The (Federal Reserve's) Financial Literacy Test
Their result for The (Federal Reserve's) Financial Literacy Test ...
Above Average
You answered 20/31 correctly.
The meaning of this score depends heavily on how old you are and how much you've been exposed to money, but if you're a high school senior or beyond, you have had plenty of opportunity to expose yourself to money. Even if you feel this is a good score for someone of your age and background, note well: not only would improving your financial literacy substantially improve the quality of your life and require only a little effort, you have an ethical duty as a human being living in a community to participate competently in the management of those resources you control.
There's an answer key with explanations in my journal, but... don't cheat. You're only cheating yourself.
The other categories were:
Below Average
Average
Above Average
Financially Literate
Personal Finance Expert
Their Analysis (Vertical line = Average)
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They scored 20% on Literacy, higher than 19% of your peers.
All possible test results
In Big Trouble
Your score was far below average for an American high school senior in 2008. If you're very young and haven't really been exposed to money, this is fine. But note that this sort of thing is ... Read more
Average
You're relatively near the average for an American high school senior in 2008, which is about halfway between 15/31 and 16/31. Be warned: average on this test is NOT okay. America in 2008 is in the ... Read more
Above Average
You're above average for an American high school senior in 2008, which is about 15.5/31. If you're in high school, you do deserve some praise for surpassing your peers, but remember that America is i... Read more
Financially Literate
You're doing pretty well. You probably know enough not to be taken advantage of in ordinary situations involving money. Thanks for being part of the solution. You probably know the importance of fi... Read more
Personal Finance Exp
You're definitely part of the solution. Thank you, on behalf of your fellow citizens, for managing your money responsibly. But keep learning! As you probably already know, financial knowledge pays.... Read more
