Test Your Personal Financial IQ

[mickeyd]

Take this little test. It's pretty simple for a financially literate group like this but if you are like me you may not score 100% (11/11) because I don't care to have much knowledge about new credit card laws that affect only those who do not pay off the monthly balance. 10/11 is my score. Still "perfect" according to the quiz. Wonder how I can be perfect if I missed one?

Even the most financially savvy individuals encounter and sometimes let personal finance myths influence how they manage their money. Some of these misconceptions are rooted in faulty information right from the start. Still others might have been valid at one point, but have only since become outdated. Try this short quiz to test your knowledge of some essential facts about sound money management. (Answers at bottom):


Read more: Financial literacy quiz: Test your financial IQ | Philly | 04/06/2011

 

[freebird5825]

9 out of 11 correct.

I missed the 60 day credit card question (I thought it was 30 days ) and the automatic enrollment in 401(k) questions (a bit tricky ).

So where's my prize?

 

[JmfromTx]

I missed 1,3,9,11. I vegged on 11, shoulda got it right. The credit questions got me. I guessed at all of them and only got number 8 right.

 

[Midpack]

I also got 9 of 11. The ones I missed had to do with credit ratings, something I don't care about at all. Last car I financed was a new 1982 Honda Prelude and we've never made an interest payment to a credit card company in our lives.

 

[grasshopper]

Everyone here is from Lake Wobegon.

 

[Alan]

10 out of 11 - I missed the last one on car insurance.

 

[pb4uski]

9 of 11. missed 2 and 11.

 

[Gone4Good]

I stopped playing when I noticed a misstatement in question #2 . . .

If I own a target-date mutual fund in my 401(k), which minimizes my risk of stock market losses as I approach retirement,

 

[Beryl]

9 out of 11 correct.

I missed the 60 day credit card question (I thought it was 30 days ) and the automatic enrollment in 401(k) questions (a bit tricky ).

So where's my prize?

10 out of 11. I did get the CC question but thought I'd miss it. I haven't carried a balance since '90 when interest was no longer deductible. Glad the greedy banks can't jack up rates so quickly.

 

[bots2019]

Got them all right, but got #11 correct for the wrong reason

 

[packrat44]

Got 10 for 11. Missed #1. I do not keep knowledgable about credit. We do not use credit, except for 1 credit card which is paid off monthly. Never mortgaged any of our houses. However, that is about to change. We have ordered a new Honda and they are offering 0.9% for 60 months. With a rate this low, I prefer to keep my money invested.