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What’s Your Financial IQ?

Thursday, April 11, 2013 - 6:21 AM
Ally has this fun online quiz to test your Financial IQ. I think most readers here will find it easy, but if you have friends and family who don’t spend enough time on their finances, this might be useful for them.

This is part of Ally Wallet Wise, a “free financial education program created by Ally Financial that teaches consumers the basics of budgeting and credit, banking and investing, and financing a vehicle.”
4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Thursday, April 11, 2013 - 10:51 AM
I took the test and was confused by Question 11.  I think their answer is incorrect since these investments are usually uninsured.  I also did not know we have 3 Credit Scores.  I thought there are 3 places we can go to to get scores but would they not all be the same if we do it at the same time?  How can we have 3 credit scores?  Oh well, no big deal. Finances don't always come out with the same answers.
1
paoli2paoli21,373 posts since
Aug 10, 2011
Rep Points: 6,013
2. Thursday, April 11, 2013 - 1:03 PM
Paoli2 said:
I took the test and was confused by Question 11.  I think their answer is incorrect since these investments are usually uninsured.

Paoli2, I think you need to re-read the question.  The Correct answer was:

 D. All of the above the above.   (Which includes A. They are not insured by the FDIC)

 

Financial IQ Quiz
[H3]Question 11 of 12] Which of the following statements is true of investment services and products, including bonds, stocks and mutual funds?

  A.They are not insured by the FDIC[/H3]
  •   B.They are sometimes available at or through a bank
  •   C.They may lose value over time
  •   D.All of the above
[H3]Please make a selection.

D. is correct, Investment services and products are:[/H3][/H3][/H3]
  • Not insured by the FDIC or by any federal government agency
  • Not deposits and are not guaranteed by the institution
  • Sometimes available at or through a bank
  • Subject to investment risks, including possible loss of the principal invested
[H3] 

[/H3][/H3][/H3]
3
GeorgeTA_SteeleGeorgeTA_Steele3 posts since
Mar 14, 2011
Rep Points: 18
3. Friday, April 12, 2013 - 9:19 AM
George:  Thanks for the correction.  Sometimes the right answer is starring us in the eyes and we don't see it.  I completely overlooked "All of the above".
2
paoli2paoli21,373 posts since
Aug 10, 2011
Rep Points: 6,013
4. Friday, April 12, 2013 - 1:05 PM
All three credit reporting agencies (Equifax, Transunion and Experian) do their own credit scoring and they can vary between them quite a bit due to different methods of calculation and due to differences in their reported information on you.
1
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 632
5. Friday, April 12, 2013 - 1:38 PM
darkdreamer4u:  Now this is also new to me.  I thought we have one credit score put together by how we handleour finances and it was the same no matter who we checked.  That is why I rarely checked my score.  We get it free from DCU monthly and it never occurred to me to check if Equifax etc.to see if it  was the same score.  Thanks for the education.  I love Deposits Online because I can always learn something new here.  We are always learning.
1
paoli2paoli21,373 posts since
Aug 10, 2011
Rep Points: 6,013
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