling trou. [4] Die insluiting van die aanwasbedeling sal talle finansiële probleme vir beide partye voorkom . [5] Moet nie in die beplanning van jou kinders se huweliksvoorwaardekontrakte betrokke raak nie. 19 Some of the purposes of an antenuptial contract are … (a) to determine what the two parties possess at the time of the marriage. (b) to determine how assets will be accumulated for the rest of their married lives. (c) to help the executor with the administration of the estate of a deceased spouse. (d) to help the attorney to establish what each spouse is entitled to claim in the case of a divorce. (e) to protect the innocent spouse against the law in the case of a divorce. [1] a only [2] a and b [3] a, b, c, d and e [4] b, c and d [5] c, d and e 19 Sekere van die voordele van ‘n huweliksvoorwaardekontrak is … (a) om te bepaal wat die twee partye besit ten tye van die sluiting van die huwelik. (b) om te bepaal hoe die bates bymekaar gemaak gaan word vir die res van die bestaan van die huwelik. (c) om die eksekuteur te help met die administrasie van die boedel van ‘n afgestorwe gade. (d) om die prokureur te help om te bepaal waarop elke gade geregtig is in die geval van egskeiding. (e) om die onskuldige gade te beskerm teen die wet in die geval van ‘n egskeiding. [1] slegs a [2] a en b [3] a, b, c, d en e [4] b, c en d [5] c, d en e S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 12 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 20 Which one of the following statements is correct? [1] A will pre-supposes comprehensive estate planning. [2] The power of assumption enables you to administer your own estate. [3] Assets with no capital growth are usually placed in a trust. [4] People mainly create a company to save on transfer duty. [5] A testamentary trust enables you after your death to pay estate duty, among other things, out of the proceeds of a life insurance policy. 20 Watter een van die volgende stellings is korrek? [1] ‘n Testament dui op omvattende boedelbeplanning. [2] Die mag van assumpsie laat jou toe om self ‘n boedel te beredder. [3] Bates met geen kapitaalgroei nie word veral in ‘n trust geplaas. [4] Persone stig veral ‘n maatskappy om hereregte te bespaar. [5] ‘n Testamentêre trust laat jou toe om ná jou dood vanuit die opbrengs van ‘n lewenspolis, onder meer hereregte te betaal. 21 Which one of the following statements is an advantage of robo-advice? [1] Low-risk advice at a low cost. [2] The identification of hidden personal financial problems. [3] Assistance with complex financial planning is possible. [4] The provision of advice on a wider range of topics. [5] It provides emotional support as well. 21 Watter een van die volgende stellings is ʼn voordeel van robot-advies? [1] Lae-risiko advies teen ʼn lae koste. [2] Die identifisering van verskuilde persoonlike finansiële probleme. [3] Bystand met komplekse finansiële beplanning is moontlik. [4] Die verskaffing van advies oor ʼn wye spektrum onderwerpe. [5] Dit verskaf ook emosionele ondersteuning. 22 Which of the following statements are correct? (a) During an economic recovery you should invest in commodities. (b) During an economic upswing you should invest in government securities. (c) During an economic downswing you should invest in commodities. (d) During a recession you should invest in new businesses. (e) During a recession you should invest in shares and property. [1] a and b [2] a, c and d [3] b, c and d [4] b and d [5] a and e S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 13 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 22 Watter van die volgende stellings is korrek? (a) Gedurende ‘n ekonomiese herstel behoort jy in kommoditeite te belê. (b) Gedurende ‘n ekonomiese oplewing behoort jy in staatseffekte te belê. (c) Gedurende ‘n ekonomiese daling behoort jy in kommoditeite te belê. (d) Gedurende ‘n resessie behoort jy in nuwe besighede te belê. (e) Gedurende ‘n resessie behoort jy in aandele en eiendom te belê. [1] a en b [2] a, c en d [3] b, c en d [4] b en d [5] a en e Buying a residence: 23 Which of the following statements is/are correct? (a) A large number of life policies may increase your standard of living. (b) Take out a life policy as soon as you invest in financial assets. (c) Take out a life policy as soon as you invest in fixed assets. (d) Use a partnership to buy fixed assets with an expected high capital growth. (e) People with large estates should not bequeath their life policies to other people. [1] a only [2] a and b [3] b only [4] c and e [5] d and e 23 Watter van die volgende stellings is korrek? (a) ‘n Groot aantal lewenspolisse kan jou lewensstandaard verhoog. (b) Neem ‘n lewenspolis uit sodra jy in finansiële bates belê. (c) Neem ‘n lewenspolis uit sodra jy in vaste bates belê. (d) Gebruik ‘n vennootskap om vaste bates met ‘n hoë kapitaalgroei te koop. (e) Mense met groot boedels moet nie hul lewenspolisse aan ander mense bemaak nie. [1] slegs a [2] a en b [3] slegs b [4] c en e [5] d en e S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 14 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 24 Which of the following statements is/are correct? (a) Estate agents levy a tax, called estate duty, on the sale of immovable property. (b) Attorneys levy a tax, called occupational rent, on the sale of immovable property. (c) Conveyancing costs are levied by the transfer attorney of the property. (d) Occupational interest is payable by the buyer of the property. (e) Occupational interest is normally calculated at the current repo interest rate on the full purchase price of the property. [1] a only [2] a and b [3] c only [4] c and d [5] d and e 24 Watter van die volgende stellings is korrek? (a) Eiendomsagente hef ‘n belasting, wat boedelbelasting genoem word, op die verkoop van vaste eiendom. (b) Prokureurs hef ‘n belasting, wat okkupasiehuur genoem word, op die verkoop van vaste eiendom. (c) Oordragskoste word deur die prokureur wat die oordrag van die eiendom doen, gehef. (d) Okkupasiehuur is deur die koper van ‘n eiendom betaalbaar. (e) Okkupasiehuur word normaalweg bereken teen die huidige repokoers op die volle koopprys van die eiendom. [1] slegs a [2] a en b [3] slegs c [4] c en d [5] d en e Buying fixed property 25 Which one of the following statements is correct? (A purchase and leaseback contract) [1] A purchase and leaseback contract enables the buyer to obtain operating capital. [2] A purchase and leaseback contract enables the seller to obtain operating capital. [3] Property rights are not transferred to the buyer-investor. [4] Advantage for the seller: the rental may not be deducted for tax purposes. [5] Advantage for the buyer: the rental may be deducted for tax purposes. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 15 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 25 Watter een van die volgende stellings is korrek? (‘n Koop-en-terugverhuringsooreenkoms) [1] ‘n Koop-en-terugverhuringsooreenkoms help die koper om bedryfskapitaal te bekom. [2] ‘n Koop-en-terugverhuringsooreenkoms help die verkoper om bedryfskapitaal te bekom. [3] Eiendomsreg word nie na die koper-belegger oorgedra nie. [4] Voordeel vir die verkoper: die huur mag nie vir belastingdoeleindes afgetrek word nie. [5] Voordeel vir die koper: die huur mag vir belastingdoeleindes afgetrek word. Protection planning: 26 Which of the following statements are features of a good disability policy? (a) The policy that covers partial and total disability. (b) The policy which uses the 'your occupation definition’ for disability and not the ‘any job definition’. (c) The policy that covers disability resulting from accidents only. (d) The policy that covers disability resulting from illness only. (e) The policy that offers standard-of-living adjustments. [1] a and b [2] a, b and c [3] a, b and e [4] b, c and e [5] a, b and c 26 Watter van die volgende stellings is eienskappe van ‘n goeie ongeskiktheidspolis? (a) Die polis wat sowel gedeeltelike- as totale ongeskiktheid dek. (b) Die polis wat die ‘jou beroep definisie’ gebruik en nie die ‘enige beroep definisie’ gebruik nie. (c) Die polis wat slegs ongeskiktheid as gevolg van ongelukke dek. (d) Die polis wat slegs ongeskiktheid as gevolg van siekte dek. (e) Die polis wat lewensstandaardaanpassings bied. [1] a en b [2] a, b en c [3] a, b en e [4] b, c en e [5] a, b en c 27 Which of the following statements is/are correct? (a) Self-insurance is the solution to high short-term insurance premiums. (b) Under-insurance is risky because of the avery principle. (c) Policyholders are compensated for over-insurance. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 16 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL [1] a only [2] b only [3] c only [4] all of the above [5] none of the above 27 Watter van die volgende stellings is korrek? (a) Selfversekering is die oplossing vir hoë korttermynversekeringspremies. (b) Onderversekering is riskant vanweë die awery-beginsel. (c) Polishouers word vir oorversekering vergoed. [1] slegs a [2] slegs b [3] slegs c [4] al bogenoemde [5] nie een van bogenoemde nie 28 Which one of the following statements is correct? Identify the risk which applies to you in regard to investment planning. [1] Disease [2] Market risk [3] Income tax [4] Financial risks [5] An increase in interest rates 28 Watter een van die volgende stellings is korrek? Identifiseer die risiko wat op u van toepassing is rakende beleggingsbeplanning. [1] Siekte [2] Markrisiko [3] Inkomstebelasting [4] Finansiële risiko’s [5] ‘n Styging in rentekoerse Retirement planning: 29 Which of the following statements are considerations when choosing an annuity? (a) The level of income required to maintain your living standard. (b) Other sources of income available to the member/pensioner. (c) Vehicle expenses for children. (d) The need or desire to pass on savings to dependents. (e) The health of the pensioner. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 17 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL [1] a and b [2] a, b and c [3] a, b, d and e [4] b, c and d [5] d and e 29 Watter van die volgende stellings is oorwegings by die kies van ‘n annuïteit? (a) Die vlak van inkomste wat benodig word om jou lewenstandaard te kan handhaaf. (b) Ander bronne van inkomste wat beskikbaar is vir die lid/pensionaris. (c) Kinders se voertuiguitgawes. (d) Die behoefte of wil om spare na afhanklikes oor te dra. (e) Die lid/pensionaris se gesondheid. [1] a en b [2] a, b en c [3] a, b, d en e [4] b, c en d [5] d en e 30 Which one of the following features explains the risks associated with each type of annuity, as well as the responsibility for carrying the risks? [1] Guaranteed annuity – low risk – member/pensioner carries the risk. [2] With-profit annuity – high risk – risk is shared. [3] Living annuity – low risk – insurer carries the risk. [4] With-profit annuity – low risk – member/pensioner carries the risk. [5] Living annuity – higher risk – member/pensioner carries the risk. 30 Watter van die volgende eienskappe verduidelik die risiko wat geassosieer kan word met elke tipe annuïteit, sowel as die verantwoordelikheid om die risiko te dra? [1] Gewaarborgde annuïteit – lae risiko – lid/pensionaris dra die risiko. [2] Met-wins annuïteit – hoë risiko – risiko word gedeel. [3] Lewende annuïteit – lae risiko – versekeraar dra die risiko. [4] Met-wins annuïteit – lae risiko – lid/pensionaris dra die risiko. [5] Lewende annuïteit – hoë risiko – lid/pensionaris dra die risiko. 31 Which one of the following statements explains the characteristics of the following type of annuities? [1] Guaranteed annuity – a guaranteed level of capital. [2] With-profit annuity – the longevity risk is transferred to the insurer. [3] Living annuity – the pension cannot go to family. [4] Impaired annuity – the pensioner receives a lower pension for a shorter life span. [5] Impaired annuity – the pensioner receives a lower pension for a longer life span. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 18 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 31 Watter een van die volgende stellings verduidelik die eienskappe van die volgende tipes annuïteite? [1] Gewaarborgde annuïteit – ‘n gewaarborgde vlak van kapitaal. [2] Met-wins annuïteit – die risiko van “te lank leef” word oorgedra na die versekeraar. [3] Met-wins annuïteit – die pensioen kan nie na die familie gaan nie. [4] Ingekorte annuïteit – die pensionaris ontvang ‘n laer pensioen vir ‘n korter lewensduurte. [5] Ingekorte annuïteit – die pensionaris ontvang ‘n laer pensioen vir ‘n langer lewensduurte. 32 Retirement annuities form part of a divorce settlement where spouses are married … (a) in community of property. (b) out of community of property with inclusion of the accrual system. (c) out of community of property with exclusion of the accrual system. [1] a only [2] a and b [3] b only [4] c only [5] a, b and c 32 Uittree-annuïteite vorm deel van ‘n egskeidingsooreenkoms waar egliede/gades … getroud is. (a) binne gemeenskap van goedere (b) buite gemeenskap van goedere met insluiting van die aanwasbedeling (c) buite gemeenskap van goedere met uitsluiting van die aanwasbedeling [1] slegs a [2] a en b [3] slegs b [4] slegs c [5] a, b en c 33 Which of the following statements are correct? (a) The retirement income gap refers to unemployment after retirement. (b) Unemployed children may threaten your retirement. (c) Assessing household expenses during retirement is part of retirement planning. (d) To maintain the same standard of living as before retirement can be a retirement objective. [1] a and b [2] a and c [3] b and c [4] b, c and d [5] a, b, c, and d S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 19 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 33 Watter van die volgende stellings is korrek? (a) Die inkomstegaping ná aftrede verwys na werkloosheid ná aftrede. (b) Werklose kinders kan jou aftrede bedreig. (c) Die skatting van huishoudelike uitgawes gedurende aftrede maak deel van aftredebeplanning uit. (d) Om dieselfde lewenstandaard as vóór aftrede te handhaaf kan ‘n aftreedoelwit wees. [1] a en b [2] a en c [3] b en c [4] b, c en d [5] a, b, c en d 34 Which one of the following statements about a lump sum retirement annuity is correct? [1] The interest is tax free, while the dividends are taxable. [2] The amount may be invested for 10 years only. [3] No monthly withdrawals are possible. [4] The amount of the monthly withdrawal is divided equally between capital and dividends. [5] After five years the cash withdrawals are tax free. 34 Watter een van die volgende stellings rakende ‘n enkelbedragannuïteit is korrek? [1] Die rente is belastingvry, terwyl die dividende belasbaar is. [2] Die bedrag mag slegs vir 10 jaar belê word. [3] Geen maandelikse onttrekkings is moontlik nie. [4] Die bedrag van die maandelikse onttrekking word gelykop verdeel tussen kapitaal en dividende. [5] Na vyf jaar is die kontantonttrekkings belastingvry. Emigration planning: 35 Which one of the following statements about emigration is correct? [1] Residency refers to the passport of a person and is obtained by birth or ancestry. [2] Citizenship refers to the normal place of living of a natural person. [3] Financial emigration is “the process to conclude your financial affairs when leaving South Africa to settle in another country”. [4] Formal emigration from South Africa constitutes an agreement between you and the relevant Embassy where, for exchange control purposes, your status changes from resident to non-resident. [5] Citizenship refers to the passport of a legal person/entity and is obtained by birth or ancestry. S - The study-notes marketplace Downloaded by: tebzamabalane | Distribution of this document is illegal S - The study-notes marketplace FIN2602 Page 20 of 21 OCT/NOV 2020 [TURN OVER / BLAAI OM] CONFIDENTIAL 35 Watter een van die volgende stellings rakende emigrasie is korrek? [1] Verblyf verwys na die paspoort van ‘n persoon en word verkry deur geboorte of herkoms. [2] Burgerskap verwys na die gewone woonplek van ‘n natuurlike persoon. [3] Finansiële emigrasie is “die proses om jou finansiële sake af te sluit sodra jy Suid-Afrika verlaat om jou in ‘n ander land te vestig”. [4] Formele emigrasie vanaf Suid-Afrika behels ‘n ooreenkoms tussen jou en die relevante Ambassade waarvolgens, vir doeleindes van valuta beheer, jou status verander van inwoner na nie-inwoner. [5] Burgerskap verwys na die paspoort van ‘n regspersoon/entiteit en word verkry deur geboorte of herkoms. (35 questions x 2 marks) TOTAL = 70 MARKS