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Another financial literacy test
Old 03-26-2015, 11:45 AM   #1
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Another financial literacy test

In this thread lots of posts asking for a more challenging test. Here's one Quiz Your Economic Literacy and See How You Rank Against Your Peers
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Old 03-26-2015, 11:57 AM   #2
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Bah. only 95%, but [initially] disagree with the scoring (question 16). [On second thought, the government workers do benefit as well--as long as one doesn't net out the inefficiencies, the answer postulated is correct, I suppose.]
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Old 03-26-2015, 12:02 PM   #3
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17 of 20 (85%). 2 of the ones I missed I second guessed myself and changed my answer from a correct answer to an incorrect answer and 1 question I misread.
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Old 03-26-2015, 12:03 PM   #4
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95% here as well, though the one I got wrong was because I mis-read the question.
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Old 03-26-2015, 12:06 PM   #5
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20 out of 20!

I'm kind of surprised, actually.

But then, I've always been good at multiple-choice tests. Back in my HS days I won the Betty Crocker Homemaker of Tomorrow award at my school, simply because I performed best on a multi-choice test. Even back then, I thought it was hilarious that I won. And if you ever see my homemaker skilz (or lack thereof) you'd know that test was not what one would call predictive.
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Old 03-26-2015, 12:08 PM   #6
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Much better quiz than the other, and actually somewhat heartening results--average of 70%, with (FWIW) average stated age of 24 years old.

But what is with the gender skew 49,992 (M) to 44 (F)?? seems mighty unlikely and makes me distrust a bit...
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Old 03-26-2015, 12:09 PM   #7
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95%. I got question 1 wrong. But then I don't like fast food!
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Old 03-26-2015, 12:10 PM   #8
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I missed the first one--I guess I think of all fast food as low quality.... 18/20 here.
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Old 03-26-2015, 12:11 PM   #9
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I missed the first one--I guess I think of all fast food as low quality.... 18/20 here.
See, we ex pediatricians think alike!
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Old 03-26-2015, 12:15 PM   #10
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"You answered 19 out of 20 correct for a 95%". I only got the first question wrong
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Old 03-26-2015, 12:18 PM   #11
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Scored 95. Thanks for the link.
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Old 03-26-2015, 12:19 PM   #12
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Toot-Toot! Yeah, I aced it.

From the stats over the last two years, I see the average score is 70%. Apparently not the same demographics as the other test.
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Old 03-26-2015, 12:20 PM   #13
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20 for 20. And the summary statistics do look a wee bit odd. I was one of only 24 'unemployed' people out of 60,000?
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Old 03-26-2015, 12:21 PM   #14
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100% here
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Old 03-26-2015, 12:22 PM   #15
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That first question is tricky -- I doubt many people associate fast food with high quality. That was one of the questions I asked myself "what would they want me to answer?".
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Old 03-26-2015, 12:24 PM   #16
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20 for 20. And the summary statistics do look a wee bit odd. I was one of only 24 'unemployed' people out of 60,000?
Me too I was one of 24. Something funny with stats.
Missed 1st one too, not sure if I agree with the correct answer. Oh well.
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Old 03-26-2015, 12:25 PM   #17
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95% as well. I also missed the first question.
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Old 03-26-2015, 12:26 PM   #18
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In this thread lots of posts asking for a more challenging test. Here's one Quiz Your Economic Literacy and See How You Rank Against Your Peers
This test was better. I missed the very first question but got all the others for a 95% grade. (The first one was about the number of fast food restaurants and the quality of their food.) IMO, they didn't have the right answer, which in my experience has been higher prices and lower quality.
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Old 03-26-2015, 12:28 PM   #19
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This test was better. I missed the very first question but got all the others for a 95% grade. (The first one was about the quality of food at fast food restaurants.) They didn't have the right answer IMO which in my experience has been higher prices and lower quality.
That was my thought too. Perhaps auto body shops would have been a better example.
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Old 03-26-2015, 12:32 PM   #20
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That was my thought too. Perhaps auto body shops would have been a better example.
I agree. That's how I arrived at my answer, I figured they were asking in terms of generic providers of goods & services, rather than Arby's vs KFC.
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