JA Legacy Park How Money Smart Are You?

Quiz Questions

• 1.
  What is the difference between gross pay and net pay?

  • A.
    Gross pay is what you earn before taxes and deductions; net pay is what you take home
  • B.
    Net pay is your total salary before any deductions
  • C.
    Gross pay and net pay are the same thing
  • D.
    Net pay includes bonuses; gross pay does not
• 2.
  What is the Rule of 72?

  • A.
    A rule that says you should save 72% of your income
  • B.
    A formula for estimating how long it takes for an investment to double 
  • C.
    A law requiring banks to pay $.72 cents in interest per dollar
  • D.
    A guideline that credit card balances should never exceed $72
• 3.
  Which of the following will most likely HURT your credit score?

  • A.
    Paying your bills on time every month
  • B.
    Using less than 30% of your available credit limit
  • C.
    Carrying a high credit card balance relative to your limit 
  • D.
    Having a mix of credit types (credit card, car loan, etc.)
• 4.
  What is compound interest?

  • A.
    Interest charged on the original amount borrowed only
  • B.
    A type of interest that only applies to government bonds
  • C.
    Interest earned on both your original amount AND the interest already earned 
  • D.
    A penalty fee for paying a loan off early
• 5.
  What does it mean to diversify your investment portfolio?

  • A.
    To put all your money in the highest-performing stock
  • B.
    To spread investments across different types of assets to reduce risk 
  • C.
    To invest only in companies based in the United States
  • D.
    To move your investments every year based on market performance
• 6.
  What is an emergency fund, and how much should it ideally cover?

  • A.
    A savings account for vacation; should cover one month of expenses
  • B.
    A type of insurance policy; should cover your car and home
  • C.
    A separate savings account for unexpected expenses; should cover 3–6 months of expenses 
  • D.
    A fund contributed to by employers; should cover retirement costs
• 7.
  What is identity theft, and what's one way to protect yourself from it?

  • A.
    When someone steals your personal information to commit fraud; protect yourself by monitoring your credit and using strong passwords 
  • B.
    When someone borrows your car without permission; protect yourself by getting car insurance
  • C.
    When a company charges you twice for the same purchase; protect yourself by keeping all receipts
  • D.
    When a family member uses your account without permission; protect yourself by keeping accounts private
• 8.
  Why is it generally better to start investing for retirement in your 20s rather than your 40s?

  • A.
    Because investment accounts are only available to people under 30
  • B.
    Because the government offers tax breaks only for young investors
  • C.
    Because retirement accounts automatically close when you turn 40
  • D.
    Because compound interest has more time to grow your money over a longer period 
• 9.
  Which of the following best describes the purpose of a budget?

  • A.
    To restrict your spending so you never have fun
  • B.
    To track only your fixed expenses like rent and car payments
  • C.
    To plan how you'll earn, spend, save, and give based on your income and goals 
  • D.
    To calculate how much money you owe in taxes
• 10.
  If you put $1,000 in a savings account with a 6% annual interest rate, roughly how long will it take to double using the Rule of 72?

  • A.
    About 6 years
  • B.
    About 12 years
  • C.
    About 20 years
  • D.
    About 36 years

Quiz Outcomes

• 1.
  0-2 Points

  Image Source

  This is exactly why JAFLI exists. You're not alone — the financial literacy gap is real, and it affects millions of adults. The students in our program are getting what most of us never did. Help us reach more of them.
• 2.
  3-5 Points

  Image Source

  Room to grow — and that's okay! Most adults were never taught this stuff. The good news? Northern Indiana students don't have to figure it out on their own anymore. That's why JAFLI exists.
• 3.
  6-8 Points

  Image Source

  Solid money smarts! You've picked up a lot along the way — imagine if you'd had a whole semester dedicated to this. That's exactly what JA Financial Literacy for Indiana gives our students.
• 4.
  9-10 Points

  Image Source

  Financial Literacy All-Star! You're ahead of the curve — but most students aren't this lucky. Help us make sure every Northern Indiana high schooler gets what you already know.