This is the seventh 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. U.S. Treasury bonds are assumed to have zero risk of default, even though they have not always had the top AAA credit rating. All other bonds are assumed to have a non-zero risk of default, and their yields are higher than Treasury bonds as a result.
Related Article: A 15% Yield Does Not Equal A 15% Return: A Cautionary Note About High-Yield Bonds and Peer-To-Peer Loans
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The correct answer is D. Companies such as Fidelity and Schwab make significant money by earning interest on balances within brokerage accounts. Commissions, mutual fund management fees, and financial advisory fees make up smaller portions of their total revenue. This explains how they are able to offer such low-expense ratio index funds to investors — they hope to attract investor money to their firm, where they will make money on net interest income.
Related Article: How Do Vanguard, Fidelity, and Schwab Make Money Offering Low Expense Ratio Index Funds?
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The correct answer is B. While many mutual funds may have been started 50 years ago, the only mutual funds that are currently available to investors are usually the ones that have overperformed the market. All of the underperforming mutual funds have gone out of business. This phenomenon is an example of survivorship bias. The excellent past performance of these surviving funds may not predict its performance in the future.
Related Article: American Funds vs. Vanguard: Active vs. Passive Investing
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The correct answer is B. It is not strictly necessary for physicians to hold an emergency fund, because most physicians should be able to liquidate expenses from a taxable account to pay for emergency expenses. However, the most common recommendation of the size of an emergency fund is 3-6 months of living expenses.
Related Article: Are Emergency Funds Necessary For Physicians?
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The correct answer is A. In general, when yields (interest rates) rise, bond prices fall and investors lose money. However, expected interest rate increases are often built into the price of bonds, so this rule does not always hold.
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The correct answer is C. According to the Trinity University study, you can safely withdraw 4% of your retirement assets per year. This means that you should aim to save 25x annual retirement expenses.
Related Article: The Trinity University Study And The 4% Safe Withdrawal Rate (SWR)
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The correct answer is A. Investors should select the target-date fund that matches their risk tolerance, even if it is earlier or later than their expected retirement date. The target-date fund with the lowest expense ratio is often the fund with the least amount of stocks and the highest percentage of bonds, which may not be appropriate for most investors.
Related Article: How To Choose The Right Target-Date Fund For You
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The correct answer is A. Investors in the 10% or 12% tax brackets pay 0% in federal long-term capital gains taxes. However, they would typically still have to pay state taxes on these long-term capital gains.
Related Article: Tax Gain Harvesting
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The correct answer is B. The interest rate on debt depends on the risk of default as well as the recovery rate (typically determined by collateral) should the borrower default. Credit cards, student loans, and personal loans all typically do not have associated collateral, but student loans usually have lower interest rates because the risk of default is lower than for credit cards or personal loans.
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 D. The primary advantage of activist investors such as Carl Icahn is their ability to encourage (or force) managerial changes that benefit their investments. This is in contrast to retail investors and most mutual funds, who invest passively in companies and do not try to intervene in management decisions.
Related Article: Wall Street Profiles: Carl Icahn
What do you think? How’d you do on the quiz?
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