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Old 02-16-2014, 05:46 AM   #21
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Too easy. I'm afraid the test results would give some people a false sense of confidence regarding their financial prowess.
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Old 02-16-2014, 07:10 AM   #22
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16/16 I'm from UK and I don't even need to know the difference between 410 and Roth etc. might need to spend more time looking at UK appropriate investment advice?!...
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Old 02-16-2014, 07:21 AM   #23
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16/16. Thought some of the questions were worded strangely tho.
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Old 02-16-2014, 07:21 AM   #24
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I got 100%, but I too think the quiz was pretty easy. I hesitated on the car loan question as we've never had one.

I'd like my DH to take the quiz. I'm really concerned about him and don't know how he'd score. I've done all of the money management throughout our lives, including retirement investing. I've put together a "look at this in case I die" binder, but that just tells him what we have and where it is.
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Old 02-16-2014, 08:00 AM   #25
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Originally Posted by Walt34 View Post
I too missed 8 because I figured the lender would be looking at the worst-case scenario of a rate hike immediately after the loan was issued and base the lending criteria on that. I forgot how short-sighted they are.
I did the same mental gymnastics. I should have remembered that I always over-think easy questions. It didn't help that I hadn't looked at mortgages in decades.
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Old 02-16-2014, 09:01 AM   #26
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100% and I agree it's too easy.
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Old 02-16-2014, 09:13 AM   #27
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16 for 16...Pretty basic but nice to know I can handle the basics.
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Old 02-16-2014, 09:27 AM   #28
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Still taking the test.... but found that question 11 answer is wrong...


they have "Allows you to shelter retirement savings from taxation"...


Shelter means to protect from.... but all it does is defer taxation, a ROTH shelters it from taxation...


Finished... 16 of 16.... and I do not think the last few questions can be answered different than what they have...
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Old 02-16-2014, 04:32 PM   #29
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Still taking the test.... but found that question 11 answer is wrong...


they have "Allows you to shelter retirement savings from taxation"...


Shelter means to protect from.... but all it does is defer taxation, a ROTH shelters it from taxation...


Finished... 16 of 16.... and I do not think the last few questions can be answered different than what they have...
In the context the questions was presented I interpreted "shelter" as synonymous with "deferral". Wikiedia's entry on tax shelters includes retirement accounts as a tax shelter, to wit:

Quote:
Other tax shelters can be legal and legitimate:....
  • Retirement plan. In order to reduce burden of the government-funded pension systems, governments may allow individuals to invest in their own pension. In the USA these sanctioned programs include Individual Retirement Accounts (IRAs) and 401(k)s. The contributed income will not be taxable today, but will be taxable when the individual retires. The advantage to these plans is that money that would have been taken out as taxes is now compounded in the account until the funds are withdrawn. With the Roth IRA and the newly introduced ([2006]) Roth 401(k), income is taxed before the contributions are made into the account but are not taxed when the funds are withdrawn. This option is preferred by those workers who expect to be in a higher tax bracket during retirement than they currently are. A similar system is available in the United Kingdom and is known as the Individual Savings Account.
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Old 02-16-2014, 05:46 PM   #30
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100%. Much better than when I was in high school......
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Old 02-16-2014, 06:00 PM   #31
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Old 02-16-2014, 08:03 PM   #32
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100%
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Old 02-16-2014, 08:56 PM   #33
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Old 02-16-2014, 08:57 PM   #34
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14 out of 16. missed numbers 8 & 14. When I was single I picked dental insurance over disability insurance. Thought for sure a fixed rate mortgage was the right answer.
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Old 02-16-2014, 09:29 PM   #35
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16 out of 16 here too.
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Old 02-16-2014, 09:31 PM   #36
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16 of 16. Much credit goes to the great people contributing to this web site!
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Old 02-17-2014, 12:11 AM   #37
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Too easy if I can ace it (I don't know much)
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Old 02-17-2014, 05:31 AM   #38
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16 out of 16

12 was a complete guess for me since I'm not from the US.
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Old 02-17-2014, 06:34 AM   #39
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Probably goes good with beer.

Yes but even better without cheese.
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Old 02-17-2014, 10:13 AM   #40
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I think I would run from an advisor that bragged he passed this in his prime.

not very hard ...I think it is on a web site to sell something ...gimmick
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