Template:Cash Flow Management Screen Answer Key

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Question One:

David earns approximately {{{Currency}}}{{{Male Personal Income Amount}}} a year, and another {{{Currency}}}{{{Male Investment Income Amount}}} of investment income. Debbie earns {{{Currency}}}{{{Female Personal Income Amount}}}, also with {{{Currency}}}{{{Female Investment Income Amount}}} in investment income. David currently saves {{{Currency}}}{{{Male Retirement Savings Amount}}} towards his {{{Retirement Account}}}, and Debbie saves {{{Currency}}}{{{Female Retirement Savings Amount}}} towards her {{{Retirement Account}}}.

Answer:

On the Cash Flow Management screen you will add in all incomes, savings, and any tax deductions in order to deduce income taxes and living expenses.

1. Enter David’s {{{Currency}}}{{{Male Personal Income Amount}}} income in the Client’s Personal Income field.
2. Enter Debbie’s {{{Currency}}}{{{Female Personal Income Amount}}} income in the Spouse’s Personal Income field.
3. Enter David’s {{{Currency}}}{{{Male Investment Income Amount}}} investment income in the Client’s Investment Income field.
4. Enter Debbie’s {{{Currency}}}{{{Female Investment Income Amount}}} investment income in the Spouse’s Investment Income field.
5. Enter David’s {{{Currency}}}{{{Male Retirement Savings Amount}}} savings into the Client’s {{{Retirement Account}}} savings field
6. Debbie’s {{{Currency}}}{{{Female Retirement Savings Amount}}} savings into the Spouse’s {{{Retirement Account}}} Savings field
7. Click the Calculate button to save your work and calculate the current lifestyle and income taxes.