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Questions and Answers of Personal Financial Planning

5. Do these values reflect your daily choices and decisions? List things you do (or don’t do) that show you are consistent in applying your values to your choices.
4. Which goals do you think are lifetime goals—based on values that you will firmly hold onto for a lifetime?
3. Consider how your goals have changed over time. A year ago, how were your goals different? How are they the same?
2. After each goal, explain why that goal is important to you. Discuss the values on which you are basing that goal.
1. List three goals that you would like to achieve by the time you graduate from high school.
20. The is a worldwide network of computers that can share information.
19. A(n) is a gift of money or other aid made to a student to help pay for education.
18. are a system of moral values that people consider acceptable.
17. A(n) is a computer program that searches the Internet to find job listings that meet certain criteria and returns those listings to the user.
16. Money paid for the use of money, as in the cost of a loan, is called.
15. A(n) studies the economy and tries to predict what will happen, using current and projected data.
14. Skills needed to perform technical tasks on a job are called.
13. A(n) is a detailed explanation of job duties.
12. A(n) is a loan on which interest is not charged until after graduation.
11. Activities and duties you will be required to do on a job are called.
10. Money obtained from an outside source to help pay for education is called .
9. Skills other than technical skills, called , are important for job and career success.
8. A(n) may be short-term or long-term and is based on values or desired outcomes.
7. The refers to the wide variety of jobs and careers that exist at one point in time.
6. The quantity of goods and services that producers are willing and able to provide is called .
5. A(n) lists the name or primary characteristic of a job.
4. A principle that reflects the worth you place on an idea or action is called a(n) .
3. The charge for instruction at a school is called .
2. Consumer willingness and ability to buy a product or service is called.
1. The is the sum total of business activity in an area.
5. What is the earliest date the FAFSA form may be completed online according to this worksheet?
4. Who should complete this worksheet?
3. What types of questions are asked on the worksheet?
2. Review the FAFSA worksheet. This is a form you can complete to prepare information you will need to apply for aid online. How many pages long is the worksheet?
1. Open the file CH01 Aid Form from the data files. This data file is provided as a PDF (portable document format) file. You will need a program such as Adobe® Reader® to view or print the file.
8. What does residency mean when referring to completing a college degree?
7. List several ways that students can pay for their formal education after high school.
6. What are hard skills? What are soft skills? Give an example of each type of skill.
5. What is a job scout?
4. How may a growing economy affect your job and income?
3. Explain why economics is often called the study of scarcity.
2. What is the definition of demand? Of supply?
1. Define economy. What does an economist do?
Explore the options available to pay for education and training.
Explore tuition costs for colleges and other educational programs.
Discuss training and skills that workers need for job success.
Describe how economic conditions can affect prices and income.
7. What is formal education? What is informal education?
6. Give one example of how a person’s goals and values may affect his or her career choices.
5. How are goals different from values? List one goal you have that is related to a job or career. What values are related to this goal?
4. How is a job title different from a job description?
3. Explain how career choices may affect the amount of money a person will earn.
2. What are job skills? List three job skills you have or plan to learn.
1. Why does the job market change over time? Give two examples of jobs that were popular 15 or 20 years ago but are not popular today.
Describe how a person’s education may affect the amount of money that person earns.
Explain how goals, values, and education are related to career choices.
Explain how career choices affect earning potential.
Discuss how the job market changes over time.
5. (CVA for interest rate portfolio) Consider the CVA case study for a portfolio of interest swaps in the text. The case study is based on a Matlab example. Update the example by collecting data on
4. How can counterparty risk be hedged?
3. Consider the reading below and explain how it is possible that a widening of credit spreads can lead to accounting gains? What is the difference between the treatment of DVA from an accounting and
2. What is the difference between unilateral and bilateral CVA?
1. What do the terms CVA, DVA, and FVA refer to?
2. The iTraxx crossover index followed the path given below during three successive time periods:f330; 360; 320g Assume that there are 30 reference names in this portfolio.a. You decide to select a
1. Consider the iTraxx CPPI example in this chapter. We assumed an increase in the value of the iTraxx tranche as qt1 dropped from 20% to 15%. Now assume that spreads widen and credit quality
3. We consider a reference portfolio of three investment grade names with the following 1-year CDS rates:c(1) 5 116 c(2) 5 193 c(3) 5 140 The recovery rate is the same for all names at R 5 40.
2. What is the difference between compound correlation and base correlation?
1. Explain the difference between a cash CDO and a synthetic CDO?
13. Finally, why would this create an opportunity for corporate treasurers?
12. What does a 0% repo rate for some corporate paper mean? Why is the rate zero?
11. Now we come to the arbitrage issue. What is the basis of the arbitrage argument mentioned in this reading? Be specific and explain in detail. Show your reasoning using cash flow diagrams.
10. As a continuation of the previous question, why is whether or not the investors sell their corporate bonds important in this situation?
9. Suppose you issue a CLN. How would you hedge your position? Mention at least two ways of doing this. By the way, why do you need to hedge your position? Be specific.
8. What is a credit-linked note (CLN)? Why would investors buy credit-linked notes instead of, say, corporate bonds?Analyze the risks and the cash flows generated by these two instruments to see in
7. Consider the following reading, which deals with collateralized debt obligations (CDOs).
6. (Reduced form approach to CoCos valuation). The text mentions that CoCos can be valued from three different perspectives. One of the approaches is based on the reduced form or default intensity
5. Consider the following quote:Until last year, this correlation pricing of single-tranche CDOs and first-to-default baskets was dependent on each bank or hedge fund’s assessment of correlation.
4. Consider the following quote:It is only when portfolios are tranched that the relative value of default correlation becomes meaningful.So, for subordinate tranches, the risk and spreads decrease
3. Consider the following news from Reuters:1008 GMT [Dow Jones] LONDON—SG recommends selling 7-year 03% tranche protection versus buying 5-year and 10-year 03% protection. 7-year equity
2. What is the effect of default probabilities on CDO tranches? What is the effect of default correlations on CDO tranches? Explain.
1. What is the difference between an ABS and a CDO?
5. Show how you would engineer the following CMS spread note.Issuer: ABC Notional: $10mio Tenor: 10 years Principal: Guaranteed at maturity Coupon:Yr 1: 11.50%Yr 210: 16 3 (CMS30 2 CMS10), max of
4. Show how you would engineer the following Snowball Note.Issuer: ABC bank Notional: $10 mio Tenor: 10 years; Principal: Guaranteed at maturity Coupon: Yr 1; Q1: 9.00%Q2: Previous Coupon 1 CMS10
3. What follows is the description of a rather complex swap structured by a bank. The structure is sold for the purpose of liability management and involves an exotic option (digital cap)and a CMS
2. Consider the swap and LIBOR curves available in Reuters or Bloomberg.a. Obtain the 3-month discount and forward curvesb. Obtain the 2-year forward curvec. Find the components for the following
1. Case Study: Reverse-Convertibles and Volatility Trading This case study shows another example of volatility trading and reverse convertibles.Read the case study below and answer the following
5. Consider two convertible bonds X and Y, which for simplicity are assumed to be riskless.The following table provides information about the two bonds. Calculate the conversion value. What is the
4. What variables and real-world complications are important in practice but ignored by the basic Merton model.
3. Consider company B which issued equity and zero-coupon bonds with a maturity of 1 year.Assume that the value of the firm is $100 and the value of the equity is $50 million. The risk-free rate is
2. Assume that company A has an asset volatility of 20%. The current value of its assets is$100 million and the face value of its 1-year maturity zero-coupon debt is $50 million. The risk-free rate
1. Explain why debt in the Merton (1974) model is viewed as an option.
8. Explain the logic behind the two following strategies using cash flow diagrams.a. WestLB mortgage Pfandbriefe trade too tight. Sell the WestLB 3% 2009s at 5.4 bp under swaps and buy the zero risk
7. Consider the following news from Reuters:HVB Suggests Covered Bond Switches 0843 GMT [Dow Jones] LONDON—Sell DG Hyp 4.25% 2008s at 6.5 bp under swaps and buy Landesbank Baden-Wuerttemberg(LBBW)
6. Consider the following news from Reuters:1407 GMT [Dow Jones] LONDON—According to a large investment bank investors can boost yields using the following strategies:a. In the strategy, sell 5-yr
5.a. Consider the following quote from Reuters:The poor correlation between CDS and cash in Swedish utility Attentat (VTT.XE) is an anomaly and investors can benefit by setting up negative basis
4. In the CDS pricing example in the text we assumed a hazard rate to derive the CDS spread and to price the contract. Now assume that the hazard rate is unknown, but assume that you can observe a
3. Consider the CDS pricing example in Section 18.7. Assume that hazard rate is 3% instead of 5% but all other input parameters remain the same. Calculate the value of the CDS by finding the CDS
2. You are given two risky bonds with the following specifications:Bond Aa. Par: 100b. Currency: USDc. Coupon: 10d. Maturity: 4 yearse. Callable after 3 yearsf. Credit: AABond Ba. Par: 100b.
1. This exercise deals with value-at-risk calculations for credit portfolios. Using the data on a corporate financial statement, answer the following questions:a. How would you calculate the default
5. (Interest Rate Floor Pricing). Write a VBA program to determine the price of interest rate floor which makes the payment if the floating USD LIBOR rate is below the fixed level of 4.60%. Use the
4. (Interest Rate Cap Pricing). Write a VBA program to determine the price of an interest rate cap which makes payments if the floating USD LIBOR rate is above the fixed level of 5.00%. Use the data
2. The reading below deals with some typical swaption strategies and the factors that originate them. First, read it carefully.Lehman Brothers and Credit Suisse First Boston are recommending clients
1. Consider the following statement:One prop trader noted that cap/floor volatility should be slightly higher than swaptions.Corporates buy caps and investors sell swaptions through callable bonds,
7. (VIX calculation) Using the S&P 500 option data on the chapter website (collected on July 4, 2013 for options expiring on July 25, 2013), calculate the VIX index value following the procedure
6. (Stock price crashes and jumps)Write a MATLAB program to observe the implied volatility smile for the option based on the stock price having jumps (particularly crashes). Use the following data

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