Are You Smarter Than a 12th Grader?

Every two years, the Jump$tart Coalition for Personal Financial Literacy tests 12th graders' practical money knowledge. The average score usually hovers around 52 percent.

You can test yourself on these sample questions from the 2006 survey. Keep in mind that these questions weren't made up by me, so if you get them wrong, you only have yourself to blame. Just kidding... but really, don't get mad.

Created by: Lance of Financial Accuracy
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  1. Matt and Eric are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge?
  2. Many savings programs are protected by the federal government against loss. Which of the following is not?
  3. Which of the following statements is true?
  4. Doug must borrow $12,000 to complete his college education. Which of the following would NOT be likely to reduce the finance charge rate?
  5. If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?
  6. Kelly and Pete just had a baby. They received money as baby gifts and want to put it away for the baby's education. Which of the following tends to have the highest growth over periods of time as long as 18 years?
  7. Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that last several years?
  8. Which of the following is true about sales taxes?
  9. Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is to start college next year and she needs all of the money she saved. Which of the following is the safest place for her college money?
  10. Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation?
  11. Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?
  12. Which of the following statements best describes your right to check your credit history for accuracy?
  13. Your take home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay?
  14. Retirement income paid by a company is called:
  15. Many people put aside money to take care of unexpected expenses. If Juan and Elva have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they needed it right away?
  16. David just found a job with a take-home pay of $2,000 per month. He must pay $900 for rent and $150 for groceries each month. He also spends $250 per month on transportation. If he budgets $100 each month for clothing, $200 for restaurants and $250 for everything else, how long will it take him to accumulate savings of $600.
  17. Barbara has just applied for a credit card. She is an 18-year-old high school graduate with few valuable possessions and no credit history. If Barbara is granted a credit card, which of the following is the most likely way that the credit card company will reduce ITS risk?
  18. Chelsea worked her way through college earning $15,000 per year. After graduation, her first job pays $30,000. The total dollar amount Chelsea will have to pay in Federal Income taxes in her new job will:
  19. Which of the following best describes the primary sources of income for most people age 20-35?
  20. If you are behind on your debt payments and go to a responsible credit counseling service such as the Consumer Credit Counseling Services, what help can they give you?
  21. Rob and Mary are the same age. At age 25 Mary began saving $2,000 a year while Rob saved nothing. At age 50, Rob realized that he needed money for retirement and started saving $4,000 per year while Mary kept saving her $2,000. Now they are both 75 years old. Who has the most money in his or her retirement account?
  22. Many young people receive health insurance benefits through their parents. Which of the following statements is true about health insurance coverage?
  23. Don and Bill work together in the finance department of the same company and earn the same pay. Bill spends his free time taking work-related classes to improve his computer skills; while Don spends his free time socializing with friends and working out at a fitness center. After five years, what is likely to be true?
  24. If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to Federal law?
  25. Which of the following statements is NOT correct about most ATM (Automated Teller Machine.) cards?
  26. Matt has a good job on the production line of a factory in his home town. During the past year or two, the state in which Matt lives has been raising taxes on its businesses to the point where they are much higher than in neighboring states. What effect is this likely to have on Matt's job?
  27. If you have caused an accident, which type of automobile insurance would cover damage to your own car?
  28. If you went to college and earned a four-year degree, how much more money could you expect to earn than if you only had a high school diploma?
  29. If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?
  30. Which of the following instruments is NOT typically associated with spending?
  31. Which of the following credit card users is likely to pay the GREATEST dollar amount in finance charges per year, if they all charge the same amount per year on their cards?

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Quiz topic: Am I Smarter Than a 12th Grader?