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Old 08-31-2020, 07:51 AM   #21
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5 out of 6, the bonus question got me.
Ditto
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Old 08-31-2020, 07:55 AM   #22
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The rule of 72 allowed me to ace 6 of 6. Otherwise a test every young person should be required to take!
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Old 08-31-2020, 08:18 AM   #23
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6/6 and I'm reminded that the math needed is simple multiplication and being able to turn what is a verbal "problem" into an equation. At that point you don't even need to be able to multiply - calculators are everywhere.
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Old 08-31-2020, 08:34 AM   #24
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What RunningMan said
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Old 08-31-2020, 08:56 AM   #25
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I didn't do any complex calculations... with simple interest it would take 5 years to double...so with compounding the answer has to be less than 5 years ... whcih suggested the 2-4 year choice... and with compounding it would have to be more than 2 years... so 2-4 years had to be the right answer.

This. I didn't know the rule of 72, but the question was easy if you know what compounding is. They also gave you a nice easy number to calculate ($1k x 20% = $200).
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Old 08-31-2020, 09:10 AM   #26
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6/6 here too.
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Old 08-31-2020, 09:53 AM   #27
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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!
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Old 08-31-2020, 10:07 AM   #28
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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.
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Old 08-31-2020, 10:14 AM   #29
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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.
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Old 08-31-2020, 10:17 AM   #30
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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.
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Old 08-31-2020, 10:49 AM   #31
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6 out of 6. I am surprised at the low national average.
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Old 08-31-2020, 11:33 AM   #32
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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....
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Old 08-31-2020, 11:50 AM   #33
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I hope these arenít like the Series 6x Exam questions.
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Old 08-31-2020, 01:21 PM   #34
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I initially thought they were trick questions as they were too simple.
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Old 08-31-2020, 06:38 PM   #35
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6 outta 6 right!
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Old 08-31-2020, 06:53 PM   #36
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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.
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Old 08-31-2020, 09:29 PM   #37
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FINRA Financial Literacy Quiz

I added 6/6 for the Texas team...
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Old 08-31-2020, 09:46 PM   #38
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6/6 - rather scary as I do not consider myself financially adept.
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Old 09-01-2020, 10:39 AM   #39
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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.
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Old 09-01-2020, 10:57 AM   #40
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without much competence
Welcome to the state of financial literacy in the USA. Yes, it is that bad.
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