What's Your Financial IQ quiz

Whether you're saving for your dream house or just need cash for a quick trip to the grocery store, being on top of your family's financial situation always makes sense. Does your money-matters IQ lean closer to CPA or IOU?

1

When does your child need to file her first tax return?

↓ ↓
- When her annual income totals more than $750.00 and includes investments
- The year she turns 18
- The IRS encourages parents to begin filing on behalf of their children at birth.
- When she gets her first part-time job
2

Arguably the most important number in your financial toolkit, your credit score can affect your ability to do everything from secure a car loan to rent an apartment. Which of the following will not hurt your credit score?

↓ ↓
- Keeping established credit-card accounts active, even if they're paid in full and not currently in use
- Maxing out credit cards
- Missing monthly electric, gas or phone payments
- Opening multiple new credit-card accounts at the same time
3

Your favorite cousin won the lottery and decided to be generous! When a no-strings-attached check for $6,000 arrives in your mailbox, what do you do with the money?

↓ ↓
- Pay off outstanding credit-card debt. If there's any left over, we'll put it in a high-interest savings account, for our "rainy day" fund.
- Put it toward my retirement fund.
- Take it to the mall! I'd absolutely love some new clothes, and we could definitely use a new entertainment center, new living-room curtains, a new microwave, a new comforter cover...
- Put it in our regular checking account
4

Keeping your household's spending-and-earning records in an easy-to-access, organized manner saves time, stress and frustration, especially when tax season rolls around. How do you maintain your family's financial files?

↓ ↓
- We keep important documents such as bank statements, utility-payment receipts and insurance information organized by date in an accordion folder in our home office.
- We have everything scanned in our home computer, from bank receipts and salary slips to mortgage payments and insurance and investment information.
- I keep meaning to organize everything! Right now, though, I just have a few months' worth of bank statements and insurance-payment slips in a shoebox, in the hall closet.
- Except for these grocery receipts in my purse, I don't really have a filing system.
5

Which of the following is a tax-deferred retirement account?

↓ ↓
- Roth IRA
- Mutual fund
- Social security
- 401(k)
6

How much do you have saved in cash for emergencies?

↓ ↓
- Three months' wages.
- A bit, in with the rest of my savings.
- That's what credit cards are for.
- I've no idea.
7

Spur-of-the-moment shopping sprees can be loads of fun, but they can also annihilate the most meticulously planned budgets. What do you do when the urge to impulse-buy hits?

↓ ↓
- I'm not an impulse buyer. I like to window-shop sometimes, but I'd never actually make a major purchase just on a whim.
- Convince myself to wait two weeks. More often than not, my self-imposed cooling-off period helps me realize that there are things I can live without.
- Sleep on it. It can be next to impossible to drag myself away, especially when there's a sale! But the next day, if I'm still obsessing about whatever purchase I didn't make, then I'll go back and buy it.
- When the urge hits, I buy. Shopping helps me relax and deal with stress; it's one of the few opportunities I have to enjoy some time to myself. A little splurge here and there just comes with the territory.
8

How's your long-term investment strategy progressing?

↓ ↓
- Pretty well. I've got a well-diversified portfolio and I know where I want to be in 10 years,
- I've got money here and there, but I don't know what I'm doing
- Still trying to figure it out
- What are you talking about?
9

You've rummaged through your bags, emptied your jacket pockets and searched under the car seats, but it's no use: Your wallet is unquestionably lost. Aside from moping, what should you do first?

↓ ↓
- Contact the three national credit-reporting agencies -- Equifax, Experian and TransUnion -- and have them place fraud alerts on my charge cards.
- File a police report.
- Call my bank and the companies that issued my credit cards to report their loss and/or cancel them ASAP.
- Go to the DMV and get a new driver's license.
10

How will you pay for your children's further education?

↓ ↓
- I've got savings earmarked to cover their fees and living costs.
- I've got some money put by, but I'm not sure it will be enough.
- I didn't flunk university just because of that part-time job, thanks
- I can't afford to let my children study in a university
11

In terms of credit, what is an APR?

↓ ↓
- Above Prime Rate, a higher-than-base interest rate banks use to price commercial loans
- Annual Percentage Rate, the measure of the true cost of a loan to a borrower
- Annual Performance Report, a borrower's overview of their loan's repayment schedule over a 12-month period
- I really have no idea.
12

Have you written a will?

↓ ↓
- Yes
- Yes, but it needs updating.
- Not yet
- Who cares! I won't be around.
13

When preparing to make a major purchase - a new car, airline tickets, updated kitchen appliances, etc. -- what's your shopping course of action?

↓ ↓
- I ask relatives and friends for recommendations. I usually find the best deals through personal referrals.
- I always comparison-shop for big-ticket items, both by visiting stores in person and looking at ads online and in the newspaper.
- I don't shop around much. If I think a big-ticket item seems reasonably priced, I'd rather take it and be done than spend a lot of time to save a little money.
- For higher-priced purchases, I'll definitely start with an Internet search.
14

Have you fitted your home with energy saving devices like insulation?

↓ ↓
- Of course, they cut my heating bills and I'm doing my bit for the planet, too.
- I've got the odd low-energy light bulb, but I know I should do more.
- I leave the telly on standby so I can use my remote, if that's what you mean.
- Why would I do that?
15

To achieve your savings objectives, financial experts recommend determining exactly what they are, and setting concrete action plans to meet them. With that in mind, what are you saving for?

↓ ↓
- Long-term targets, like retirement and my child's college education
- Emergencies, like unexpected medical expenses or job loss
- Short-term, aspirational goals, like purchasing an HDTV or new bikes for the kids
- My morning cappuccinos. Considering they're upwards of $3 each, that's about as far as I'm going to get, savings-wise.
16

Do you ever haggle in shops?

↓ ↓
- Always. It's amazing how much you can save just by asking.
- Ah, yes. Only last week I brought back a great rug from Marrakech.
- Sometimes
- No. It would make me look cheap.
17

When you think about your family's financial situation, you feel:

↓ ↓
- Confident. We're doing well for ourselves, and I'm proud of the financial decisions we've made.
- OK. Things could be better, but we're on the right track
- I try not to think about it.
- Stressed out. It seems as if every time things start to look up for us financially, a new money crisis arises.
18

Do you set a budget each month, and live by it?

↓ ↓
- I've got a spreadsheet on my mobile that I consult before I buy stuff.
- I know roughly how much I have to spend and try not to go overdrawn.
- I seldom do that
- Come on, if Gordon Brown can't balance the books, how will I manage?
19

When thinking about your family's annual vacation, you:

↓ ↓
- Head for the Web, to search for online-only hotel, airfare and attraction discounts
- Start planning for it months in advance, setting aside money so that funds won't be an issue when it's finally time to go
- Cut back on eating out, going to the movies and making luxury purchases the month or two before we're scheduled to leave
- Get ready to max out our charge cards
20

Do you always file your tax return on time?

↓ ↓
- As soon as it arrives.
- I may leave it to the last minute, but I've never filed it late.
- Sometimes I failed
- Deadline? What deadline?

What's Your Financial IQ quiz

Whether you're saving for your dream house or just need cash for a quick trip to the grocery store, being on top of your family's financial situation always makes sense. Does your money-matters IQ lean closer to CPA or IOU?

When does your child need to file her first tax return?

Arguably the most important number in your financial toolkit, your credit score can affect your ability to do everything from secure a car loan to rent an apartment. Which of the following will not hurt your credit score?

Your favorite cousin won the lottery and decided to be generous! When a no-strings-attached check for $6,000 arrives in your mailbox, what do you do with the money?

Keeping your household's spending-and-earning records in an easy-to-access, organized manner saves time, stress and frustration, especially when tax season rolls around. How do you maintain your family's financial files?

Which of the following is a tax-deferred retirement account?

How much do you have saved in cash for emergencies?

Spur-of-the-moment shopping sprees can be loads of fun, but they can also annihilate the most meticulously planned budgets. What do you do when the urge to impulse-buy hits?

How's your long-term investment strategy progressing?

You've rummaged through your bags, emptied your jacket pockets and searched under the car seats, but it's no use: Your wallet is unquestionably lost. Aside from moping, what should you do first?

How will you pay for your children's further education?

In terms of credit, what is an APR?

Have you written a will?

When preparing to make a major purchase - a new car, airline tickets, updated kitchen appliances, etc. -- what's your shopping course of action?

Have you fitted your home with energy saving devices like insulation?

To achieve your savings objectives, financial experts recommend determining exactly what they are, and setting concrete action plans to meet them. With that in mind, what are you saving for?

Do you ever haggle in shops?

When you think about your family's financial situation, you feel:

Do you set a budget each month, and live by it?

When thinking about your family's annual vacation, you:

Do you always file your tax return on time?

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