My Money Camp Financial Literacy Quiz November 2024
Welcome to the My Money Camp financial literacy quiz!
All the questions and answers to follow are covered during our in-person four-day, 12-hour camp program, as well as our eight hours of supplemental material. This quiz is a perfect opportunity to see where you stand before My Money Camp, knowing that at the end of our program, you should be able to get a perfect score.
The My Money Camp financial literacy quiz includes 50 multiple choice questions and should take about 25 minutes to complete. At the end, you will see your score, along with a summary of correct answers for any questions you missed.
Don't get frustrated with incorrect answers. Keep working and learning, and we hope to see you in person at a My Money Camp near you.
My Money Camp is the nation's fastest-growing provider of financial education for teenagers ages 13-19, bringing a fun and proven curriculum and engaging teachers to hundreds of locations across the U.S. My Money Camp's hands-on four-day program introduces teens to real-world exercises in earning money, spending money, saving money, investing, credit and debt at a price that seems too good to be true. Find a location near you at www.MyMoneyCamp.com.
Welcome to the My Money Camp financial literacy quiz!
All the questions and answers to follow are covered during our in-person four-day, 12-hour camp program, as well as our eight hours of supplemental material. This quiz is a perfect opportunity to see where you stand before My Money Camp, knowing that at the end of our program, you should be able to get a perfect score.
The My Money Camp financial literacy quiz includes 50 multiple choice questions and should take about 25 minutes to complete. At the end, you will see your score, along with a summary of correct answers for any questions you missed.
Don't get frustrated with incorrect answers. Keep working and learning, and we hope to see you in person at a My Money Camp near you.
My Money Camp is the nation's fastest-growing provider of financial education for teenagers ages 13-19, bringing a fun and proven curriculum and engaging teachers to hundreds of locations across the U.S. My Money Camp's hands-on four-day program introduces teens to real-world exercises in earning money, spending money, saving money, investing, credit and debt at a price that seems too good to be true. Find a location near you at www.MyMoneyCamp.com.
1. The price of a car has approximately doubled since the year 2000. This is an example of:
a) Supply and demand
b) Depreciation
c) Inflation
d) Currency fluctuation
e) Productivity increase
f) Dividend growth
2. Money borrowed to buy a home is called a/an:
a) IRA
b) Estate tax
c) An FDIC
d) 401(k)
e) Annuity
f) Mortgage
3. In the U.S. today, loans to purchase a home typically call for payments over ___ years at about ____ percent interest.
a) 30 years at 6.5% interest
b) 20 years at 10% interest
c) 10 years at 8.5% interest
d) 15 years at 3% interest
e) 15 years at 10% interest
f) 20 years at 15% interest
4. If you wanted to turn on the television to learn about what’s going on in the financial markets and business world, you would turn to which of the following networks?
a_ CBS
2) MSNBC
3) TBS
4) CNBC
5) CNN
6) BBC
5. The Rule of 72:
a) Refers to the age that you have to begin taking Social Security payments.
b) Tells you how long it will take for money to double in value.
c) Warns against have more than 72% of your money in stocks.
d) Was a savings guideline formed when average life expectancy was 72 years.
e) Quick math to show you whether it’s better to rent a house or purchase it.
f) Can show you if you are paying too much for a car loan.
6. David, Lillian and Riane all get $1,000 for Christmas. David uses his money to buy stocks. Lillian puts her money in a savings account at the local bank. Riane puts her money in her dresser drawer. What will be true in one year?
a) David will have the most because he bought stocks.
b) Riane will have the least because she did not invest.
c) Lillian will have less money than the others.
d) David and Lillian will have to pay taxes but Riane won’t.
e) Both A and B are correct
f) It is impossible to know who will have the most money in one year.
7. Tulip bulbs, beanie babies and toilet tissue are all illustrations of:
a) Supply and demand
b) Inflation
c) Investment bubbles
d) Depreciation
e) Both A and C are correct
f) All of the above
8. Cameron and Maria spent years saving money for their daughter’s college expenses using a 529 plan, but Jennifer decided not to attend college. The money in the account:
a) Will be penalized if used to buy a new car
b) Can be used to pay for college expenses for another beneficiary
c) Is forfeited
d) Can be used without penalty to open a Roth IRA retirement plan for Jennifer
e) Both B and D are correct
f) A, B and D are correct
9. Buying a share of stock in a company you like:
a) Is almost always a good idea
b) Makes you part owner of a company
c) Means you have leant your money to that company
d) Gives you the right to visit the company's headquarters
e) Makes you a bond holder
f) All of the above
10. Financial experts stress the importance of starting to save and invest early in life because:
a) The cost of goods rises faster than wages over time.
b) Of the power of compounding and appreciation.
c) You have fewer bills to pay when you are young.
d) Social Security was canceled for people born after the year 2000.
e) All of the above are correct.
f) None of the above is correct.
11. The study of Economics and the cost of goods, in simplest form, usually boils down to:
a) Supply and demand
b) Appreciation and depreciation
c) Flora and Fauna
d) Investments and cash flow
e) Net worth and debt
f) Stocks and bonds
12. Fixed expenses in a household budget include:
a) Food
b) Vacations
c) Entertainment
d) Rent
e) None of the above is correct.
f) All of the above are correct.
13) The historical rate of inflation has been about ____% per year and the historical average return of a diversified basket of U.S. stocks over time has been about _____% per year.
a) 2-3% inflation and around 10% average annual return for stocks.
b) 2-3% inflation and around 5% average annual return for stocks.
c) 4-5% inflation and around 8% average annual return for stocks.
d) 4-5% inflation and around 15% average annual return for stocks.
e) 5-6% inflation and around 10% average annual return for stocks.
f) 5-6% inflation and around 17% average annual return for stocks.
14. When a person has a balanced budget that includes savings, then:
a) Net pay = discretionary income.
b) Total expenses = savings.
c) Total income = Total expenses - savings.
d) Total expenses + savings = net pay.
e) Total income = expenses + food and shelter
f) None of these is correct.
15. If you write a check or send an electronic payment for more money than you have in your account, it results in what kind of fee?
a) Void fee
b) Coverage fee
c) Clearance fee
d) Overdraft fee
e) Credit fee
f) Due to a recent law, it does not result in a fee.
16. To be eligible to invest in a Roth IRA, a person must:
a) Be at least 18 years old.
b) Be at least 21 years old.
c) Have earned income.
d) Be self-employed.
e) Both C and D are correct.
f) None of these are correct.
17. A debit card allows a person to:
a) Build wealth through savings and “points” earned through spending.
b) Borrow money for a short term.
c) Spend more money than deposited in a checking or savings account.
d) Increase his or her credit score.
e) Pay for purchases directly from a checking or savings account.
f) All of the above are correct.
18. Paychecks from your employer will contain a 7.65% deduction for:
a) FICA
b) IRA
c) KEOUGH
d) Federal tax
e) State tax
f) Local tax
19. A method of reducing investment risk is known as:
a) The Rule of 72
b) Speculation
c) Negotiation
d) Consolidation
e) Diversification
f) A 529 plan
20. What is the maximum credit score a person can achieve?
a) 100
b) 500
c) 850
d) 1000
e) It depends on your age.
f) There is no maximum score.
Take a break! You've earned it. Here's a question you are guaranteed to get right. (Hint: The answer is F) ... Which of the following statements is true regarding My Money Camp?
a) My Money Camp is the nation's fastest-growing provider of financial education for teenagers ages 13-19, bringing a fun and proven curriculum and engaging teachers to hundreds of locations across the U.S.
b) My Money Camp's four-day program introduces teens to real-world exercises in earning money, spending money, saving money, investing, credit and debt.
c) My Money Camp puts teens on a path to financial independence long before they leave for college.
d) Independent studies show that adults who were exposed to financial education as teenagers have higher wages, less bad debt, more retirement savings and are more likely to own a business.
e) My Money Camp's low price for 20 hour of instruction makes it an amazing value for parents who want to give their teens something they will use for a lifetime.
f) All of the above are correct. People can register today at www.MyMoneyCamp.com.
21. Which of the following statements is true about the S&P 500?
a) For the most part, it is made up of the 500 largest public companies in the USA.
b) For the most part, it is made up of the 500 largest public companies in the world.
c) It is made up of the same 500 companies today as five years ago.
d) For the most part, it is made up of the 500 most profitable companies.
e) S&P stands for “stocks” and “profits.”
f) You are guaranteed to make a profit if you invest in it.
22. Investments with greater potential returns generally have higher:
a) Income tax rates.
b) Deductibles.
c) Liquidity.
d) Risk
e) Fees
None of the above.
23. Rafael and Steve have each borrowed $30,000 from the same bank to buy the same model of a new car. Rafael’s credit score is 732 and Steve’s credit score is 588. What is likely true about their finance charges?
a) They will pay the same because they used the same bank.
b) They will pay the same because they bought the same car.
c) Rafael will likely pay less because his credit score is higher.
d) Rafael will likely pay more because his credit score is higher.
e) Rafael will pay $732 per month and Steve will pay $588.
f) Credit scores have nothing to do with car purchases.
24. Mia and Jake are the same age. Mia invests $20,000 in a retirement account at age 20 but never adds another dollar. Jake also invests $20,000 but waits until he is 40 years old. If the accounts grew 10% each year, about how much would each of them have when they are 60 years old?
a) They will each have the same because they invested the same amount and earned the same rate of return.
b) Mia would have about $60,000 and Jake would have about $40,000.
c) Mia would have about $110,000 and Jake would have about $55,000.
d) Mia would have about $240,000 and Jake would have about $200,000.
e) Mia would have about $330,000 and Jake would have about $200,000.
f) Mia would have about $900,000 and Jake would have about $130,000.
25. The principal, or contributions, you invest in a Roth IRA can be withdrawn:
a) Starting at age 59 1/2.
b) Any time with a 10% penalty.
c) Any time, for any reason, penalty-free.
d) Only for medical expenses or education expenses.
e) Starting at age 65.
f) As soon as you retire from work.
26. Which of the following is not an official foreign currency like the U.S. Dollar?
a) Euro
b) British Pound
c) Australian Dollar
d) Japanese Yen
e) Mexican Peso
f) All of the above are valid currencies.
27. The interest rate imposed by a lender for the borrower to pay on a loan is known as:
a) money market rate (MMR)
b) effective annual rate (EAR)
c) credit worthiness score (CWS)
d) annual percentage rate (APR)
e) debit card rate (DCR)
f) prime rate (PR)
28. Cost of living is different from one area to another. The average rental cost for a 2-bedroom apartment in Akron, Ohio is about $1,000 per month. By comparison, what is the average in Manhattan (New York City)?
a) About $750 per month
b) About $1,000 per month
c) About $1,500 per month
d) About $2,500 per month
e) About $3,500 per month
f) About $5,000 per month
29. Though salaries can vary from state to state and based on experience, about what is the average annual salary (not starting salary) for a schoolteacher in the U.S.?
a) About $25,000 per year
b) About $40,000 per year
c) About $70,000 per year
d) About $120,000 per year
e) About $200,000 per year
f) About $300,000 per year
30. Car prices vary based on luxury levels and options, but about what is the price of a brand new 2024 Toyota Camry?
a) About $5,000
b) About $12,000
c) About $19,000
d) About $32,000
e) About $52,000
f) About $87,000
31. Money you might need to use within the next few months is best placed in a:
a) Government savings bond
b) Checking account
c) ATM machine
d) Brokerage account
e) Traditional IRA
f) Roth IRA
32. Margaret is a successful attorney who has earned more than $100,000 per year throughout her career. She decides to retire at age 62 and begin taking social security benefits. About how much money each year will the Social Security fund pay her?
a) None, because she made too much money and doesn’t need the benefit.
b) About $10,000
c) About $21,000
d) About $32,000
e) About $56,000
f) About $100,000 (her annual salary)
33. When the amount of income on a budget is greater than the amount spent on expenses, the person has a:
a) Surplus
b) Problem
c) Deficit
d) Balanced budget
e) Liability
f) Both A and D are correct
34. Which of the following statements is true about credit cards?
a) You earn the right to obtain one when you turn 18 years old.
b) They can help you increase your credit score if used wisely.
c) You can use them without a fee to get money from an ATM.
d) There are no finance charges, provided you make the minimum payment on time each month.
e) All credit cards charge an annual fee but debit cards do not.
f) All of the above are correct.
35. A retirement plan that is managed by one’s employer, includes automatic deposits from a paycheck and oftentimes matching funds contributed by the company is called a:
a) Self-directed IRA
b) Roth IRA
c) 529 savings plan
d) 401(k) plan
e) Certificate of Deposit
f) None of the above.
36. If you have a savings account, which of the following statements is correct?
a) You can earn interest but only after you are 18 or older.
b) You have to pay property tax on your savings account.
c) Savings account withdrawals can only be made for certain purposes.
d) Money deposited can not be taken out for at least five years.
e) You typically earn compound interest on your money.
f) Money is lost if the bank goes out of business.
37. When should a person begin contributing to a retirement plan?
a) When he or she decides to start a family.
b) As young as possible.
c) Around age 50, or 10 years before retirement.
d) When it’s time to collect Social Security.
e) Any time he or she changes jobs.
f) When college loan payments are completed.
38. How much did a McDonald’s hamburger cost 50 years ago?
a) About 25 cents
b) About 50 cents
c) About 1 dollar
d) About $1.50
e) About 2 dollars
f) About $2.50
39. Priscilla lost her credit card and reported the problem to the card issuer after two days. But the person who found it had already made five charges totaling $3,000. Under law, what is the most Priscilla will have to pay toward the loss?
a) None of it thanks to recent laws.
b) All of it; she should have been more careful.
c) $50
d) $100
e) $500
f) It depends on the credit issuer.
40. Chris has a new job earning a salary of $52,000 a year and gets a paycheck each week. The amount of $1,000 on each paycheck is considered Chris’s:
a) Net pay
b) Taxable pay
c) Take-home pay
d) Hourly pay
e) Gross pay
f) None of these is correct.
41. Richard is a single man who has a job building houses and earns a salary of $1,500 per week. After paycheck deductions for various taxes, about how much of that $1,500 does Richard actually take home to put toward his expenses?
a) It varies based on his age
b) All of it
c) Almost all of it, around $1,450
d) About 90%, or $1,350
e) About 75%, or $1,125
f) About 50%, or $750
42. Jennifer is working on a monthly budget to get her finances in order. What goes on the top line of the budget?
a) Net pay
b) Gross pay
c) Entertainment expenses
d) Annual salary
e) Projected income taxes
f) Savings goal
43. Aubrey and June are preparing to complete their annual income tax forms. Aubrey has a W2 form showing how much she made in the prior year. June has her income reported on a 1099 form. Which of the following is true?
a) Aubrey is not a U.S. citizen.
b) June owes no income taxes.
c) Aubrey made more money than June.
d) June is an independent contractor and Aubrey is a company employee.
e) Aubrey changed jobs during the year.
f) None of these is correct.
44. About how many millionaires are there in the U.S.?
a) About 250
b) About 2,500
c) About 25,000
d) About 250,000
e) About 2 million
f) About 25 million
45. You and a friend go out to lunch to celebrate high school graduation, and your combined bill is $50. In the U.S., what would be a customary tip, or gratuity, to give the waiter on top of the $50 food bill, provided he or she gave you good service?
a) $1
b) $3
c) $5
d) $10
e) $15
f) $20
46. What is the earliest age a person can begin collecting Social Security payments:
a) No minimum age; whenever you retire
b) 59 1/2
c) 62
d) 65
e) 67
f) 70
47. Joe wants to go to a four-year college in the state where he attends high school. What is the average cost of tuition and room and board (food and housing) for ONE YEAR at an in-state student across the United States?
a) About $3,000
b) About $8,000
c) About $12,000
d) About $19,000
e) About $27,000
f) About $56,000
48. An extended period of time when stocks are generally rising is called a ______ market; and a period when stocks are generally falling is called a _______ market.
a) Bull and Bear
b) Dog and Pony
c) Tortoise and Hare
d) Hare and Tortoise
e) Eagle and Lion
f) Horse and cow
49. Which of the following statements about a paycheck is true?
a) Everyone has to have federal income taxes withheld, no exceptions.
b) All states require state income taxes to be withheld.
c) Most people don’t get an actual check, just a summary of what was deposited directly into your bank account.
d) Gross pay is the same as take home pay.
e) FICA taxes are assessed to pay for Social Security and Unemployment.
f) Social Security taxes have no maximum income threshold.
50. What was the median annual salary of a worker in the United States in 2024?
a) $17,640
b) $24,683
c) $32,197
d) $43,653
e) $52,990
f) $60,580
{"name":"My Money Camp Financial Literacy Quiz November 2024", "url":"https://www.quiz-maker.com/QY3VQQR4J","txt":"Welcome to the My Money Camp financial literacy quiz! All the questions and answers to follow are covered during our in-person four-day, 12-hour camp program, as well as our eight hours of supplemental material. This quiz is a perfect opportunity to see where you stand before My Money Camp, knowing that at the end of our program, you should be able to get a perfect score. The My Money Camp financial literacy quiz includes 50 multiple choice questions and should take about 25 minutes to complete. At the end, you will see your score, along with a summary of correct answers for any questions you missed. Don't get frustrated with incorrect answers. Keep working and learning, and we hope to see you in person at a My Money Camp near you. My Money Camp is the nation's fastest-growing provider of financial education for teenagers ages 13-19, bringing a fun and proven curriculum and engaging teachers to hundreds of locations across the U.S. My Money Camp's hands-on four-day program introduces teens to real-world exercises in earning money, spending money, saving money, investing, credit and debt at a price that seems too good to be true. Find a location near you at www.MyMoneyCamp.com., 1. The price of a car has approximately doubled since the year 2000. This is an example of:, 2. Money borrowed to buy a home is called a\/an:","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}
