Quiz: What’s Your Personal Finance IQ?

financedefinitionDo you remember that moment in middle school when you felt puzzled—nay, panicked—by algebra? Who combines numbers and letters, anyway?

But before you knew it, figuring out all those equations became a piece of cake, and now you can solve for X in no time flat.

Well, personal finance is kind of like that. It may seem intimidating at first, but once you’ve found your groove, managing your money can start to become second nature.

If you don’t consider yourself a pro just yet, don’t fret: Nearly half of Americans admit that they lack a clear understanding of financial concepts. But in order to up your money smarts, you need to know where you stand with your financial knowledge ... or lack thereof.

So start by taking our personal finance literacy quiz. And don’t despair if your marks aren’t quite up to par. If you get an answer wrong, we’ve provided resources to help you master each of the concepts covered—it’s all part of the learning process.

RELATED: 40 Financial Things You Should Know by 40

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    • Financial Novice

      How do I get to the quiz?

      • flours

        I had to refresh the page

        • Financial Novice

          Thanks, that worked. :)

    • db_defenestrate

      The answer to #3 is incorrect, based on the way the question is phrased. The correct answer should be 20s, per the summary statement. For the current “correct answer,” question would need to be “At what age should you save for retirement?”

      • JAH

        I agree with db_defenestrate. How do you *start* saving at *every* age?

    • MA

      #3 is a trick question! Or perhaps there’s a typo? You can’t START saving for retirement in every decade.

    • Dee

      The savings vs checking account question has such a stupid answer. You can’t put two RIGHT answers and then count it as wrong when we pick one of them… :-/ That whole thing about ease of access with an ATM – please.. it’s 2015. Everybody can access their savings account just as easily as their checking account from an ATM. Similarly “when should you start saving for retirement” makes no sense whatsoever.

    • Dave in Phoenix

      Paying off the highest interest rate first is just your opinion. Many responsible financial professionals say paying off the smallest debt first actually provides for greater success than the highest interest rate. The reason is that successfully paying off debt is as much an “emotional” process as it is a financial one. The emotion of getting debtors paid off quickly provides incentive to keep the momentum going. Your answer may seem financially logical … but human nature often means the logical process is not the most successful.

    • Isaias Cuadra

      If you have several types of debt—credit cards, federal student loans, private student loans, a car loan, a payday loan—in what order should you generally aim to pay them off