This is the sixth of a recurring series of quizzes to test your knowledge on physician personal finance and investing topics. Some people learn best by reading textbooks. Others like listening to lectures in a course format. This series of quizzes is designed for the physician or other high-income professional who learns best by doing questions.
Each quiz will have ten or so questions. To see the answer, click the “Show Answer” button under each question.
No actual CME can be earned with these quizzes, but hopefully you’ll learn something by answering the questions and reading the explanations. Good luck!
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The correct answer is C. High-income individuals can contribute to a Roth IRA through the “backdoor” method of first making a nondeductible contribution to a traditional IRA, followed by rolling the money over into a Roth IRA.
Related Article: It’s Official: Backdoor Roth IRAs Are Legal!
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The correct answer is B. From 1900-2014, there has been 32 bear markets, or one bear market ever 3.5 years on average.
Related Article: The Bull Market Is Over (Or Is It?)
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The correct answer is A. Contributions to a traditional 401(k) are tax-deductible, and the funds grow tax-deferred. However, eligible withdrawals are taxed as ordinary income.
Related Article: How Valuable is a 401(k)?
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The correct answer is A. Traditional 401(k)s contributions are tax deductible, but withdrawals in retirement are taxed, so it is preferable to contribute to a traditional 401(k) than a Roth 401(k) when your current tax rate is higher than your expected retirement tax rate.
Related Article: The Traditional vs. Roth Decision for Medical Residents
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The correct answer is C. Higher credit scores are associated with a longer credit history, fewer missed payments, more available credit, and holding more credit cards.
Related Article: How Your Credit Score Is Like Your Board Scores
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The correct answer is C. The typical yield curve is upward-sloping, with long-term yields being higher than short-term yields. An inverted yield curve is downward sloping, with long-term yields being lower than short-term yields.
Related Article: Inverted Yield Curve: Predictor of Recession and Bear Market?
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The correct answer is A. Stocks have higher expected returns than gold, bonds, or CDs. While this may seem obvious to many investors, Gallup polls have consistently shown a significant minority of investors believing that these alternative investments have higher long-term returns than stocks.
Related Article: The Stock Market Is The Best Long-Term Investment
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The correct answer is B. Term life insurance ladders help individuals decrease their effective benefit amount as they age. It involves purchasing term life insurance of different maturities.
Related Article: The Pros And Cons Of Term Life Insurance Ladders
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The correct answer is D. Interest rates are correlated with the probability of default and the expected recovery rate from collateral should the borrower default. Therefore, credit cards, which have a high default rate and no associated collateral, have the highest typical interest rates.
Related Article: Why Do Student Loans Have Low Interest Rates, But Credit Cards Have High Interest Rates?
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The correct answer is A. High-frequency trading firms are highly secretive in how they make money, but one known method is to take advantage of brief, small discrepancies in the prices of the same stock on different exchanges. These discrepancies may only be present for microseconds, so high-frequency trading firms go to great lengths to have the fastest trading software and infrastructure.
Related Article: Wall Street Profiles: High-Frequency Traders
What do you think? How’d you do on the quiz?
Fun and educational. I look forward to finding your quizzes in my inbox. Keep ‘em coming please!
Thanks for these.
It is impressive that 86% of your readers got the inverted yield curve question correct. Your readers are not the average person on the street!
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