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Old 02-17-2014, 10:23 AM   #41
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DH missed just one and he chooses to be financially ignorant for the most part. He said he just answered with things he had heard of (he has no clue exactly what a Roth IRA is vs a traditional one, e.g., but he answered correctly with it).

It was fun to take the quiz and thanks to the OP for posting it. A perfect score and a couple of dollars will get you a cup ofDunkin Donuts coffee.
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Old 02-17-2014, 10:27 AM   #42
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I only got 14 of 16, but it was my fault for rushing. I missed #2, a no-brainer, because I initially read through it too fast and thought it asked if your assets increased by $5K and your liabilities increased by $3K... when it actually asked if your liabilities decreased by $3K.

Also missed #8, which asked which mortgage would let you borrow more money, because I was thinking which mortgage I'd rather have, so I picked a fixed.

Guess I gotta pay attention more when I take these quizzes!
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Old 02-17-2014, 10:30 AM   #43
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It's a pretty simple test, but when tests are so simple, the test writers sometimes take shortcuts. To get net worth do you add together your assets and liabilities or subtract liabilities from assets. It depends on how you do your accounting. If liabilities are negatives, then you add them. If you convert them to positive numbers, then you subtract.

To reduce the total finance costs paid over the life of an auto loan, you should choose a loan with the:

  • Lowest monthly payment
  • Longest repayment term
  • Shortest repayment term
Might be the shortest repayment term, unless of course the INTEREST RATE is much higher. Which isn't mentioned in the question at all. If the question is "all other things being equal" then it is answerable, but none of these are a reliable indicator of the less expensive loan, unless you know ALL the terms of the loan.

Similarly, question 8 about mortgages. If I have low income, then the highest loan amount I will qualify for could be a reverse mortgage, if I have sufficient equity. I think perhaps the test makers oversimplified here, too. Especially confusing if this is an AARP test, so low income and high equity might be common.

With a test this easy, what is it supposed to be testing? It's an AARP site, so maybe it's an early indicator you might need help with your finances if you can no longer score well on the test? Unclear what the objective is here. It says to take the test and see if you make the grade in your age group, but when the test is complete there is no scoring based on age group.

Since anyone can post anything so easily, there seems to be little effort to get little details right anymore.
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Old 02-17-2014, 04:14 PM   #44
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Originally Posted by Major Tom View Post
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.
+1 - no idea about the various types of life insurance.
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Old 02-17-2014, 06:17 PM   #45
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Missed the one on the most your could get on a loan so 15 for 16. I think I'm OK.
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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