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Questions and Answers of
Personal Finance
Paul has $10,000 that he wishes to invest in bonds. He can purchase Treasury bonds with a coupon rate of 7% or municipal bonds with a coupon rate of 5.5%. Paul lives in a state with no state income
Go to the news section of www.bloomberg.com. Summarize a recent news event that could have an impact on bond prices.
Go to the finance section of Yahoo.com and click on “Markets” and then on “US Treasury Bond Rates.” How have interest rates changed over the past twelve months? Are they trending up or down?
Mia wants to invest in Treasury bonds that have a par value of $20,000 and a coupon rate of 4.5%. The bonds have a ten-year maturity and Mia requires a 3% return. How much should Mia pay for her
What are Treasury bonds? Describe their key characteristics.
Emma is considering purchasing bonds with a par value of $10,000. The bonds have an annual coupon rate of 8% and six years to maturity. The bonds are priced at $11,550. If Emma requires a 6% return,
Mark has a Treasury bond with a par value of $30,000 and a coupon rate of 6%. The bond has fifteen years to maturity. Mark needs to sell the bond and new bonds are currently carrying coupon rates of
Sandy has a choice between purchasing $5,000 in Treasury bonds paying 4% interest or purchasing $5,000 in BB-rated corporate bonds with a coupon rate of 7.2%. What is the risk premium on the BB-rated
List the information provided in corporate bond quotations.
What factors determine the value of a bond?
Discuss the potential for conflict of interest in bond rating agencies prior to 2014. How did the Securities and Exchange Commission address this issue?
What types of tax incentives are offered by federal agency bonds?
What is a GSE bond? How is interest income from a GSE bond treated for tax purposes?
What is a junk bond? Why would an investor buy a junk bond?
What benefits do bonds provide in an investment portfolio?
What is the danger of having too much exposure to bonds in your investment portfolio?
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to the mutual funds section of www.fidelity.com.a. Select one of the mutual funds offered by Fidelity in which you have an interest and summarize the description provided by Fidelity. Do you think
Investors are naturally atracted to mutual funds and hedge funds that perform well. However, they should be suspicious when a fund reports that it is continually achieving superior performance, even
Go to www.lipperleaders.com. Briefly describe the type of information that is provided.
Go to https://investor.vanguard.com. Review the website and describe the types of information provided about mutual funds.
What is an open-end mutual fund? What types of companies usually manage open-end funds? Describe how these funds work on a day-to-day basis.
What is a closed-end fund? Describe how closed-end funds function.
Hunter invested $7,000 in shares of a load mutual fund. The load of the fund is 7%. When Hunter purchased the shares, the NAV per share was $70. A year later, Hunter sold the shares at an NAV of $68
What does it mean for a closed-end fund to trade at a discount? What does it mean for a closed-end fund to trade at a premium?
In the past, some mutual funds often engaged in a practice called “after-hours trading” that allowed some of their larger shareholders to reap profits or avoid losses in a manner not available to
What is an ETF? How do ETFs differ from open-end stock funds?
List and briefly describe the different types of ETFs.
List the advantages and disadvantages of ETFs.
What are some factors to consider prior to choosing a mutual fund?
What is a fund family? What are the benefits of using a fund family?
What are socially responsible stock funds? What types of stocks would this type of fund typically avoid owning?
What is a hybrid fund? What are some of the advantages of hybrid funds?
What is a lifecycle fund? What are the advantages of this type of mutual fund?
What is a junk bond fund? What type of investor might be attracted to junk bond funds?
What are international bond funds? What specific type of risk do these funds have that domestic bond funds do not have?
What factors do you need to consider when deciding whether to add mutual fund investing to your financial plan?
What is a hedge fund? What type of individual invests in a hedge fund?
Maryanne paid $300 for a call option on 100 shares of a stock. The option gives her the right to buy the stock for $27 per share until March 1. On February 15, the stock price rises to $32 per share,
Go to https://www.bankrate.com. Under “Investing,” choose “All retirement calculators” and go to the “Asset allocation calculator.”a. This Web site helps you determine an asset allocation
Investors are generally aware that they should create an asset allocation plan and revise it as they age and their situation changes. In practice, though, many investors do not change their asset
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as http://www.youtube.com), and review some video clips about selecting asset allocation. You can use search phrases such as “tips on asset
What is asset allocation? How does asset allocation enable you to accomplish diversification?
Chris purchased a call option on 100 shares of a stock for $200. The option gives him the right to purchase the stock at $30 per share until May 1. On May 1, the price of the stock is $28 per share.
Teresa purchased a call option on 100 shares of a stock for $250. The option allows her to purchase the stock for $40 per share if she exercises the option by December 31. On December 15, the stock
What is correlation? How can you use this concept to reduce risk?
Explain how your tolerance for risk when investing may have changed by the time you retire, and why.
What is a call option? How does it work?
How is a gain or loss calculated from the trading of call options?
What is a put option? How does it work?
Why would a global recession possibly limit the potential benefits from international diversification?
Explain how mutual funds and ETFs can help you conduct affordable asset allocation.
Assume that eleven months ago you purchased stock in XYZ Company for $50 per share. The stock price is now $72 a share but you would like to wait another month before selling the stock in order to
What is a covered call strategy?
Go to https://www.ssa.gov and then go to the Benefits section and then click on Retirement Estimator to estimate your benefits at retirement. Determine your monthly Social Security benefits.
Some people find that it is much easier to save for retirement when they request that their employer automatically direct a portion of their income to their retirement account. Describe your strategy
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Discuss health care concerns in retirement.
Go to www.marketwatch.com. Scroll down the page until you come to the “Retirement” section. Summarize the information provided by this Web site that can help you with your retirement planning.
How are the retirement benefits under Social Security calculated? Describe some factors that affect the amount of your benefits.
What is a defined-benefit plan? What is vesting? What does it mean to be fully vested?
What is a defined contribution plan? Why have many employers switched to this type of plan? List some of the benefits a defined-contribution plan offers to employees.
Lisa and Mark married at age 22. Each year until their 30th birthdays, they put $4,000 into their traditional IRAs. By age 30, they had bought a home and started a family. Although they continued to
How does a Roth 401(k) differ from a traditional 401(k)?
What is an employer match? Why is it important to take advantage of an employer match?
What factors should you consider when deciding how to invest in your defined-contribution retirement fund?
Compare and contrast a Simplified Employee Pension (SEP) plan and a Savings Incentive Match Plan for Employees (SIMPLE).
Cedrick works for an employer that has a profit sharing retirement system. Assuming Cedrick made $133,000 in 2018, what is the maximum amount his employer can contribute to his retirement account?
Discuss employee stock ownership plans (ESOPs).
What is a profit sharing plan? What are the contribution limits for profit sharing plans?
Discuss the choices offered to an employee to manage a retirement account on leaving an employer.
Briefly describe two popular retirement plans for self employed individuals.
What is a surrender charge? How much are common annuity commissions or insurance fees?
What is the main advantage of retirement planning?
Why is it important to begin retirement planning while you are young?
How does your retirement age impact the amount of Social Security benefits you will receive?
You just borrowed $5,500 and are charged a simple interest rate of 9%. How much interest do you pay each year?
Susan recently quit working for a local firm and has yet to find a new job. She knows she can maintain her health insurance from her old employer due to COBRA. How much will it likely cost her for
Do an online search of credit card debt management, installment debt, and revolving credit.a. Is the total avoidance of debt an effective strategy to utilize in managing your debt and credit? Explain
For many people, less pain is associated with using a credit card to make purchases than with using cash, even if the payments are the same. The use of the credit card almost feels like there is no
You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in
Go to one of the Web sites that contain video clips (such as www.youtube.com) and view some video clips about using credit cards. You can use search phrases such as “credit cards.” Select one
Jarrod has narrowed his choice to two credit cards that may meet his needs. Card A has an APR of 21%. Card B has an APR of 14%, but also charges a $25 annual fee. Jarrod will not pay off his balance
Go to www.bankrate.com and go to Popular Calculators and look at the credit card section. Click on the credit card payoff calculator. Enter your information from your most recent credit card
Paul’s credit card closes on the 3rd of the month, and his payment is due on the 30th. If Paul purchases a stereo for $300 on June 12th, how many interest-free days will he have? When will he have
Do an online search using the search term “Fair Credit Reporting Act.” Explain how this law addresses credit report errors.
Do an online search for credit cards offers. Review some of the credit cards displayed by this search, and select the one that would best suit your needs. Identify the card you chose, and write a
What are some common credit card fees?
Margie has had a tough month. First, she had dental work that cost $700. Next, she had her car transmission rebuilt, which cost $1,400. She put both of these unexpected expenses on her credit card.
Go to www.ftc.gov, and search for “credit and your consumer rights.”a. Discuss some of the tips that the Web site offers to help you solve credit problems.b. What are some of the laws dealing
What are the three major impacts of the Credit CARD Act?
List some examples of common rewards offered to cardholders.
How can a balance transfer card help you save money?
Should you view credit cards as a source of funds? Why or why not? Why should you self-impose a tight credit limit?
What credit management decisions should be included in your financial plan?
Compare the amount of interest you earn on typical money market investments versus the amount of interest paid on credit cards.
Propose possible solutions to reduce an excessive credit card balance.
Explain why it is not advisable to use credit repair services.
Describe the role of the Consumer Financial Protection Bureau.
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