FINRA Financial Literacy Quiz

[iloveyoga]

6/6 here too.

 

[Peter]

What is even sadder is how many people are proud to proclaim they are horrible at basic math. Some folks think of weak math skills as a badge of honor somehow, rather than as the handicap it really is.

Yes!

 

[donheff]

6 correct and I didn't know the rule of 72. This was more of a 5th grade math test than a financial literacy test.

 

[OldShooter]

Unsurprisingly most here got 6/6, but what interests me is the different methods everyone used for number 6. ...

The way the answer ranges were set up, I just eyeballed it. No real "method" necessary. Selecting among the answers, none required what I would call "calculations." Eliminate the impossible ones and only one was left.

 

[donheff]

The way the answer ranges were set up, I just eyeballed it. No real "method" necessary. Selecting among the answers, none required what I would call "calculations." Eliminate the impossible ones and only one was left.

I did the same. I started trying to add up in my head and then realized I didn't need a precise result to chose.

 

[Green Papaya]

6 out of 6. I am surprised at the low national average.

 

[Katsmeow]

I was 6 of 6. I do think the bond question is one that many people would not know. On the 6th one, i now realize that I should have just realize it had to be less than the 5 year choice because it was compounded. But, when I saw the question I didn't look at the answers to see the answers choices. I had started to calculate it in my head but then realized I had Excel open on my computer so I just did the calculation there....

 

[jazz4cash]

I hope these aren’t like the Series 6x Exam questions.

 

[davebarnes]

I initially thought they were trick questions as they were too simple.

 

[rk911]

6 outta 6 right!

 

[Aerides]

6 out of 6, but I'm not surprised at the low averages. If I took the test when I was 20 I wouldn't have known a few of them.

Bonds? nah... non-investors might not even know what they are.

The math on a 15 year mortgage? If you haven't even yet thought about a mortgage at all why would you know that...and that's a LOT of people in this country.

The 20% compound for 5 years thing was pretty obvious it wasn't 5, but was it 2-4? Without a calculator, or the rule of 72, that might sound low.

So, yeah, 6 out of 6 today but probably I'd have had 5/6 10 years ago, and 3/6 when I was fresh out of school.

 

[Austin704]

I added 6/6 for the Texas team...

 

[badatmath]

6/6 - rather scary as I do not consider myself financially adept.

 

[kcowan]

The questions were so deceptively easy that I question how the results will be used.

Surely many could be guessed at without much competence except for #6.

 

[JoeWras]

without much competence

Welcome to the state of financial literacy in the USA. Yes, it is that bad.

 

[teejayevans]

6 correct. The quiz was pretty easy in my estimation.

The bonus ? Required the back of an envelope and a pen but the others were easy.

 

[Souschef]

6/6 I remembered the rule of 72 for the bonus.

 

[mickeyd]

I approach a quiz like this like I used to approach exams in school. I quickly scan the Q and get a sense of what is being asked, then I quickly come up with an possible answer, then proceed to more complicated process to arrive at my final response.

That may be how I have addressed most of my problems in life.

 

[Scrapr]

Perfecto. I forgot Rule of 72 so I guestimated by doing some math in my head. Then looked at the possible answers.

Pulled up the curve for Oregon at 3.1. May be the first time I have ever been a curve breaker. Now all the other Oregonians will be giving me dirty looks

 

[aja8888]

Got 6 out of 6 and did number 6 in my head. Scary about the state results as this was quite easy.

 

[gcgang]

7.

 

[ragabnh]

My IQ is 30 and I got 6 out of 6, bonus question is simple math 1.2^4=2.0736 4 years for the amount to double.

 

[gooddog]

6 of 6, and would imagine almost everybody on these forums would get at least 5. That said, the scary thing is that the national average is 3, or 50% right on a multiple guess quiz that is this simple.

 

[carty1]

6/6 (Correct that is).

 

[RobbieB]

Lotsa stupid people out there. Try to avoid them whenever possible.