Finance Questions

Archive for November, 2008

Question: universities in UK, Australia, Canada and America?

Can anybody reccomend me a prestigious university in UK which is popular in courses such as Business and Accountancy/ Banking And Finance? Maybe one in Australia, Canada and America is fine with me too.

Answer: UK…..London Business School and London School of Economics.

US…..Harvard and Stanford Universities

Australia……Melbourne Business School

Canada…….Really no idea about prestigious B-Schools in this one. Try Google!

Alex Jones: 50 Random Facts on What in The Hell Happened to America 1/2

Question: How do I answer an interview for the Academy of Finance?

I have an interview for a finance program in high school. How would I answer them even if I have to lie about it to sound good? (probable interview questions according to others)

strenghth/weakness?

Why I want to be in it?

Why do I want a career in business and finance?

experience?

Answer: POSSIBLE ANSWERS TO CRITICAL INTERVIEW QUESTIONS
WHAT TYPE OF JOB ARE YOU SEEKING?
Response- Give information related to the industry, company, or type of job to show that you
have definite immediate objectives and well-thought-out, long-range plans. NEVER say you
“just need a job,” or that you “will do anything.”
WHY DO YOU THINK YOU MIGHT LIKE TO WORK FOR ME?
Response- Indicate that you know the organization and its reputation, that you have long-range
goals, and that there is a match between you and the organization. Show that you make logical
decisions and plan your future carefully. DO NOT use simple generalizations (good company,
treat employees well, valuable experience, etc.). NEVER say that their organization has the
highest salaries in the area.
WHY DO YOU PLAN TO LEAVE YOUR PRESENT JOB?
Response- You want an opportunity to perform, learn, and develop. You desire more
responsibility and high salary potential. NEVER tell personal or emotional problems to answer
this question.
TELL ME ABOUT YOURSELF.
Response- Indicate only your experience, accomplishments, and skills relevant to the job you are
seeking. DO NOT make the mistake of giving your entire life history.
WHAT KIND OF SALARY DO YOU EXPECT TO RECEIVE?
Response- Until you have a clear understanding of the job, do not offer a figure. Ask for time to
mutually explore the position and your qualifications. Quoting a low figure can mean many years
of work to reach the proper salary level or having the organization say it wants a person with a
little more experience. Try to determine salary ranges for the position you want BEFORE the
interview. Career Development staff, individuals working in the field, or library resources can
help you in this determination. Indicate that you would consider a reasonable offer consistent
with the area’s cost of living and your responsibility and authority.
WHAT IS YOUR OPINION OF YOUR PRESENT BOSS OR CO-WORKERS?
Response- Indicate the nature and responsibility of your work. Answer objectively and avoid
personal opinions-be positive. Do not knock others.
WHAT ARE YOUR GREATEST STRENGTHS?
Response- Provide work-related strengths and give examples of your success in previous work,
school, or community activities. Broad, general statements (hard worker, good education,
willingness to learn, good rapport with people, etc.) are not as helpful as specific examples.
WHAT ARE YOUR CHIEF LIABILITIES?
Response- Everyone has at least one liability; you may have several. Be aware of your
weaknesses, mention a few, but definitely follow each weakness with a positive statement about
what you have done or plan to do to overcome the liability. You may want to mention a liability
you had several years ago but have successfully corrected. AVOID unsolved weaknesses.

Vault’s Video Guide to Management Consulting Interviews

How is Community Property Treated At Death?

For example, if a married couple, Stanley and Iris, buy securities as “joint tenants with rights of survivorship” for $400,000, the IRS considers that each paid $200,000 for a one-half interest. If Stanley later dies, Iris automatically owns the entire account, and Stanley’s one half of all the securities in their portfolio are revalued as of the date of his death. If the account was worth $1,500,000 when Stanley died, then Iris is treated as if she paid $950,000 for the securities — computed by adding her share of the purchase price ($200,000), to the value of Stanley’s share when he died ($750,000).
In contrast, the IRS treats “community property” as if it were owned completely by the deceased spouse, in applying this special “adjusted basis” rule. (For other purposes, such as computing estate taxes, only one-half of the value of community property is counted.) Therefore, if Stanley and Iris bought their securities as “community property” for $400,000 and Stanley later died, leaving his share to Iris, the entire account would be assigned a new “basis” at current fair market value. Threrfore, Iris’s basis in the securities becomes $1,500,000.
The result is that if Iris decides to sell the “joint tenancy” property for $1,500,000 shortly after Stanley’s death, she would realize a taxable capital gain of $550,000 (the $1,500,000 sale price minus her $950,000 “adjusted basis,” computed two paragraphs above). If the same account were held as “community property,” however, she would recognize no capital gain, because her “adjusted basis” would be the same as the sale price. Therefore, where spouses hold highly appreciated assets, the community property form is more favorable for capital gain tax purposes.
It is possible in some Community Property States for the spouses to change their respective ownership rights in an asset, from community property to separate property and vice-versa, simply by executing a written agreement to that effect. For example, in California, a couple with a joint tenancy with rights of survivorship account may simply append a note to their wills explaining that their intention is for their possessions, no matter how registered, to be considered community property. By doing this, the surviving spouse receives a full step-up in basis after the first spouse’s death, while also retaining the convenience of holding the property in joint tenancy.
Since accounts held as community property are subject to probate, it might be advisable to hold community property in a trust account or a Totten trust (payable/transfer on death accounts), to avoid the probate process. Community property with right of survivorship accounts are allowed in Arizona and California.

Question: Car Scrappage Scheme – Can my friend finance the new car for me?

I have a car that qualifies for the Scrappage scheme (10 years old, registered to me for 12 months etc) – what i want know is if i can get a friend to finance the car for me as i have very poor credit?

Answer: No.

The purchased car must be bought and registered under the same name as the person turning in the ‘clunker’

Loan vs. Lease a New Car – How To Video – NewCars.com

Question: How can I find a paid or unpaid trainee job in a Finance Company in NYC?

Is it hard to find a paid or unpaid trainee job in a Finance Company in New York City? I am from Denmark and want some work experience in NYC. I have Bachelor´s Degree in Business Administration from London. I have posted my resume on different websites but no one has replied:-(

Answer: First, remember that when you post your resume on websites like Monster, you have to update it every day, even if you make no changes, because updating moves your resume to the top of the list. Second, a lot of people in New York (I live in New York) don’t respond to people in other states much less other countries because they have so many people to choose from right here that they don’t see the need to go to the extra trouble. You might see if your university in London has recruiting events in which companies from the U.S. are attending and another option is to seek out Scandinavian/European companies with locations in the United States (like Ikea for example. I’m not sure if they have corporate offices here though.) where you can get hired there to work in an office here. If all that yields nothing, I would plan to visit here for three to six months if at all possible and seek a job then. You likely will have a lot less trouble once you’re actually here. Don’t forget to look into the documentation needed for you to actually work here.

Tono and his Finance Company LIVE on Breakfast with Spanky