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Are You Financial Smarter Than A 12th Grader?
Every two years, the Jump$tart Coalition issues a "personal finance" exam to high school seniors.
The test highlights the importance of personal financial literacy among America's youth and comes at an especially important juncture.
Many experts -- including Fed Chairman Ben Bernanke -- believe that basic financial knowledge is essential for (and lacking in) teenagers. Jump$tart's exam did little to disprove this.
This year, 12th graders answered 48.3% correct on average and posted the lowest scores since Jump$tart first issued the test in 1996.
A sample question from the 31-question test:
Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation?
- A twenty-five year corporate bond
- A house financed with a fixed-rate mortgage
- A 10-year bond issued by a corporation
- A certificate of deposit at a bank
Find out the answer to the sample questions and 30 other questions by taking the complete Jump$tart Personal Financial Literacy test for yourself online.
The average adult scores 68%.
Posted on April 10, 2008
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Richard De La Madrid
President
West Coast Financial Group
(800) 753-1627
Richard De La Madrid has served in both the Real Estate and Mortgage industry for the past 15 years. Working for some of the biggest companies has given him the opportunity to learn much about the mortgage industry, allowing him to pass that knowledge down to both his agents and clients as well. The depth of his experience includes senior management in sales, operations, training and marketing. Much of his career has been focused on building mortgage companies from the ground up. Richard is Broker/Owner of West Coast Financial Group, Inc. with two offices serving the San Fernando Valley and Ventura County.
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