Quiz: Are You Smarter Than a 12th Grader?

Here's a chance to test your personal finance skills.

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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.

  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?

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