What’s Your Financial IQ? Quiz

Find out how smart you are when it comes to spending — and saving — money

Jeff Yeager

En español

Published February 02, 2021

10 Questions

d2bb50b8-f55e-445f-8d32-bd4dbcb1016a

What’s Your Financial IQ? Quiz

[ {
  "question" : "Eliminating which of these monthly services is likely to save you the most money?",
  "answers" : [ {
    "answer" : "Cellphone ",
    "correctAnswer" : false
  }, {
    "answer" : "Cable TV",
    "correctAnswer" : true
  }, {
    "answer" : "Lawn service",
    "correctAnswer" : false
  }, {
    "answer" : "Home phone/landline",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "The average cable TV bill is almost $217 per month, compared to $113 monthly for cellphone, $35 for lawn service and about $30-45 per month for your home phone.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "What day of the week is cheapest to fly?",
  "answers" : [ {
    "answer" : "Wednesday",
    "correctAnswer" : false
  }, {
    "answer" : "Tuesday",
    "correctAnswer" : true
  }, {
    "answer" : "Thursday",
    "correctAnswer" : false
  }, {
    "answer" : "Monday",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "According to a survey by cheapair.com, flying on Tuesday is nearly $85 cheaper than the most expensive day, Sunday.  Wednesday is the second cheapest day to fly; Friday is the second most expensive day.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Which of the following is not likely to be a good bargain at the grocery store during the late winter?",
  "answers" : [ {
    "answer" : "Canned foods",
    "correctAnswer" : false
  }, {
    "answer" : "Frozen foods",
    "correctAnswer" : false
  }, {
    "answer" : "Hot dogs",
    "correctAnswer" : true
  }, {
    "answer" : "Avocados",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "Hot dogs. February is National Canned Foods Month, and March is National Frozen Foods Month, so look for sales on those staples accordingly. Avocados are in season and bargain priced in late winter, but if you want the best price on hot dogs, wait for Memorial Day and July 4th sales, and stock up.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Ben Franklin, who would have turned 310 years old in January, was famous for his frugal wisdom. Which of the following quotes is attributable to the thrifty founding father?",
  "answers" : [ {
    "answer" : "Beware of little expenses. A small leak will sink a great ship.",
    "correctAnswer" : false
  }, {
    "answer" : "A penny saved is a penny earned",
    "correctAnswer" : false
  }, {
    "answer" : "Wine is constant proof that God loves us and loves to see us happy",
    "correctAnswer" : false
  }, {
    "answer" : "All of the above",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "Yes, Ben might have been frugal, but not too frugal to forego an occasional glass of wine or two. Of course, he’s also credited with saying, “It is easier to prevent bad habits than to break them.”",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "To save money by keeping foods at their best for longer, which of the following should not be kept in the refrigerator?",
  "answers" : [ {
    "answer" : "Tomatoes",
    "correctAnswer" : true
  }, {
    "answer" : "Ripe bananas ",
    "correctAnswer" : false
  }, {
    "answer" : "Dried fruit",
    "correctAnswer" : false
  }, {
    "answer" : "Maple syrup",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "When a banana hits its prime, put it in the fridge — the skin will turn dark, but the ripening process of the fruit itself will be arrested. Both dried fruit and maple syrup keep longer if kept cold, but tomatoes can get mealy in the refrigerator, so keep them on the kitchen counter and not in a plastic bag.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "I can remember gas costing about 30 cents a gallon in the 1960s when I was growing up. Gas recently hit an average $2.42 per gallon. Adjusted for inflation, how does that compare with gas costing 30 cents per gallon in 1965?",
  "answers" : [ {
    "answer" : "At 30 cents a gallon, gas was slightly cheaper in 1965 than today",
    "correctAnswer" : true
  }, {
    "answer" : "Gas is now just about the same price as in 1965, when adjusted for inflation",
    "correctAnswer" : false
  }, {
    "answer" : "Gas is now marginally cheaper in today’s dollars than in 1965",
    "correctAnswer" : false
  }, {
    "answer" : "30 cents per gallon in 1965 is equivalent to $5.10 in today’s dollars, so gas today is far cheaper",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "Thirty cents in 1965 was the equivalent of $2.50 today, so a gallon of gas is just a bit less expensive now than it was during the Johnson administration. The highest average price of unleaded regular gasoline was in July 2008, at $4.11 per gallon, according to AAA.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "It can pay to try to negotiate a better price on some purchases, particularly which of the following?",
  "answers" : [ {
    "answer" : "Gym memberships",
    "correctAnswer" : false
  }, {
    "answer" : "Medical services",
    "correctAnswer" : false
  }, {
    "answer" : "A new mattress",
    "correctAnswer" : false
  }, {
    "answer" : "All of the above",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "According to the article “5 Things You Didn't Know You Could Negotiate” on themuse.com, a job-search site, all of these items are negotiable.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "According to the U.S. Department of Energy, heating the house is the single largest use of energy in the typical American home. What is the second largest user of energy?",
  "answers" : [ {
    "answer" : "Cooling the home",
    "correctAnswer" : false
  }, {
    "answer" : "Heating hot water",
    "correctAnswer" : true
  }, {
    "answer" : "Lighting",
    "correctAnswer" : false
  }, {
    "answer" : "Computers/electronics",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "A whopping 19 percent of the energy used in the average house goes into heating hot water. Install low-flow faucets and shower heads to use less water, set the thermostat on the hot water heater to an optimal 120 degrees F, install a special “insulating blanket” on the hot water heater and see the U.S. Department of Energy’s website (www.Energy.gov) for these and a ton of other energy-saving tips.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "According to Forbes magazine, Donald Trump is the wealthiest ex-president, with an estimated fortune of $2.5 billion. Who is the nation’s second-wealthiest president, in inflation-adjusted dollars?",
  "answers" : [ {
    "answer" : "John F. Kennedy",
    "correctAnswer" : true
  }, {
    "answer" : "George Washington",
    "correctAnswer" : false
  }, {
    "answer" : "Thomas Jefferson",
    "correctAnswer" : false
  }, {
    "answer" : "Harry Truman",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "In today’s dollars, JFK had a net worth of approximately $1 billion, followed by George Washington as second wealthiest ($500 million) and Thomas Jefferson in third place ($212 million). Harry Truman is widely considered to be the poorest U.S. president. He was so broke when he left office that he had to move into his mother-in-law’s house back in Missouri. You never think of an ex-president being a boomerang kid.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "When is a smart time to buy a new car?",
  "answers" : [ {
    "answer" : "In the springtime",
    "correctAnswer" : false
  }, {
    "answer" : "When the cost of repairing your old car exceeds its current value",
    "correctAnswer" : true
  }, {
    "answer" : "During the middle of the month",
    "correctAnswer" : false
  }, {
    "answer" : "In the early morning/before noon",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "When the cost of repairing your old car exceeds its current value. This is a good rule of thumb when it comes to the cost of repairing vs. replacing a car and many other items. As far as the other answers, the conventional wisdom about the best times to shop for a new car, according to the website Autotrader.com, are in late summer or early fall, at the end of the calendar year, at the end of the month or quarter, late in the day and shortly before closing time.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
} ]

Quiz Progress

0 Correct

0 Incorrect