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Questions and Answers of Personal Finance

In general how have interest rates changed since the late 1980s according to Figure 11.1? FIGURE 11.1 Interest and Inflation Rates, 1988-2010 10p Rate (%) 8 6 10-Year Treasury Bonds 4 2 AAA Corporate
With the availability of free credit reports, consumers are encouraged to check their report every 4 months-one report from each of the three major bureaus. In the past, consumers also were
A leading financial publication reported that the average baby boomer credit user will pay approximately $1,200 in interest annually. If, instead of paying interest, this amount was saved every year,
Working in a small group, collect credit card marketing information or the summary of account information sent to cardholders for three to five different cards. Be sure to protect the identity of the
Some credit card issuers are beginning to assess fees and other charges on convenience users. Ask your friends and peers if they think a convenience credit card user should be charged for the
Interview individuals who represent the three stages of the financial life cycle about their credit card usage. How many cards do they have? What kind or class of cards (rebate, premium, affinity,
Break into two or three groups to research the use of affinity cards. First, develop a list of affinity cards and their sponsors. Does your university sponsor a card? Next, each group should choose a
Review the factors, and their weightings, used by Fair Isaac to calculate a credit score. Ask 10 to 20 people what factors they think should be considered in the score calculation. Be prepared to
Visit the FACT Act-supported Web site at www.annualcreditreport.com to determine how to check your credit report and the information needed. For fun, see if you can locate some of the imposter Web
Some students are strongly opposed to having a credit card. Sometimes this opposition is based on family values and sometimes on fear. Other students argue that in today's world it is almost
This chapter reports findings from a recent study by Nellie Mae. To learn more about Nellie Mae and other research findings, visit www.nelliemae.com.
Research the background and passage of one of the consumer credit laws discussed in the chapter. Explain why this protection was needed, and describe what practices prompted the passage of this
Credit card fraud is considered almost incidental to the potentially more damaging and costly problem of identity theft. Check the Internet for recent statistics on the number of consumers affected,
Visit the Consumer Financial Protection Bureau Web site (www.consumerfinance.gov). Based on the public information available, describe what role the bureau plays in providing consumer education,
Are the initial rates lower on a fixed-rate loan or a variable-rate loan? Why?
Why are mortgage payments not included in the debt limit ratio?
According to the debt resolution rule, what is the time frame for repayment of short-term debt? What types of borrowing are not considered in the debt resolution rule?
Visit a bank, a credit union, and a retail outlet that offer credit. Ask for a copy of the contract for a consumer installment loan or purchase. Compare the contracts for an explanation of the credit
Visit the FAFSA Web site (www.fafsa.ed.gov) to learn about the different student loans available through the government. How do you qualify for federal loans? Using FAFSA's online calculator,
Visit several payday lenders to learn about their lending process, limits, and fees. Do the lenders compete on cost or convenience? Do they serve college students with little or no income? Prepare a
Interview the financial manager at an auto dealership to learn about the available financing options. Since the auto purchased will serve as collateral, and the vehicle trade-in value can be the
Using your anticipated entry-level take-home pay, calculate the maximum nonmortgage debt payment that you cansafely handle. What are the implications given your actual or anticipated debt for
Schedule an interview with a representative of the local branch of the National Foundation for Consumer Credit debt counseling service or use their Web site (www.nfcc.org). Identify the services
To learn more about personal bankruptcy, interview an attorney (or other knowledgeable bankruptcy professional) who often handles bankruptcy proceedings. Ask about spending trends and household
Ask your parents or other family members to describe their feelings about, and their use of credit. Use Checklist 7.1 as a framework to guide your discussion by having your family members honestly
Talk with a loan officer at a local bank or credit union. Discuss the approval qualifications for unsecured, secured, and home equity loans and the range of interest rates available with each. Also,
Go to www.paydayloaninfo.org to see how payday loans are regulated in your state. Write a brief report detailing the maximum loan amount and annual percentage rate allowed in your state. Explain the
What is a Planned Unit Development? How does it differ from a condominium?
What are the initial, or one-time, costs associated with financing a home?
What four separate expenses make up the mortgage payment? What acronym is used to describe a mortgage payment?
What are some of the advantages and disadvantages of "option" ARM mortgages? How have these loans been abused recently?
What two factors determine the interest rate for an ARM? How might this differ from the initial rate? Why are the factors of rate caps and adjustment intervals important?
The interest rate index is an important consideration when shopping for an ARM. What factor(s) should you always consider when comparing indexes?
List the advantages of a fixed-rate mortgage. In contrast, what are the advantages of an adjustable-rate mortgage, or ARM?
Define what is meant by the term "short sale." Provide an example of when this type of sale is typically used.
List and describe six keys to successful debtmanagement. How do you differentiate good and bad debt?
What are at least three early warning signs to watch for when working with a lender?
Your friend recently completed a home addition that included a new laundry room and larger master bath. There appears to be a problem with the plumbing drain. If the master bath commode is flushed
Research several automotive Web sites (e.g., manufacturers, dealers, Edmunds.com, autotrader.com, etc.) and write a one-page report on your findings.
List your needs (including budget) and your wants for a new automobile. Consult sources such as Web sites, magazines, and dealership literature, and make a financially and personally wise decision
List the pros and cons, from both a financial and personal perspective, of leasing and financing a vehicle. Now visit an auto dealership and ask for a copy of their purchase and lease agreements.
Write a one- or two-page summary of the possible advantages and disadvantages, both financial and personal, of renting and owning a home.
Talk with your parents, another homeowner, or consult your own records to determine the amount of money that was paid in up-front closing costs for a recent closing on a home. Write a report
Consult the real estate section in your local paper, a real estate listings booklet, or real estate listings on the Web. Choose two homes that you might actually consider within the next 5 to 10
As a group project, visit a local bank, mortgage company, and a credit union. Speak with a representative about the different mortgages available through each institution. Collect the information and
Assume you are buying a new $175,000 home in your area. Find the mortgage rate information in the newspaper or on the Internet and compare several loans make sure that you consider one
Talk with a realtor or mortgage lender about either FHA or VA mortgages. Ask them to describe their likes, dislikes, and experiences with the programs, as well as the advantages and disadvantages for
Talk with your parents or other close family relative(s) to determine if they have ever encountered an unethical lender. Use Checklist 8.8 as a guide when asking your family questions. If someone has
How does the Affordable Care Act address the issue of individuals with no health insurance? What percentage of Americans are expected to have health insurance by the time the act is fully implemented?
What is a policy rider? Describe five commonly available life insurance policy riders.
When a beneficiary chooses income for life, what monthly income options are available?
The Affordable Care Act has four major provisions. List these and explain at least two changes that are associated with the provision.
When shopping for an individual health insurance policy, what factors should you compare?
What health care protection does the COBRA law provide?
Define the following health care policy terms: guaranteed renewable and exclusions. How has the Affordable Care Act changed the coverage for preexisting conditions and mental disorders?
Interview at least three people from different stages of the life cycle to determine if they own one or more of the following: life insurance, health insurance, dental or eye care insurance, dread
Use an Internet quote service and obtain life insurance premium quotes for $100,000 of term, whole life, and universal life insurance. Base your request on your own age, gender, and health
Interview a friend employed in your career field or interview a benefits representative from a company agency in your career field. Discuss the benefits that you might expect to receive as an
Read your parents' life insurance policy, or that of a friend or relative, cover to cover. Prepare a one-page report of key policy features including beneficiary designation, policy clauses,
Follow the systematic process of shopping for life insurance by comparing information on the company, the agent (if applicable), and the policy for at least two different term policies. Base the
Many college students lose health insurance coverage through their parents' policy on the day of graduation or a specified birthday (e.g., age 26). If you are covered through your parents' policy,
Begin or increase an activity associated with maintaining a healthy lifestyle (e.g., diet, exercise, and not smoking). Change your habit and maintain this activity for at least a month. Did the
Talk to one or more senior citizens about their experiences with Medicare and/or supplemental Medigap health insurance. How does this coverage and the processing of claims compare with the coverage
As a part of a group project, interview a representative from a nursing home, extended care facility, or other assisted living facility and discuss the costs and payment methods used. Are residents
Unless you are Dorothy in the Wizard of Oz, it may be hard to imagine how you could need homeowner's or renter's liability insurance to protect yourself from damages caused to others. Auto accidents
Prepare a detailed inventory of your personal property. Take photographs or make a videotape to provide additional evidence of property ownership. List the brand, model number, and serial number of
Interview an insurance agent about the differences in cost on a homeowner's or auto insurance policy based on changes in the amount of the deductible that is selected. Write a one-pa.ge report of
Interview at least ten people and ask the following questions:• What are your auto liability insurance limits and deductibles?• If you own your own home, do you have an all-risk or named perils
Select three vehicles of similar style, price, and age (e.g., Toyota Camry, Hyundai Sonata, and Ford Fusion) and compare the insurance premiums (by intervievving an agent, visiting a Web site, or
Compare the rates for a given amount of auto insurance (by interviewing an agent, visiting a Web site, or calling a toll-free information line) for:a. An unmarried male and an unmarried female of the
Obtain two or three quotes on the costs of renter's insurance in your area. (This can be done in about 10 minutes at www.answerfinancial.com, www.insure.com, or similar Web site.) Report on the price
Interview a property and casualty insurance agent to find out what type of homeowner's and auto insurance policies are most commonly purchased in your area and which policy features are most often
As a savvy student of personal finance, you've just learned that a company in your hometown made so much money last year that they are going to distribute a huge cash distribution this quarter. In
Calculate the nominal rate of interest for a new bond that will mature in 10 years assuming the following bond characteristics and market risks:a. Three-month T-bill rate of 4 percent b. Anticipated
Tim just retired and put his entire retirement savings of $100,000 in a typical stock on January 1, 2008, when the stock market was near its peak, and sold it on November 20, 2008, when the market
Outline the typical investment goals associated with each of the following lifecycle stages. Provide a recommended asset allocation for each stage.a. The early years b. The golden yearsc. The
Before you can develop an investment plan, you must identify your investment goals. List five short-term and five long-term investment goals for yourself. Ask your spouse or other friends or family
To learn more about making automatic investments, research the options offered by different brokerage firms or mutual fund companies. Specifically, determine the required minimum monthly contribution
Write a list of situations that you can remember as being risky and think about your reaction to each. Do you consider yourself to be a risk-taker or a risk avoider? Now take one of the online risk
It is commonly assumed that the older a person gets, the less risk tolerant he or she becomes. Why might this be a standard assumption, and do you believe this assumption? Interview several retired
Most mutual fund and brokerage house Internet sites offer free asset allocation and risk-tolerance assessment services. Visit three or four Internet sites and respond to the questions for the asset
Explain why "your asset allocation mix will have a far greater impact on your return than will the choosing of each individual stock or bond that you hold." Think again about systematic and
Finance professors often assert that the stock market is efficient. Explain market efficiency and provide an example of a contradiction to the theory. Explain why the average investor is often unable
Search the Internet for investment sites that discuss common behavioral biases and heuristics that people use when selecting what investments to buy and when to buy them. How might each of the topics
Complete an online search for articles on company earnings or on earnings forecasts for three to five companies. Determine how the announcement affected the share prices by graphing the daily or
What is a securities market? Does a market have to take the form of an actual building? Give an example to support your response.
What two documents alert and inform the public about a pending security issue? What information is contained in each?
How does the performance of DynaVox, from Figure 12.1, support the idea that "investing" in IPOs may be a form of speculation?Figure 12.1 FIGURE 12.1 Five Best and Worst IPOs of 2010 Jubilant
Describe the difference between an over-the-counter market and an organized exchange. What types of stock are generally traded over the counter?
Differentiate between the "bid price" and the "ask price."
Financial advisors recommend international investments because they help diversify one's portfolio. Name another advantage and risk associated with international investments.
What is the difference between foreign shares and American Depository Receipts (ADRs)?
Name the two securities regulation organizations. What is their primary purpose for securities market regulation?
Much has been written about "insider-trading abuses." What is meant by this term? What two pieces of legislation have been enacted to curb insider-trading abuses?
What is "churning"? Why is this of concern to individual investors? What is a discretionary account? Who can make buy and sell decisions in such an account? Why might churning be of greater concern
What is a continuous market? What is the primary reason stock prices move up and down in a continuous market? Who stabilizes the price in this type of market and how do they accomplish it?
The timing of a securities transaction is very important. Differentiate among day orders, open orders, GTC orders, and fill-or-kill orders. In addition to the timing of orders, pricing instructions
What is short selling? Should the average investor consider using short selling techniques? Why or why not?
What is the primary benefit of an asset management account?
How do the services and costs vary with the different types of full-service, discount service, deep discount, and online brokerage accounts?

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