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Test Your Money Smarts
Old 02-15-2014, 04:33 PM   #1
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Test Your Money Smarts

I stumbled across this quiz in an Allan Roth column Avoid Money Problems by Age-Proofing Your Finances - AARP. So out of curiosity I took it because Allan said
Quote:
I took the quiz and aced it. But I'm a financial planner, and, at 56, I'm at the peak of my financial competency, according to a study based on this quiz by Michael Finke and Sandra Huston of Texas Tech University and John Howe of the University of Missouri-Columbia. Financial-acuity scores drop by about a percentage point every year after age 60, the study finds.
and gee whiz I got 15 out of 16 correct. I only spent the time it took to read the question and answers, IMO all the answers were obvious. Am I as smart as Allan? Probably not but I wonder if anyone thinks these questions are hard?

The one that tripped me up was #8 and I did think about it for a while. I was uncertain but based upon my analysis of the question and possible reasons for the correct answer I guessed and it was wrong. OK I'm not perfect!

How did you do?

Test Your Financial Knowledge and Compare With Others Your Age - AARP
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Old 02-15-2014, 04:44 PM   #2
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Fun!

All correct.
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Old 02-15-2014, 04:44 PM   #3
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16 out of 16. Easy enough for anyone who reads this forum, reads Kiplinger or Money magazine or watches Suze.

I saw my score and all the Q and As at the end but not how my score compares with others my age.
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Old 02-15-2014, 04:53 PM   #4
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Whoo hoo! I got 16 out of 16. I did have to guess a little on #8 because unlike that big bald guy who ran for president a few years ago and Fonzie I know nothing about reverse mortgages
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Old 02-15-2014, 04:59 PM   #5
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Pretty basic - I can see getting tripped up on #8, I thought about it and could have justified the 'wrong' answer, but got it right for 16/16.

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Old 02-15-2014, 05:03 PM   #6
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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.
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Old 02-15-2014, 05:09 PM   #7
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Either the quiz was really simple or I'm really smart. 16 for 16. OK, bring on the snide remarks.
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Old 02-15-2014, 05:30 PM   #8
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16 out of 16. I think most denizens of this site will find it fairly easy.
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Old 02-15-2014, 05:38 PM   #9
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I only got a couple right. But I don't have to worry about financial stuff since my advisor got me fully invested in a long-term variable annuity indexed to leveraged Venezuelan beaver cheese futures.
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Old 02-15-2014, 05:48 PM   #10
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Venezuelan beaver cheese.
Probably goes good with beer.
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Old 02-15-2014, 06:03 PM   #11
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Nice test. Got them all right. I tried the retirement quiz though and got 4 of them wrong. I guess I'm not an expert on retirement yet!
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Old 02-15-2014, 06:56 PM   #12
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Got 16.
But only got 5/10 on Social Security.
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Old 02-15-2014, 07:12 PM   #13
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16 out 16
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Old 02-15-2014, 07:43 PM   #14
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I missed #15. I've never had to choose a life insurance policy, and don't know one kind from another.
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Old 02-15-2014, 08:00 PM   #15
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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.
That's where I was going too. But then I wondered if they were just figuring based on interest rates and current payment, and a fixed is usually cheaper, so that influenced me. Could have gone the other way just as easily.



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Either the quiz was really simple or I'm really smart. 16 for 16. OK, bring on the snide remarks.
No snide remark required, I think BOTH are true ( aside form #8, which I don;t see as 'hard' just how you view it) . At least that's my story.

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Old 02-15-2014, 08:29 PM   #16
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I scored 14 of 16. Two of the insurance questions at the end got me. I do not agree with #14's answer, as I valued the answer I made over the one it said was "correct." Number 15 I had no clue whatsoever, being that I am single with no kids.
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Old 02-15-2014, 08:35 PM   #17
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I aced it also. I kept worrying that the questions would get harder and I would not know what they were talking about. It was easy.
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Old 02-15-2014, 09:00 PM   #18
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15/16. I goofed on the question about the different types of life insurance (whole life, universal life, and renewable term). I have never bought life insurance, so know very little about it.
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Old 02-15-2014, 10:43 PM   #19
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Old 02-15-2014, 11:13 PM   #20
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It never asked how old I was, so doesn't know how old I am, so can't "compare to others my age". I got 'em all, but had warning to burn a bit of sawdust on 8.
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