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Are you smarter then a 12th grader?
"U.S. News & World Report posted an excellent six-question financial literacy quiz that most 12th graders can pass. Can you?
The quiz is produced by the Jump$tart Coalition for Personal Financial Literacy and asks several surprisingly complex questions about credit, savings, and loans.
There's no shame in missing a question. U.S. News & World Report's very own Alpha Consumer missed one, and in the interests of fairness and besmirching our own (good?) name on the internet, we had to guess (correctly!) on one or two ourselves."
(Story if found it in - http://consumerist.com/376324/are-you-smarter-than-a-12th-grader)
I got 5 out of 6. But im in 12th grade and they sure as hell never tought me any of that. Public school has failed me! Missed question 2.
Anyone get all 6 without cheating?
Comments
Woot, one right!
..then again I'm 14 with absolutely no knowledge of finance whatsoever
Damn, Got 5 out of 6. I would have got all 6 if I had of gone with my first instinct on Question 6 but I thought about it too long and talked myself out of it. lol
Bren
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{
beat();
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5/6
I missed #3 but I read it wrong. After reading it again, I couldn't understand how I missed it. I never learned anything like this in school either. Or, maybe they tried to teach it and I simply wasn't paying attention at the time. The latter is very likely.
6/6 without cheating, with one guess (#2, as I'm not an american) and two deduced from common sense (#4 and #6, the former again because I'm not american, and the latter because it made more sense).
We in the UK, at year 11 (16 years old), have Citizenship classes (either as part of Personal, Social and Health Education class, or as a seperate class altogether) where they broach subjects like that. We do things like looking at the different account types, and methods for avoiding taxes (not illegally:P ; tax free ISAs and such), as well as how tax will apply to us, and also how applying for credit/loans will.
Nothing quite as specific as what's in that questionnaire, but pretty close.
Strangely we don't get any education on similar things as they become more relevant to us during year 12 and 13 (ages 17-18), unless the school decides they want to, and even then it would be strictly optional as it's not government endorsed.
dang i got 5.... i also missed question 2
6/6
But I definitely didn't learn that stuff in high school.
Me either, I'm not sure what they were thinking when they said that.
Now, I did learn that stuff during the high school period, just from other sources.
No man is an island, entire of itself; every man is a piece of the continent, a part of the main. any man's death diminishes me, because I am involved in mankind, and therefore never send to know for whom the bell tolls; it tolls for thee.
Hemingway
6/6
And I did learn the vast majority of that in high School. But I took AP Economics in 11th grade so that might be the reason why. (Of course that was 12 years ago so it is a tad fuzzy which classes I learned what in.
)
Currently playing:
LOTRO & WoW (not much WoW though because Mines of Moria rocks!!!!)
Looking Foward too:
Bioware games (Dragon Age & Star Wars The Old Republic)
I'm in 12th grade and I got 1 right.
Can someone explain to me the meaning of "collateral" and how the car is collateral for the loan in the first question? Is it because he could aways sell the car and get the money back whereas money spent on the vacation is gone forever?
i agree with you...and i just got 4/6...however, i'm 24...what's up with me...
The loan for a personal trip such as a vacation has no value to a lending institution...none...so the interest will generally be higher due to the risk of default be the borrower and the lender could potentially loose money if this happens. The car itself is collateral and if the borrower fails to make payments the lender can repo the car and then try to recoup the loan by selling the vehicle again and because of this the car loan is not as great a risk as the personal loan for someone to take a vacation and the interest rate is generally better.
3/6 which I consider to be a very good score. A few of the question seemed to apply only to USA, which of course for me as a little Swede may be quite a challenge to know; I doubt any of you would know very much about financial stuff over here. Additionally I found myself having problems with the English when I need to think about what it means as well as if it's true or false, resulting in some guessing on the meaning and questions.
5 of 6
1/6 T^T
I should go to reatusy again in the high school
6/6 - but I'm in the finance business.
5 out of 6. The bond one flew over my head because I just dont invest that way. I tend to collect money and buy things which make me money. I.E. I mean I buy tools to do work myself. Old fashioned but ill still be a millionaire eventually if I keep saving.
6/6
I’m not American, so I had to make an educated guess at #2.
Damn 5/6, missed #2. We had to take a personal finance class in high school to graduate. It was just one semester though.
Your mind is like a parachute, it's only useful when it's open.
Don't forget, you can use the block function on trolls.
You got the idea pretty much.
If both men were to default on their loans at least the bank can seize the car.
I got the last one wrong. My gut instinct was to pick stocks but I thought about it and figured unless you get lucky their is too much risk in investing like that.
You got the idea pretty much.
If both men were to default on their loans at least the bank can seize the car.
I got the last one wrong. My gut instinct was to pick stocks but I thought about it and figured unless you get lucky their is too much risk in investing like that.
Didn't realize that state bonds weren't insured.
This is a sequence of characters intended to produce some profound mental effect, but it has failed.
The federal government can always print new money to pay back their loans/bonds. Of course any government that floods the market with more money has ramifications, but we don't need to dive any further.
6/6 but I'm an accountant.