Economic and Financial Literacy Quiz
These questions are taken from the National Survey of Financial Capability conducted by FINRA and are used solely to demonstrate financial literacy.
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Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow? *
Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? *
If interest rates rise, what will typically happen to bond prices? *
Suppose you owe $1,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn't pay anything off, at this interest rate, how many years would it take for the amount you owe to double? *
A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less. *
Buying a single company's stock usually provides a safer return than a stock mutual fund. *
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