|It looks like they are eating broccolli - great meal!|
The questions come from an article in the Chicago Tribune by Gregory Karp of Spending Smart, Quiz: Your money literacy, presented online at the Baltimore Sun. After discussing the questions, you should read Mr. Karp's answers.
1.Would you rather have $1,000 or a penny doubled every day for a month?
2. Do your credit scores rise when you get a higher-paying job?
3. Is a household budget meant to restrict your spending?
4. Should a child's weekly allowance be tied to household chores?
5. Should I pay off highest interest rate debt first?
6. What is the only official site for getting your credit report?
7. If a thief steals your credit card and charges $1,000, you're responsible for how much?
8. Which investment is likely to provide the highest returns over time: stocks, bonds or certificates of deposit?
9. True or false: You must buy eyeglasses and contact lenses from an eye doctor.
10. What is the form that discloses how financial advisers are paid?
11. Which is more expensive for a family of four: food or financing a new car?
12. How many credit scores do you have?
13. How large should your emergency fund be?
Part of the process of course is discussing the terms. Kids know what an allowance is but probably don't know what a credit report is or even a household budget.