Want to test your financial literacy without losing money and learning the hard way? The U.S. News and World Report has posted the Jump$tart Coalition for Personal Financial Literacy’s test for 12th graders. The quiz measures practical money knowledge with questions such as,
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?
A. Sales tax may be charged on the interest that you earn.
B. You cannot earn interest until you pass your 18th birthday.
C. Earnings from savings account interest may not be taxed.
D. Income tax may be charged on the interest if your income is high enough.
Think you know the answer? The average score usually hovers around 52 percent. You can go to the U.S News and World Report’s website and test yourself on these sample questions from the 2006 survey.
You can also take some of our other previously posted quizzes: