Every two years, the Jump$tart Coalition for Personal Financial Literacy tests 12th graders' money knowledge, and the most recent round of tests produced an average score of 48.3 percent. The coalition shared sample questions in its formal report of the 2008 survey, and I've selected some to share with you. Do you know more than a 12th grader? Take the quiz!
1 of 8Question 1
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Andrea Conti
Lol! Ironically, I work for a tax accountant and I got the income tax question wrong. There are sooo many other factors than just how much money you're making to consider, though.
11 hundo! Take that 12th graders.
2Wow, I expected to do terrible and I got 7/8. I know more than I thought I did!
38/8, well done me. I wish I had logged in to answer the quiz. I could have used the points to buy gifts to my peeps on here. Anyway i'm loving anonymous.
4haha 4/8...
5I think question four has the wrong answer... If your money is in a bank account, it is subject to interest rate fluctuations. If you've invested in bonds, you are for certain going to get the money you invested back PLUS payments, and can often get more money back than you invested if you purchase at a discount. All corporations will buy their bonds back, it just depends on when they're callable.
6I'm surprised a fixed-rate mortgage is better protection than a CD. Maybe I'm just thinking more in terms of best liquid protection, because what happens if the house can't sell?
7Wow, 7/8! ^__^ The only one I got wrong was number 3...I thought older people working towards retirement would be most affected, but thinking about it... It would be older Americans on a fixed income to be the most affected.
8But I'll take 88% everyday of the week. ^^.
peaces
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