Essentials Of Personnel Assessment And Selection || 2nd Edition Robert M Guion, Scott Highhouse - Solutions

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Describe the Disposition Effect.
Analyze a client’s degree of risk and loss aversion and insure recommendations are consistent with a client’s risk propensity, attitudes, capacity, knowledge, and needs.
Explain how a client’s psychological profile, such as a Meyers-Briggs assessment, and learning style, and values impact the format of the plan produced and presented.
Evaluate how a client’s values, including cultural and religious values and attitudes will affect his/her goals and a planner’s recommendations.
Describe how behavioral psychology, such as a client’s comfort zone, impacts a client’s objectives, goals, understanding, decision making and actions.
Explain the applications of counseling theory to financial planning practice.
Demonstrate how a planner can develop a relationship of honesty and trust in client interaction.*
Identify the three general schools of counseling.
What is the fundamental belief of the Developmental School of Thought?
What is the nature of the relationship between advisor and client in the differ- ent Schools of Thought?
The nature of the relationship between advisor and client following the Cogni- tive-Behavioral approach is highly directed..a. Trueb. False
All of the counseling theories use active listening as a tool.a. Trueb. False
The Humanistic theory emphasizes accepting personal responsibility whereas the other two theories do not.a. Trueb. False
What are the fundamental elements of communication?
Identify non-verbal gestures that substi- tute for or reinforce verbal expressions.
Identify situations where the non-verbal communication contradicts the verbal communication.
Gestures and facial expressions are important clues to communication for the listener.a. Trueb. False
Tone and pitch of voice can indicate congruence or incongruence with the words spoken.a. Trueb. False
Body language does not play an impor- tant role in understanding communications.a. Trueb. False
Define passive listening.
Define open and closed questions.
Explain how thinking of a response can hamper listening.
It is better not to make any gestures to the speaker when an advisor is practic- ing active listening.a. Trueb. False
Open-ended questions are answerable with lengthy responses.a. Trueb. False
Identify the building blocks of Tradi- tional Finance.
Explain what Behavioral Finance assumes?
Compare what determines returns under Traditional Finance versus Behav- ioral Finance.
In Traditional Finance, investors are assumed to be rational.a. Trueb. False
Markets are assumed to be efficient in both Traditional and Behavioral Finance.a. Trueb. False
Returns are determined by risk (beta) in both Traditional and Behavioral Finance.a. Trueb. False
Define heuristic.
Describe three common heuristics asso- ciated with financial decisions.
Explain how the month of October is associated with heuristic.
Understanding behavioral biases can aid the financial advisor.a. Trueb. False
Biases have no effect on stock prices.a. Trueb. False
Behavioral Finance is pure and con- cerned only with risk-reward and risk- return.a. Trueb. False
Behavioral Finance is more subjective than Traditional Finance and does not have a single cohesive theory.a. Trueb. False
Identify and discuss the 3 general schools of thought for counseling.
What are some examples of open questions versus closed questions?
Discuss the benefits and drawbacks to the “why” question ofa client?
What are your options if you sense a client is saying one thing but believes another?
Identify and discuss the 4 basic premises for Traditional Finance.
Identify and discuss the 4 basic premises for Behavioral Finance.
Identify and describe some differences between a rational investor and a normal one.
Discuss what you believe are the reasons how someone can buy lottery tickets and insurance at the same time.
Discuss the difference between evaluating a portfolio as a whole versus evaluating a portfolio in mental layers.
What should you do as a financial advisor if you believe that a client’s heuristic is clouding his or her judgment?
Which of the following is considered to be a counseling paradigm or school of thought?a. Developmental.b. Humanistic.c. Cognitive-Behavioral.d. All of the above.
Which of the following are consistent with the Humanistic Paradigm?1.. The majority of Humanistic theories view clients as experts on themselves.2.. The alliance between the counselor and client is extremely important for humanistic counselors and is the basis of the treatment or plan of action.3..
Which of the following is NOT a premise in Traditional Finance?• Markets are Efficient.• Investors are Rational.• Markets are Inefficient.• Modern Portfolio Theory Governs.
Which of the following are important in nonverbal communication and behavior?1.. Body positioning.2.. Body movement.3.. Voice tone.4.. Voice pitch.a. 1 only.b. sb ands2:c. 1 and 3.d. All of the above.
Which of the following is NOT true in communicating with a client?• Posture means nothing.• Good posture may indicate positive self-esteem.• Slouching may indicate less interest.• None of the above.
Which of the following are components of “passive listening?”1.. Listening in a normal social setting, such as a sermon.2.. Communication rests on one speaker.3.. The listener screens out some information.4.. The listener is thinking about what to say in response which hampers listening.• 1
Which of the following are NOT components of “active listening?”• Requires the listener’s undivided attention.• The listener must put aside irrelevant thoughts.• Interruptions or disruptions, such as texting and bathroom breaks, are common.• The listener can nod occasionally to show
Which of the following are theories or equations used in traditional finance?1.. Mean-Variance Theory.2.. Modern Portfolio Theory.3.. The Capital Asset Pricing Model.• 1 only.• 1 and 3.•All of the above.• None of the above.
Which of the following investors would apply in the realm of Behavioral Finance?• A rational investor who considers his or her portfolio as a whole at all times.• An investor not moved by emotion or biases.• An investor who at times is subject to emotion or cognitive biases.•An investor
Which of the following is are NOT basic premises in Behavioral Finance?1.. Investors are normal.2.. Markets are inefficient.3.. The Behavioral Asset Pricing Model applies.a. 2 only.b. 1 and 3.c. 2 and 3.d. All of the above.
Which of the following are NOT heuristics or cognitive biases discussed in this chapter that can lead to less than optimal decisions by a normal investor?a. The Affect Heuristic.b. Overreaction bias.c. Overconfidence bias.d. Laziness.
Which of the following statements are true?1.. There has been a movement in recent times for the financial industry to be more in touch with psychology and sociology due to their effect and persuasiveness in financial matters.2.. There has been a movement in recent times for the financial industry
Which schools of thought for counseling could an advisor combine?• Developmental and Humanistic.• Humanistic and Cognitive-Behavioral.• Developmental and Cognitive-Behavioral.• All 3 schools of thought may be combined.
Which of the following choices are false as to open or closed questions?• Open or closed questions are both effective tools for the financial advisor.• An open question starts with the phrase “Isn't it true that ...”• A closed question is narrow and can be answered with a word or two.•
Which of the following are true about “why” questions?1.. While the “why” questions are tempting and may help understand the client’s motives, the “why” question may be ill-advised because it could have limited benefit for the client.2.. A “why” question could place the client in
Which of the following is the best choice for Behavioral Finance?a. Behavioral Finance throws out all notions and equations from Traditional Finance.b. Behavioral Finance does not abandon Traditional Finance, though some key assumptions are changed.c. Traditional Finance’s introduction of
List and describe each of the approaches to financial planning analysis and recommendations.
Describe the lifecycle approach and its benefits.
Describe the pie chart approach and its benefits.
Describe the financial statement and ratio analysis approach.
Understand the relationship between time, savings, and withdrawal rates on retirement planning.
Understand the exponential nature of the investment assets to gross pay benchmark.
Describe the two-step, three panel, and metrics approach to financial planning.
Analyze the various sources of borrowing available to a client and communicate the advantages and disadvantages of each for meeting a client’s financial goal.*
Create a debt management plan for a client that minimizes financing costs and maximizes the potential to reach goals.*
Explain and compare appropriate financing strategies for purchasing a home.*
List each benchmark metric for risk management short term savings and investing goals and long-term savings and investing goals.
Communicate the need for liquid assets and emergency funds and recommend strategies for accumulating the appropriate levels of funds.*
Calculate savings required to meet financial goals and recommend how to incorporate planned savings into the cash flow plan.*
Describe the cash flow approach to analysis.
Identify opportunities and challenges related to a client’s cash inflows and outflows and make recommendations to assist the client in meeting their current needs and long-term financial goals.*
Describe the income tax analysis.
Describe the strategic approach to financial planning analysis.
Describe and discuss the present value of all goals approach to financial planning analysis.
1. How do you feel about the use of traditional cognitive tests in the selection of candidates for jobs? Should intelligence tests be used to select physicians?Salespeople? Janitors? Football players? Why or why not?
3. In this chapter, we mentioned recent efforts to expand the Civil Rights Act to cover sexual orientation. Laws exist defining other protected classes including the disabled and those over 40. Most recently, arguments have been presented for expanding protections against discrimination to include
2. Compare and contrast the concepts of bias, fairness, discrimination, and prejudice.
1. Discuss different methods of reducing adverse impact and identify the pros and cons of each approach for reducing adverse impact.
3. Why do people have such a hard time understanding utility analysis? What could be done to simplify it?
2. How can people doing selection be better trained to judge what is job relevant?How can interview impressions be standardized and compared with test scores?
1. Why do people resist using formulas to make decisions? What implications does this resistance have for advising managers on making hiring decisions?
3. What are some problems associated with using a multiple hurdles process in selection?
2. For what type of jobs would a work sample be appropriate? Where would it not be appropriate?
3. What do you think of the gamification of tests? Have you taken a test disguised as a game? If you know a game is a test, is it still fun or does it change the way you view the test?
3. Viewing assessment center exercises as test items, how might we make the assessment center a more reliable and valid test?
2. How can clinical judgment best be used in the process of assessing the suitability of a candidate for a position?
1. What are some ways to improve the reliability and validity of employment decisions based on individual assessments?
3. For what types of jobs might objective criteria, such as sales, be a better criterion than performance ratings?
2. How would you provide evidence for the validity of a performance rating system for use in making promotion decisions?
1. What factors might reduce a rater’s motivation to provide accurate ratings?Which rating errors are due to motivation, and which are due to cognitive limitations?
3. The use of big data may lead to the conclusion that personal data serves as a useful predictor of job performance or turnover. Do you think organizations should be able to use personal data, such as credit scores, number of previous jobs, where you were born, or size of your high school, in
2. Have you ever taken a highly structured interview, one where the interviewer has very little interaction with you other than asking the questions and waiting for answers? What did you think of it? Are there any negative consequences that you see that might be associated with using highly
4. How do you feel about organizations that build brand or advertising messages into their employment tests?them into behavioral interview questions? What might you do to reduce faking in the responses?

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