This quiz was put together by the FINRA Investor Education Foundation, and launched in 2009. Input was also provided by the Department of the Treasury and the President's advisory council. The purpose was to create a benchmark of basic financial literacy across the U.S. At six questions, this quiz isn't going to delve into lots of subject areas. But, why not start here. You'll have fun seeing where you rank. After completing the quiz you'll get a score (number correct), an explanation of the correct answers. You can see how you compared with averages nationally and from each of the states.
The most important element in the quiz is whether people understand the significance of compounding. Both debt and investments have interest rates that compound over time. Making investments early allows compounding to work to our benefit. Allowing debt to accumulate early ends up straining our future standard of living (if not sinking the proverbial boat).
And that's why this is such an important topic for our kids to learn.