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Financial Literacy Quiz - FinancialLiteracyQuiz.com

Award-Winning Author, Braun Mincher, recently released his new book, The Secrets of Money: A Guide for Everyone on Practical Financial Literacy, with his goal being to combat the "Financial Illiteracy Epidemic" sweeping the nation. This book designed for anyone to improve their financial IQ and get the most out of every dollar they make.  We have designed this quiz to help you determine your current financial literacy using questions that can easily be answered after reading Braun's book. You will likely find most of these questions to be challenging before then -- that is how it was intended, but these are things that each and every one of us will encounter out in the "real world," and thus, topics that we should all have the basic knowledge of. The full quiz (50+ multiple choice questions) will take approximately 15 minutes to complete.

10 QUESTION QUICK QUIZ
 
Don't have time for the full quiz?
Click here to take the short version of our Financial Literacy Quiz. 		 
 

Please understand that this is a BETA version of the Quiz. We are still refining the questions and answers, and VERY MUCH WELCOME your input and feedback about your experience with the quiz. If you find questions that are not clear, or answers you do not feel we have correct, we really want to know. Please use the Contact Form to submit your comments, and if possible, reference the "FLQ-XXX" number of the question (rather than the question #, which can change dynamically since it is randomized). Thank you in advance for your cooperation in making this Quiz even better! Your input is invaluable.

We ask you to include some demographic information so we can best compare your results to others who have taken the quiz. When you have submitted the quiz, you will have the opportunity for a copy to be sent to you via email so that you can review it at your convenience. A score of 75% or better is considered passing. All quiz questions are protected by copyright.

QUIZ STATISTICS
 
Average Score:   48.82%
High Score 92.67%
Low Score: 5.77%
 
 

Demographic Information:

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Gender: Male
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Have you already read Braun Mincher's Book
The Secrets of Money:
A Guide for Everyone on Practical Financial Literacy?		 Yes
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Upon completing the quiz, you will get your score via email. In addition you will be added to Braun’s exclusive newsletter (you can unsubscribe at any time and we will never sell or rent your email address).
1.  Which of the following are major consumer credit reporting bureaus? (Check all that apply) (FLQ-25)
Equifax
Experian
FICO
TransUnion
2.  With the most commonly used 3-digit credit scoring system, what is generally considered the absolute best credit score? (Select One) (FLQ-26)
650
750
850
950
999
3.  When are you entitled to receive a copy of your credit report? (Select One) (FLQ-28)
Never, it is proprietary information of the credit bureaus
Only when you ask and pay a $39 fee each time
Only when you have been denied credit or employment
Once per year for free
4.  If your credit card was stolen, and you promptly notified the credit card issuer, what is your liability under Federal Law for any unauthorized charges before that time? (Select One) (FLQ-29)
$-0-
$50
$100
Unlimited
5.  Which type of financial institution is member owned and generally has the lowest overhead with the best interest rates? (Select One) (FLQ-31)
Local Bank
National Bank
Credit Union
Savings & Loan
6.  For tax purposes, for how many years may RESIDENTIAL rental real estate be depreciated for? (Select One) (FLQ-32)
20.5
25
27.5
30
7.  As it relates to a homeowner and their personal residence, which of the following are generally tax deductible items? (Check all that apply) (FLQ-34)
Principal Payment
Mortgage Interest
Property Taxes
Hazard Insurance
Maintenance
8.  When a piece of investment property has appreciated the owner may defer capital gains taxes by exchanging it for another piece of like-kind property of equal or greater value. What is this process commonly called? Hint: It is the IRS code referring to a "Starker Exchange." (Select One) (FLQ-35)
1011
1021
1031
1041
9.  When conveying (selling) a piece of real estate, which type of transfer deed offers the LEAST amount of protection to the BUYER? (Select One) (FLQ-36)
Quit Claim Deed
General Warranty Deed
Special Warranty Deed
Public Trustee's Deed
10.  The term "PITI" is frequently referred to as it relates to mortgages. What does it stand for? (Select One) (FLQ-37)
Payment = Interest + Taxes + Insurance
Principal + Income + Taxes + Interest
Principal = Interest + Taxes + Insurance
Principal + Interest + Taxes + Insurance
11.  Private Mortgage Insurance (PMI) is required by mortgage lenders on certain loans and the cost of this premium is then passed on to the borrower. If you are purchasing a residential property for your primary residence, how much do you generally need as a down payment to avoid being subject to the unnecessary expense of PMI? (Select One) (FLQ-38)
10%
15%
20%
80%
12.  Generally, how many percentage points GREATER is the Prime Rate (what banks charge their best customers) from the Fed Funds Rate (which banks lend to each other at)? This is also sometimes called the "margin." (Select One) (FLQ-40)
1%
2%
3%
4%
13.  What does the Annual Percentage Rate (APR) refer to? (Select One) (FLQ-41)
The interest rate you are being charged.
The effective interest rate taking into account any one-time fees.
The monthly interest rate multiplied by 12 months.
The dollar amount of interest you pay over the term of the loan.
14.  A consumer takes out a payday loan for $100 which has a $15 fee. At the end of 2 weeks, the consumer pays back the full $115. What was the annual percentage rate (APR) charged on this loan? (Select One) (FLQ-42)
15%
115%
191%
391%
15.  When shopping for a car at a dealer who offers financing, what is a negotiating variable? (Check all that apply) (FLQ-43)
Price
Down Payment
Monthly Payment (Interest Rate & Term)
Trade-In Value
16.  What is a source for new car financing? (Check all that apply) (FLQ-44)
Auto Dealer
Auto Manufacturer
Local Bank or Credit Union
Online Auto Lender
17.  Which types of interest are generally tax deductible? (Check all that apply) (FLQ-46)
Mortgage Interest
Home Equity Line of Credit Interest
Credit Card Interest
Auto Loan Interest
18.  Which type of life insurance would likely have the lowest cost premiums? (Select One) (FLQ-47)
Traditional Whole Life
Universal Life
Variable Life
Term Life
19.  If you caused a car accident, which type of insurance would cover the damage to your own vehicle? (Select One) (FLQ-49)
Workers' Comp
Liability
Collision
Comprehensive
Umbrella Policy
20.  Retirement income paid by a company is called: (Select One) (FLQ-50)
Pension
Social Security
Profit Sharing
401(k)
21.  Which of the following are generally deductible for income tax purposes? (Select Any that Apply) (FLQ-51)
Commuting Expenses (to/from Work)
Funeral Expenses
Work-Related Moving Expenses (50+ Miles)
Late Fees on Property Taxes
22.  What is currently the LOWEST and HIGHEST federal income tax rates? (Select One) (FLQ-52)
5% and 35%
5% and 39%
10% and 35%
10% and 39%
23.  For how long must an investment be held to qualify as a LONG TERM capital gain? (Select One) (FLQ-53)
90 days
360 days
365 days
366 days
24.  What is the current long-term federal capital gains tax rate for those in the 25-percent or greater income tax brackets? (Select One) (FLQ-54)
5%
10%
15%
20%
25%
25.  Which of the following CANNOT be depreciated for tax purposes? (Select One) (FLQ-55)
Land
Residential Rental Real Estate
Non-Residential Rental Real Estate
Business Furniture or Appliances
26.  What type of deduction allows you to depreciate up to $108,000 of business equipment (i.e. furniture, computers, tools, etc.) in the year it is placed into service, as opposed to having to depreciate it over a period of time such as 5 to 7 years? (Select One) (FLQ-56)
Section 8 Deduction
Section 179 Deduction
Section 232 Deduction
Section 1040 Deduction
27.  How much is the current Self Employment tax rate that those who work for themselves pay? (Select One) (FLQ-57)
.8%
1.45%
6.2%
15.3%
28.  Which of the following payroll expenses are required to be paid by the EMPLOYER? (Check all that apply) (FLQ-58)
Social Security (6.20%)
Medicare (1.45%)
State Unemployment
Federal Unemployment
Workers' Compensation Insurance
29.  Which type of loan will generally have the LOWEST interest rate? (Select One) (FLQ-60)
Auto Loan
Home Mortgage
Credit Card
Home Equity Line of Credit (HELOC)
30.  As it relates a new mortgage loan, what are points? (Select One) (FLQ-62)
An origination fee paid by the borrower (buyer) to the seller.
An origination fee paid by the seller to the borrower (buyer).
An origination fee paid by the borrower (buyer) to the lender.
An origination fee paid by the seller to the lender.
31.  How are mortgage brokers generally compensated for their services? (Select One) (FLQ-63)
They charge a flat 'underwriting' fee to the borrower.
Both a 'front end' and 'back end' commission.
Solely the 'origination fee' percentage.
When the mortgage is sold to a bank after closing.
32.  Which of the following would generally most accurately estimate the value of a specific property? (Select One) (FLQ-64)
County Assessment
Appraisal
Public Records of Past Sales Prices
Competitive Market Analysis (CMA)
33.  What is the "Rule of 72" used to calculate? (Select One) (FLQ-65)
Time required to double your money
Time value of money
Return on investment (ROI)
Cash-on-Cash Return
34.  Which of the following healthcare plans offer a tax deduction for the insured CONSUMER, and can build up a cash value over the years if not spent? (Select One) (FLQ-66)
Cafeteria Plan
Flex Spending Account (FSA)
Co-Pay Plan with Deductible
Health Savings Account (HSA)
35.  Which of the following are generally NOT covered by traditional health insurance plans? (Check all that apply) (FLQ-67)
Cosmetic Surgery
Contact Lenses & Solution
Visit to Doctor's Office for a cold
Non-Prescription Medications
36.  Generally speaking, a real estate agent showing an open house or a model home: (Select One) (FLQ-68)
Can effectively represent BOTH the Seller and the Buyer as their agent.
Solely represents the interests of the Seller.
Solely represents the interests of the Buyer.
Is neutral in representing the interest of either the Buyer or the Seller.
37.  When you retain a real estate agent to represent you in buying a house, how are they generally compensated? (Select One) (FLQ-69)
You are required to pay them a percentage of the purchase price, whether the deal closes or not.
You pay them a percentage of the purchase price for their services.
The agent only gets paid when you sell the house in the future.
The seller, or the seller's agent, pays them a percentage of the purchase price for their services. The buyer does not directly pay for their services.
38.  The terms Real Estate Agent and Realtor are often used interchangeably, which is incorrect. What is the difference between them? (Check all that apply) (FLQ-70)
An 'agent' or 'broker' does NOT need a license from their state, but a 'Realtor' does.
A 'Realtor' subscribes to a Code of Ethics
A 'Realtor' is a member of the local, state and national trade association.
A 'Realtor' can list a property on the local Multiple Listing Service (MLS).
39.  When purchasing a home, what type of insurance is generally purchased to protect the new Buyer from what may have happened with ownership defects in the past? (Select One) (FLQ-71)
Title Insurance
Homeowner's Insurance
Errors & Omissions Insurance
No-Fault Insurance
40.  Which type of property will generally have the LOWEST property taxes? (Select One) (FLQ-72)
Residential
Commercial
Vacant Land
Agricultural
41.  What are the income tax implications if you sell your personal residence for $100,000 more than you purchased it for 10 years ago? (Select One) (FLQ-73)
You will pay 'ordinary income tax' on the gain at your normal income tax rate.
None - The gain is tax free.
You will pay capital gains taxes on the profit.
If you purchase another house of equal or greater value, there will be no tax on the gain, but if you do not, you will pay regular income taxes on the gain.
42.  Under a residential lease agreement, the joint and several provision means: (Select One) (FLQ-74)
The Tenant can sue the Landlord personally, even if the property is owned by a corporation or LLC.
The tenant can sue BOTH the property management company and the property owner.
The Landlord can hold any of the tenants responsible for the obligations of the others.
The Landlord and the Tenant both acknowledge that they are parties to the Lease Agreement.
43.  Most commercial, retail or office leases are triple net (NNN). Under a NNN lease, what costs is the Tenant generally responsible for in addition to the base rent? (Check all that apply) (FLQ-76)
Maintenance
Insurance
Property Taxes
Mortgage Payment
44.  Which document generally allows your designated agent the limited ability to make HEALTHCARE decisions on your behalf if you are unable? (FLQ-82)
General Power of Attorney
Limited Power of Attorney
Special Power of Attorney
Durable Power of Attorney
45.  Which document lets everyone, especially your doctors, know your wishes if you are terminally ill and unable to make decisions yourself (Select One)? (FLQ-83)
Living Will
Last Will and Testament
Power of Attorney
Codicil to a Will
46.  If you die without a Will, and you do not have a spouse, what generally happens to your "stuff," including any assets or money you might have (more formally known as your "estate")? (Select One) (FLQ-84)
It is all sold at public auction with the proceeds going to a 501(c)(3) charity.
Your closest living relative decides who gets what.
It is decided by a probate court.
It automatically becomes the property of the State.
47.  Which type of investments offer the benefit of only being taxed on the contributions, but NOT being taxed on the growth (increase in value over time)? (Check all that apply) (FLQ-85)
Roth IRA
Traditional IRA
Roth 401(k)
Traditional 401(k)
48.  What is definition of the PRIME RATE? (Select One) (FLQ-87)
Weighted average of the cost of borrowings (funds) to member banking institutions.
Interest rate charged by banks to their most creditworthy customers.
Average yield on United States Treasury securities.
Interest rate at which banks lend balances to the Federal Reserve.
49.  What is the current U.S. Prime Rate? (Select One) (FLQ-89)
3.00%
3.25%
4.50%
3.75%
50.  If your employer offers a 401(k) savings plan, what is the maximum amount you can contribute in 2009 (assuming you are under 50 years old)? (Select One) (FLQ-86)
$1,500
$6,500
$10,500
$16,500
51.  As it relates to health care, what does the term "HIPAA" stand for? (FLQ-90)
Health Industry Portability & Privacy Act
Health Insurance Program Administration Act
Health Insurance Portability & Accountability Act
Health Industry Profitability Act for America
52.  Which types of borrowings would a change in the PRIME RATE affect?(Check all that apply) (FLQ-91)
Credit Card Interest Rate
Traditional Home Mortgage Interest Rates
Car Loan Interest Rate
Business Loan/Lease Interest Rate
Home Equity Line of Credit (HELOC) Interest Rate
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