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Pop Quiz: Are You Smart Enough to Be a Billionaire?

by J. Money on Friday, June 1, 2012

shocked face reading book

Happy Friday y’all!  Thought we’d start off the day with a fun little quiz on personal finance this morning ;)  See if you’ve been doing your homework and behaving yourselves over there…

This one comes from GoBankingRates, and there’s 12 questions in total for you to answer. They range from pretty easy ones like these:

  • “Is it a good idea to pay off your credit card balance completely every month?”
  • “True or False: A 15-year fixed rate mortgage will typically require higher monthly payments than a 30-year mortgage, but you will pay less interest over the life of the loan.”

To more trickier ones like these:

  • “What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?”
  • “True or False: You can go to jail for not paying your bills.”

But go through them all, and then get your score at the end and see if you’ve beaten me :)  I got a 91% cuz I missed one of the trickier ones in there! Booooo….  it’ll also pop you out your own celebrity match – all depending on how well or not you did. It looks like I was a “Mark Zuckerberg!”  (Hopefully *before* all that IPO mess happened, haha…) And here’s what that said about me:

If smarts equal success, you’re well on your way to a giant mansion with a Ferrari in the driveway. Few people can match your intellect when it comes to finance; just try not to rub it in – you’ll hold on to more friends that way.

There you have it folks, proof once and for all ;)  Now your turn!  Take the 12 question test and then send it to all your friends so you can beat them too. I know you BudgetsAreSexy readers are smart! And then have a great weekend afterwards, okay? We’ll be back on Monday to dish out even more financial awesomeness, as always… if I survive Wedding Reception #2 of #3 this season that is, jeez… everyone all of a sudden wants to get married! ;)

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PS: If you want a much harder, much LONGER quiz exam (I think like 40+ questions?), check out this one instead: CSM’s Personal Finance Quiz. I got to #15 and then had to bail when I realized it really wasn’t all that important in the end ;)  But maybe you have a lot of extra time you’d like to kill today?

(Photo by CarbonNYC)


{ 25 comments… read them below or add one }

1 Michael June 1, 2012 at 7:30 am

I got 100% aka a “Zukerberg”. I’d settle for future millionaire.

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2 Elle June 1, 2012 at 7:44 am

Woo-hoo I got Zukerberg!

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3 Justin June 1, 2012 at 8:15 am

Wow, 100%. I’m actually surprised I got them all right. I’ll admit it, I had a few educated guesses in there :)

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4 becca June 1, 2012 at 8:42 am

The reason “you can go to jail for not paying your debts” is tricky is because the quiz is wrong. You certainly can, though it’s really only particularly if you are disenfranchised in some way.

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5 Alex June 1, 2012 at 8:54 am

Gots a 100% Zuckerberg!!

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6 LB June 1, 2012 at 9:30 am

Missed the bankruptcy one, but since I am not a financial blogger I really am glad I don’t know about that one. Hello I take care to pay ALL of my bills so unless I research that one there would be no way to know about it.

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7 m1nts June 1, 2012 at 9:38 am

I’m living the american dream at 83%. I guess that’s okay since I don’t live in the US and do not know a lot of IRAs nor Bankrupcy stuff…

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8 Edward Antrobus III June 1, 2012 at 10:33 am

I got a 91%, but only because I read one of the questions wrong. Of course a Roth is used for investing after-tax dollars, I’ve written about that!

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9 Ron @ Fringe Village June 1, 2012 at 11:28 am

On the first quiz I got 91% – Missed the bankruptcy question ;-(
On the second quiz I was rated as a “Financial Whiz” … This test was odd because it doesn’t tell you which ones you got right or wrong… It just gives you an overall score range.

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10 Ron @ Fringe Village June 1, 2012 at 11:35 am

Sorry… Just a follow up to my last comment…If you take the second quiz scroll down to the bottom of the page for the answer key. There is actually a rating system from 1-5 for each answer.

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11 Yana June 1, 2012 at 11:49 am

I got 100%, but that is because I gave the answers that were wanted – if you read the news, you know that one CAN go to jail for debt, even though it is not supposed to be true. I guess I’m entitled to being a billionaire now ;)

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12 Allison June 1, 2012 at 12:19 pm

It doesn’t tell you the exact score on the second quiz, though, which is annoying. I felt the need to add it up — and got a 209. Nerd patrol!

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13 Jesort415 June 1, 2012 at 12:28 pm

Wooohooo I got 100%

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14 Jon B June 1, 2012 at 1:24 pm

On the GoBankRates, I got a 100%, but it said “just try not to rub it in – you’ll hold on to more friends that way.” Soo Let’s just pretend I got the 91% too. Still Zuckerberg status, just not pompous…hah

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15 Fifi June 1, 2012 at 2:05 pm

I disagree strongly with the Credit Report question asking if you can get negative factual items removed from your credit report. I guess the answer is supposed to be that you can’t, but I’ve done it in the past!

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16 Stephanie @ PoorerThanYou June 1, 2012 at 4:03 pm

Woot! 100%! I still got it :D

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17 Crystal June 1, 2012 at 5:45 pm

I’m arguing with the one I missed. You technically can’t go to debtor’s prison anymore, but I read about this (http://www.npr.org/2011/12/12/143274773/unpaid-bills-land-some-debtors-behind-bars) a couple of months before taking the quiz…it colored my answer, lol.

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18 Casey June 1, 2012 at 8:06 pm

Wow, I’m so impressed by all these high scores!

I know there’s a lot of confusion around the jail questions, and I just want to point out that you can’t be arrested for not paying your bills…However, committing a crime related to that debt, like not showing up for court if you’re sued, will definitely land you some time in the big house!

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19 Lance@MoneyLife&More June 1, 2012 at 9:01 pm

I got 100% so I’m totally going to design the next big internet property!… or not… I’ll be happy with my little tiny corner :)

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20 J. Money June 2, 2012 at 2:46 pm

Nice to see y’all enjoyed this as much as I did – good job!! Lots of high scores here :) I agree some of them are super tricky too – I missed the Bankruptcy one as well (arghhh). The “going to jail” one I feel like is technically true, but you can still go to jail as a result of not paying certain bills through other measures, just not as directly… kinda like what Crystal from Go Banking Rates down below mentioned. Still though – you avoid everything if you just pay them! :)

@Ron @ Fringe Village – Wow, can’t believe you went through them all, well done! I starred it to go back one day when I’m REALLY bored, haha…
@Jon B – I like it ;)
@Fifi – You’ve got it wiped away?? Even though it was true? Never heard of that before, but good for you!! :)
@Stephanie @ PoorerThanYou – Yeah you do, haha… haven’t seen you around much my friend, hope things are well!
@Crystal – HAH! That’s what you get for reading ;)
@Casey – Yeah, that def. makes sense! Have to think about that one for a bit before answering it so fast ;)

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21 Hannah June 2, 2012 at 9:23 pm

I got 100%

It must be from reading awesome PF blogs so often!

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22 Jerry June 3, 2012 at 7:14 pm

Well, I do think that being smart leads to being able to make money, for sure. It’s not insurance for making money, however. I know some pretty dumb rich people.

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23 Mikayla June 4, 2012 at 5:06 am

Aaarrgh! Curse you semantics and implicature! Smart people would infer from the silly jail question that the result would be: you don’t pay your bills – you get sued and lose – you don’t pay that money owed either – you get arrested based on that non compliance… on the other hand really smart people answer quiz questions exactly as written I guess :P

@Fifi – Wow I have had a hard enough time disputing a negative item that was never mine, I can’t imagine how long it took you to get a factual one removed! We are soooo going shopping haha.
@Jerry – I do too, more money than sense right?

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24 Dani June 5, 2012 at 7:33 am

It’s too US-centric. I got a poor score, but all the questions I got wrong had to do with laws and types of accounts that we don’t have where I am…like, I sort of know what an IRA and a 401(k) are from reading blogs, but we don’t have them, so I’m not totally solid on it! And I don’t know what different bankruptcy processes and codes are in the US. No idea.

Also, @ Mikayla…I assumed as well that you’d get sued, lose and be jailed for non-compliance as well. You can only not pay for so long before there are more serious consequences.

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25 J. Money June 5, 2012 at 11:01 am

@Hannah – You know it! You’re smart just for seeking them out, too :)
@Jerry – Haha.. well, they must have done something right ;)
@Mikayla – Haha I know!! They’re tricky!!! I thought the same thing, and then caught myself and went with the “technical answer” of no ;)
@Dani – Oh yeah, way diff. for sure if you don’t live in the U.S. – didn’t think about that before posting it up :) How cool is it though, that we can all check out sites around the world so easily here?? I love the internet!

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