Money & Career

Test your money IQ

Think you're on top of your finances? Then take this quiz and find out how you score when it comes to your money know-how.

Chatelaine

// Created by: Joey Ryken // Created for: Chatelaine.com // Created on: June 2, 2010 // global variables used to change type of quiz, score, keep track of current question and total questions var quiz_has_wrong_answers = 1; // quiz can be either fact-based(1) or personality(0). var current_question = 1; // current question should always start at 1. var total_questions = 10; // total number of questions in the quiz var wrong_guesses = 0; // keeps track of how many questions were guessed wrong (used if quiz has wrong answers) var score = 0; // keeps track of score (used if quiz does not have wrong answers) var q = new Array(); var a = new Array(); q[1] = new Array(); // array to hold the question and guesses a[1] = new Array(); // array to hold the correct answer number (and an optional … // … correct and incorrect messages) // question q[1][0] = “Have you ever had a budget and followed it?”; q[1][1] = “Yes”; // guesses q[1][2] = “No”; a[1][0] = 1; // correct answer (used if quiz has wrong answers) a[1][1] = “Correct! “; // correct message (used if quiz has wrong answers) q[2] = new Array(); a[2] = new Array(); q[2][0] = “When you buy a new home, what percentage of the purchase price do you need to put down to avoid having to purchase mortgage loan insurance?”; q[2][1] = “10%”; q[2][2] = “30%”; q[2][3] = “20%”; a[2][0] = 3; a[2][1] = “Correct! Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Here’s how it works.”; q[3] = new Array(); a[3] = new Array(); q[3][0] = “You pay your bills…”; q[3][1] = “On time and in full.”; q[3][2] = “On time and with the full minimum payment.”; q[3][3] = “When I have money.”; a[3][0] = 1; a[3][1] = “Correct! If you don’t pay your bills on time and in full you’ll take a hit on interest payments and you could damage your credit rating.”; q[4] = new Array(); a[4] = new Array(); q[4][0] = “I have enough saved up in my rainy day fund to:”; q[4][1] = “Cover at least three months of living expenses”; q[4][2] = “Pay the minimum balance on one of my credit cards”; q[4][3] = “What’s a rainy day fund?”; a[4][0] = 1; a[4][1] = “Correct! Experts recommend that you save a minimum of three months’ living expenses to help you get through tough times.”; q[5] = new Array(); a[5] = new Array(); q[5][0] = “Management expense ratio (MER) means: “; q[5][1] = “The difference between your salary and your boss’.”; q[5][2] = “The yearly cost of an investment fund.”; q[5][3] = “The percentage of your salary it takes to manage your household bills.”; a[5][0] = 2; a[5][1] = “Correct! If you have mutual funds, then it’s more than likely you pay an MER to hold it. It’s written as a percentage of the fund’s value (i.e., 3%). See how much your mutual funds cost to own.”; q[6] = new Array(); a[6] = new Array(); q[6][0] = “The maximum amount I can contribute to my registered retirement savings plan is:”; q[6][1] = “25% of earned income up to a maximum of $10,000 for the previous tax year.”; q[6][2] = “18% of earned income for the previous tax year.”; q[6][3] = “There is no limit.”; a[6][0] = 2; a[6][1] = “Correct! “; q[7] = new Array(); a[7] = new Array(); q[7][0] = “You are saving money for a big purchase in the next few years and you can’t afford to lose any of it. You decide to put it in:”; q[7][1] = “A bank savings account”; q[7][2] = “Stocks”; q[7][3] = “Equities”; a[7][0] = 1; a[7][1] = “Correct! Equities – or stocks – can move up and down in value. If you need to preserve your principal, stick with GICs or your bank savings account.”; q[8] = new Array(); a[8] = new Array(); q[8][0] = “My company offers a defined contribution pension plan. I:”; q[8][1] = “Have joined because they match my contributions (free money!);”; q[8][2] = “Don’t know much about it and haven’t joined.”; a[8][0] = 1; a[8][1] = “Correct! “; q[9] = new Array(); a[9] = new Array(); q[9][0] = “You have $1000 outstanding on your line of credit. You get a $1000 bonus. You decide to:”; q[9][1] = “Invest it in a mutual fund;”; q[9][2] = “Pay off your line of credit;”; q[9][3] = “Buy a new TV.”; a[9][0] = 2; a[9][1] = “Correct! It usually pays to get rid of your debt first.”; q[10] = new Array(); a[10] = new Array(); q[10][0] = “Which of the following savings accounts will give you the most money over five years?”; q[10][1] = “3% interest compounded semi-annually;”; q[10][2] = “3% interest compounded monthly.”; a[10][0] = 2; a[10][1] = “Correct! The magic of compound interest – it pays to understand how it works. Try some of your own calculations here. “; window.onload=function(){ var q_and_a; next_question(); } function next_question(){ if(current_question <= total_questions){ // displaying questions: q_and_a = "

” + current_question + “. ” + q[current_question][0] + “

“; q_and_a += “

“; for(var i = 1; i < q[current_question].length; i++){ // output the radio buttons and guesses q_and_a += "
“; } q_and_a += “

“; quiz_container.innerHTML = q_and_a; current_question++; }else{ // quiz is over… var title = “”; var message = “”; if(quiz_has_wrong_answers){ // reveal answers (if fact-based quiz): if(wrong_guesses == 0){ title = “A perfect score!”; message = “Congratulations! You money maven you!”; }else if(wrong_guesses 2 && wrong_guesses < 5){ title = "Not bad"; message = "…but you need to do some financial homework."; }else{ title = "Lots of room for improving your money score."; message = "You had " + wrong_guesses + " wrong guesses out of " + total_questions + " questions. It’s not that hard to do so don’t despair – a good place to start is the Chatelaine money page for easy and fun tips on how to make a budget and understand how some financial products work.”; } }else{ // reveal answers (if personality quiz): ; } q_and_a = “

” + title + “

” + message + “

Share this quiz with a friend or try another quiz.

“; quiz_container.innerHTML = q_and_a; } } function correct(x){ var reset_wrong_answer; var say; reset_wrong_answer = document.getElementById(“wrong_answer”); reset_wrong_answer.innerHTML = “”; reset_wrong_answer.style.backgroundColor = “#ffffff”; say = document.getElementById(“guesses”); say.innerHTML = x + “

Next question“; say.style.backgroundColor = “#ccffcc”; } function incorrect(x){ var say; say = document.getElementById(“wrong_answer”); say.innerHTML = “Try again.”; say.style.backgroundColor = “#ffcccc”; } function quiz_guess(elem, f, g){ // takes the this.id from the guess radio button element, … // … question number, and guess number if(quiz_has_wrong_answers){ // check answer (if fact-based quiz) if(a[f][0] == g){ // correct guess: if(a[f][1]){ correct(a[f][1]); // display custom correct message }else{ correct(“Correct!”); // if no custom correct message, just put correct. } //next_question(); }else{ // wrong guess wrong_guesses++; elem.disabled = true; // disable the incorrect guess so it can’t be guessed again incorrect(“Try again.”); } }else{ score += g; // update score (if personality-based quiz)… next_question(); // and move onto the next question. } }

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