How Financially Literate Are You?

The average high school teen received a failing grade on financial literacy, contributing to their financial hardships later in life. This is a sample quiz of everyday financial situations adults come across.

Created by Gary Mitchell(User Generated Content*)User Generated Content is not posted by anyone affiliated with, or on behalf of, Playbuzz.com.

On Jun 7, 2016

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Jerry and James both go to the bank to get a loan. Jerry wants a loan so that he can travel the world-teaching children how to read, while James wants a loan to buy a brand new Ferrari. Who is more likely to receive a lower interest rate?

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Eva wants her parents to help her buy a car that costs $8,000 for her graduation present. She decides to open a savings account with PELC Bank that offers her an interest rate of 10%. If she puts $5000.00 into the account today and allows it to earn monthly compounding interest for 24 months, how much money will her parents need to give her to pay for the car?

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An example of an opportunity cost is

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John needs $3,000 to make a down payment on a sports car. He is withdrawing the money today from a $3,000 certificate of deposit (CD) which will reach maturity in six months. It is likely that he will have to

5 / 5

Carlos pays his credit card balance every month. Once a week he gets several credit card offers in the mail. Which of the following credit cards offers, makes the most sense for Carlos?

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