Financial Literacy Test – Grab A Pencil & Paper

Jump$tart financial literacy multiple choice test 2006You’ve probably heard that high school seniors aren’t doing too well in their knowledge of personal finance with high school seniors scoring just over 50% of the answers correctly (52.4%) on the latest Jump$tart Financial Literacy test. To be fair, however, you should give yourself the test and see how you do, too. So grab a pencil and paper, sit down and take the same test the students recently took and see how well you score (for those who don’t want to take it with pencil and paper, you can take it on your computer):

1. If you have caused an accident, which type of automobile insurance would cover damage to your own car?

a) Term
b) Collision
c) Comprehensive
d) Liability...

[Continue Reading at SavingAdvice.com]

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18 Responses to Financial Literacy Test – Grab A Pencil & Paper

  1. davis says:

    You know, it was more difficult than I thought it would be. I assumed I would breeze through it, but I ended up missing a few. I bet most adults wouldn’t do much better than the students did.

  2. Nick says:

    I missed a couple, too, but it looks like I got all the common sense ones correct.

    “12. Which of the following is true about sales taxes?

    a) You don’t have to pay the tax if your income is very low.”

    If that were the case, you’d see a bunch of rich people roaming around Best Buy walking hand-in-hand with poor people they pay to make their purchases for them. Hmm, maybe that’s not such a bad idea after all…

  3. jodi_m says:

    I did pretty well, but I still had to take a few educated guesses. I find it very interesting that nearly half of the students think they will make over $40,000 right out of college. Unless you are a doctor or a lawyer, I know very few professions that will start out that high (at least where I live).

  4. L Cox says:

    Hmm.. missed 4. One misread question, two that I didn’t know, and one (number 22) with perhaps a more jaundiced outlook on how companies value employees. Interesting how many students thought that over an 18 year period savings bonds would do better than stocks.

  5. Max says:

    One less respect point for Nate. He should have whipped up some radio buttons and a submit button for this quiz. Pencil? Paper? Come on …

    :)

  6. Nate says:

    File > Print

    ;)

  7. Marissa says:

    Missed 6…not bad, I’d say….considering I’m a foreigner that has never lived in the US!

  8. Paul says:

    I missed 4, as well.. definitely tougher than I expected. I would have only missed 2, had I not misunderstood and changed my answers to a couple of questions. :-}

  9. Cap says:

    missed 5. argh. had to sorta educated guess a few too, which turned out to be right but eh. hmm, they’re tougher than expected too.

    yeah, whip up some form & submit button, dammit. I really did grabbed a pen & paper. heh. I bet more people would take the test though.

  10. tanya says:

    Ahhh…can some one please give me the answers I can’t access the page!

  11. mahanda says:

    missed four, did not know most of this in high school course that was a million years ago)

  12. Gigi says:

    I missed a few, but I think some of the questions were poorly written. The wording was awkward and I had to read some questions a few times to figure out what they wanted, and then some of the answers were iffy. Oh well, it was fun though.

  13. bob says:

    I got 6 wrong, It was tougher than I thought it would be. As for the kids in high school who took it, I think it would be a guarantee that the overall results would be below 70%. Why? I went to high school and the words savings, bonds, stocks, credit card debt, money, etc etc etc were never mentioned, words like photosynthesis, gravity, common denominator and gym were more like it. Graduated college as well and never came across any kind of class teaching about an amortization schedule, municipal bonds, stock options, short selling, compounded interest, the rule of 72, the difference between adjusted and fixed mortgages, what 12b-1 fees were and how to avoid them etc etc etc….Instead they offered classes on art history, sociology, physical education and music….

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  16. Cindy says:

    I’m a high school student whose going to be taking the Financial Literacy tomorrow, matter of fact. My Economics teacher said if we fail the test, we fail the class. I made my mom do some of the practice tests and she did exactly the same I did. If there are some who adults can’t do well on it, couldn’t they just make the test a bit easier?

  17. JMBIndy says:

    I’m a little late on this one, but I have to admit that I was surprised that I did as well as I did. Missed 5 total. Very interesting test, though.

  18. Brennan says:

    I got them all right!!! I am a High School Sophomore and I am taking a Financial Planning class and this test has helped me to prepare for FBLA competition.

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