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Questions and Answers of Personal Finance

How does a secured credit card differ from a standard unsecured credit card? Under what circumstances would you need a secured credit card?
What is a prepaid credit card? How does it differ from a secured credit card?
What is over limit protection? Explain why consumers should use this feature sparingly.
Explain how the Credit CARD Act changed the way credit card issuers assess late fees.
Explain why getting a cash advance on your credit card is a costly source of funds.
Why should you review your credit card statement before paying the bill? What steps should you take if you discover an error?
What credit restrictions apply to persons under age 21?
Jack needs to borrow $1,000 for one year. Bank South will give him the loan at 9%. Sun Coast Bank will give him the loan at 7% with a $50 loan origination fee. First National will give him the loan
Go to www.kbb.com and enter the information identifying the make, model, and features of your dream car. Are there any available in your area? What are the price ranges?
People are tempted to spend much more money on a car than they need to because credit is so easily available. Some students make decisions based on whether they can cover the monthly payment rather
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 contains video clips (such as www.youtube.com), and view some video clips about payday lending. You can use search phrases such as “ payday loans” or “payday
Go to www.bankrate.com and click “see all calculators.” Click on “auto loan calculator” and compute the payment of your dream car you selected assuming you finance the entire amount. Is
Some consumers might consider purchasing a new car (with a car loan), while using credit cards to cover other purchases, and making only the minimum required payment to the credit card company each
List some things that should raise red flags with regard to online lending.
Explain debt consolidation loans. When is it advisable to use a debt consolidation loan?
Lucas wants to buy a used car that will cost $5,500. How much will his monthly payment be if he puts $2,500 down and finances the remainder at 5% for two years?
How does the maturity of a loan affect the monthly payments? What should you consider when selecting the maturity?
List the factors you need to consider when selecting a car to buy. Discuss each briefly.
What is the no-debt solution in reference to buying a car? What is the limited-debt solution?
What is the difference between subsidized and unsubsidized student loans?
How does a prepayment penalty impact your decision to pay a loan off early?
Explain the advantages and disadvantages of buying a new car instead of a used car.
Explain when you might use a deferment on student loans. What are the disadvantages of deferring student loans?
What are payday loans? Why should you avoid payday loans as a source of funds?
What are some viable alternatives to payday loans?
Go to a Web site such as www.bankrate.com that has calculators to derive an amortization table.a. Determine the monthly payment on a $200,000 fifteen-year mortgage with a 5% interest rate.b. Now
Home buyers tend to buy a home for more money than they originally planned to spend. This occurs because as they start looking at homes for sale, they commonly see a home with desirable features that
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 purchasing a home. You can use search phrases such as “buying a home.” Select one
Go to www.realtor.com. Enter the ZIP Code of your current home or the ZIP Code of where you plan to live after graduation, the price range of houses you are interested in, the number of bedrooms and
Go to www.mortgageloan.com and search using the terms “refinance” and “mortgage.”a. What are the current national refinance rates for a thirty-year fixed mortgage? For a fifteen-year fixed
How do economic conditions and the stability of your job affect the home buying decision?
Go to www.bankrate.com or to another Web site that contains amortization schedule calculators to answer the following questions:a. Assume you have a mortgage of $150,000 for thirty years at 5%. What
Access www.hud.gov. or another Web site that has information on FHA loans and answer the following questions:a. What are FHA loans, and how long have they been in existence?b. What are the key
Teresa rents her apartment for $850 per month, utilities not included. When she moved in, she paid a $700 security deposit using money from her savings account that was paying 3% interest. Her
What services do real estate agents and brokers provide?
Justin’s new FHA mortgage is for $131,500. How much will his overall mortgage increase with an upfront fee of 1.5%? How much will his total mortgage be with the upfront mortgage insurance fee
What does it mean to default on a mortgage? How do changing home values affect mortgage defaults?
N’Cho just purchased a home for $135,000. He put 10% down and financed the remainder for thirty years at 4.8%. How much is his monthly principal and interest payment?
What does it mean to be preapproved for a mortgage? Why is it beneficial to get preapproved for a mortgage?
What is mortgage insurance? How does it impact the cost of your mortgage?
What are some of the risks associated with buying a home?
What is a home inspection? Why is it important for you to have a home inspected before purchase?
What is an FHA loan? How does the FHA or VA help lower-income individuals buy homes?
What is an escrow account? How do escrow accounts help protect the lender?
What is a balloon payment mortgage? When is this type of mortgage useful?
Answer the following questions using the information found at www.ambest.com. Describe the information that you can access about insurance ratings and why this information may be useful to you.
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 www.nerdwallet.com or to any Web site where you can obtain a quote on auto insurance.a. Obtain an auto insurance quote for the vehicle that you drive. Compare that quote to the insurance
What does it mean to avoid risk? How can you apply this knowledge to your personal situation?
What is an insurance premium? Why do premiums vary?
What is an insurance agent? What is the difference between a captive agent and an independent agent?
What is a no-fault auto insurance program? How do no-fault insurance affect personal injury litigation?
What is uninsured motorist coverage? Why is this coverage necessary?
List and briefly describe the various HO insurance policies that focus on insurance for the home.
What is a personal property floater? What are some common items homeowners add floaters to cover?
List some ways you can reduce risk and limit your overall exposure to loss.
Why do some people choose to accept risk rather than purchase insurance? Why is this mind-set problematic?
Why does your geographic location impact the cost of homeowner’s insurance? Why does it impact the cost of your automobile insurance?
How does your credit history impact your insurance costs?
Why is it important to keep a detailed inventory of your household possessions outside your home?
Why is it important to carefully review the types of perils covered by your homeowner’s insurance policy? What are some common perils that are not covered by many homeowner’s policies?
Go to the Web site www.healthcare.gov, and answer the following questions:a. Under “See Topics,” click on “Picking a Plan.” Discuss the characteristics of the four metal categories.b. Review
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 selecting health insurance. You can use search phrases such as “selecting health
Pete’s health insurance policy specifies that he should pay 30% of expenses associated with a long-term illness, and he has a stop-loss provision of $35,000 in his policy. If Pete incurs expenses
Go to www.medicare.gov, click on “Sign Up/Change Plans”, and then click on “Your Medicare coverage choices” to review the section on Medicare plans.a. Describe some choices for Medicare
Christine’s total monthly expenses typically amount to $1,800. About $50 of these expenses are work related. Christine’s employer provides disability insurance coverage of $600 per month. How
Nareem’s hospital stay cost $7,575 and his insurance requires a copayment of $500. How much will his insurance pay for his hospital bill?
What is a no-fault auto insurance program? How do no-fault insurance affect personal injury litigation?
How did the ACA change the way insurance companies treat persons with preexisting conditions?
Why do some people choose to accept risk rather than purchase insurance? Why is this mind-set problematic?
How are your financial goals related to the decision about whether to purchase life insurance?
Nancy is a widow with two teenage children. Nancy’s gross income is $4,000 per month, and taxes take about 25% of her income. Using the income method, Nancy calculates she will need to purchase
Go to www.bankrate.com and insert the search term “life insurance.”a. What are some differences between term and permanent life insurance?b. Why is permanent life insurance more expensive than
People tend to put off the decision to purchase life insurance. They might argue that they cannot afford it. They do not want to sacrifice any other type of spending so that they could afford to pay
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 review some video clips about selecting life insurance. You can use search phrases such as “life insurance tips.”
Why is it difficult for many people to buy life insurance even though they need it to protect loved ones?
Read one practical article about how psychology affects decisions when buying life insurance. You can easily retrieve possible articles by doing an online search using the terms “psychology” and
Peter is married and has two children. He wants to be sure that he has sufficient life insurance to take care of his family if he dies. Peter’s wife is a homemaker but attends college part-time
What are some factors that affect term life insurance premiums?
What is decreasing term insurance? Why would someone purchase this type of life insurance?
What is group term insurance? How do the premiums on group term compare to premiums on individually purchased term insurance?
Discuss the factors that affect the amount of life insurance someone needs to purchase.
What is a beneficiary? Why is it important to periodically review your beneficiaries?
Why do some people postpone buying life insurance even when they need it?
What are some factors that make estimating life insurance needs difficult?
What are living benefits? When might a policyholder use this option?
What is a conversion option? What are the benefits of having this option?
Why is it important to evaluate the financial condition of a life insurance company?
Assume that your monthly expenses will not change over the next three years, but you expect that the economy will be much weaker in about a year. Explain why you may need more liquidity even if your
How does liquidity risk affect money management?
Explain the three types of credit. Under what conditions might a consumer find each type useful?
Claire has invested $10,000 in an eighteen-month CD that pays 2.25%. How much interest will Claire receive at maturity?
What is the risk of using credit cards as a source of liquidity?
Troy paid $9,800 for a T-bill with a face value of $10,000. What is Troy’s return if he holds the T-bill to maturity?
Bart is a college student who has never invested his funds. He has saved $1,000 and has decided to invest it in a money market fund with an expected return of 2.0%. Bart will need the money in one
Dave has $20,000 excess cash to invest. He can purchase a $20,000 T-bill for $19,800 or two $10,000 T-bills for $9,850 each. Which will give him the better return?

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