This financial literacy quiz is designed to identify where you are along the continuum ranging from 1 to 10. Beginners would be those who answered 1, 2 or 3 with a yes. Intermediates would fall between 4 and 7. Advanced would be those who could answer yes to 8 or more of the questions.

Once you identify your initial starting point, work down the path of becoming a financial pro! P.S. If you have an answer that ends with a “sort of” or “sometimes,” go ahead and place those responses in the NO category. Only answer yes when you clearly understand and can explain the question.

Do you know the top two ways used to increase or decrease a credit score?

Can you explain how to complete a net worth statement and why you should?

Can you explain opportunity costs when making financial decisions and why it is so important?

Can you explain how deductibles affect the amount you pay regarding insurance premiums?

Can you explain stocks and bonds and their differences?

Can you explain the differences between whole life insurance and term life insurance?

Can you explain the difference between a load mutual fund and a no-load mutual fund?

Can you define the marginal tax rate, effective tax rate, and FICO tax?

Can you identify three or more types of risk in regards to saving/investing your money?

Can you explain modern portfolio theory?

Thank you for taking my quiz.

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