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08-31-2020, 07:51 AM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Quote:
Originally Posted by RetiredAndLovingIt
5 out of 6, the bonus question got me.
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Ditto
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"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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08-31-2020, 07:55 AM
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#22
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Recycles dryer sheets
Join Date: Apr 2005
Location: World Citizen
Posts: 150
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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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08-31-2020, 08:18 AM
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#23
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Recycles dryer sheets
Join Date: Mar 2007
Posts: 315
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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.
__________________
"Retirement isn’t really a switch you flip at a certain age anymore," the Schwab report states. "It’s a financial state that allows for the flexibility to make work optional."
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08-31-2020, 08:34 AM
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#24
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Recycles dryer sheets
Join Date: Sep 2012
Location: Spring, Texas
Posts: 483
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What RunningMan said
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08-31-2020, 08:56 AM
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#25
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Dryer sheet aficionado
Join Date: Jul 2017
Posts: 43
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Quote:
Originally Posted by pb4uski
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.
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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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08-31-2020, 09:10 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Des Moines
Posts: 1,376
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6/6 here too.
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Retired in 2013 and we are living the dream!
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08-31-2020, 09:53 AM
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#27
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Full time employment: Posting here.
Join Date: Dec 2003
Location: San Carlos, CA
Posts: 635
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Quote:
Originally Posted by Lewis Clark
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.
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Yes!
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08-31-2020, 10:07 AM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,318
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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.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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08-31-2020, 10:14 AM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,337
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Quote:
Originally Posted by stepford
Unsurprisingly most here got 6/6, but what interests me is the different methods everyone used for number 6. ...
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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.
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08-31-2020, 10:17 AM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,318
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Quote:
Originally Posted by OldShooter
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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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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Idleness is fatal only to the mediocre -- Albert Camus
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08-31-2020, 10:49 AM
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#31
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Recycles dryer sheets
Join Date: Aug 2020
Location: Houston
Posts: 108
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6 out of 6. I am surprised at the low national average.
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08-31-2020, 11:33 AM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2009
Posts: 5,307
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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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08-31-2020, 11:50 AM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,309
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I hope these aren’t like the Series 6x Exam questions.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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08-31-2020, 01:21 PM
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#34
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gone traveling
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,406
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I initially thought they were trick questions as they were too simple.
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08-31-2020, 06:38 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,702
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6 outta 6 right!
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Dispatcher, then shift supv, then administrator for a regional 9-1-1 call center
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08-31-2020, 06:53 PM
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#36
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Moderator
Join Date: Nov 2015
Posts: 13,879
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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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FINRA Financial Literacy Quiz
08-31-2020, 09:29 PM
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#37
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Recycles dryer sheets
Join Date: Aug 2016
Location: Austin
Posts: 182
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FINRA Financial Literacy Quiz
I added 6/6 for the Texas team...
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08-31-2020, 09:46 PM
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#38
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Posts: 2,053
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6/6 - rather scary as I do not consider myself financially adept.
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09-01-2020, 10:39 AM
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#39
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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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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For the fun of it...Keith
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09-01-2020, 10:57 AM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,701
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Quote:
Originally Posted by kcowan
without much competence
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Welcome to the state of financial literacy in the USA. Yes, it is that bad.
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Retired Class of 2018
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