What is a good free financial literacy quiz?
Money Millionaire is a free, 15-question personal finance quiz in the style of Who Wants to Be a Millionaire. It covers credit, budgeting, insurance, taxes, banking, investing, legal, retirement and housing, gets harder as the prize grows, and explains every answer, so it works for adults brushing up and for students in a personal finance class.
How the prize ladder works
Questions 1 to 5 are everyday money basics, 6 to 10 go deeper into credit, investing and insurance, and 11 to 15 are the fine print most people never learn. The ladder runs $100 to $1,000,000.
- Safe havens: clearing question 5 locks in $1,000 and question 10 locks in $32,000.
- 50:50: removes two wrong answers, once per game.
- Swap: trades the question for another of the same difficulty, once per game.
- Walk away: leave with everything you have won so far.
Sample financial literacy questions and answers
A dozen questions from the game, with the answer and why. The game draws from all 63.
What does APR stand for?
Answer: Annual Percentage Rate. APR is the yearly cost of borrowing, including interest and some fees, shown as a percentage. Lenders must show it so you can compare loans.
In insurance, what is a deductible?
Answer: What you pay out of pocket before insurance starts paying. With a $500 deductible you pay the first $500 of a covered claim and the insurer pays the rest, up to your limits.
What does FDIC insurance protect?
Answer: Deposits at an insured bank if the bank fails. The FDIC insures deposits at member banks. It does not cover stocks, bonds, mutual funds or crypto, even if you bought them through a bank.
Base FICO credit scores range from...
Answer: 300 to 850. Base FICO scores run from 300 to 850. Scores above the mid-700s typically qualify for the best rates.
Which factor counts most in a FICO score?
Answer: Payment history. Payment history is about 35% of a FICO score. Amounts owed is next at about 30%. Income is not part of the score at all.
By the Rule of 72, money growing at 8% a year doubles in about how many years?
Answer: 9 years. Divide 72 by the annual rate: 72 ÷ 8 = 9 years. It is a quick estimate that works best for rates between about 4% and 12%.
Money you put into a Roth IRA has...
Answer: Already been taxed, so qualified withdrawals are tax-free. Roth contributions are after-tax. In return, qualified withdrawals in retirement, including growth, come out tax-free.
A bear market is commonly defined as a fall of at least how much from a recent high?
Answer: 20%. A drop of 10% is usually called a correction; 20% or more is the common definition of a bear market.
Lenders usually require private mortgage insurance (PMI) on a conventional loan when your down payment is under...
Answer: 20%. With less than 20% down, PMI protects the lender, not you. On most conventional loans it can be removed once you reach enough equity.
$1,000 earning 10% a year, compounded annually, is worth how much after 2 years?
Answer: $1,210. Year one: $1,000 × 1.10 = $1,100. Year two: $1,100 × 1.10 = $1,210. The extra $10 is interest earned on interest.
A health plan's out-of-pocket maximum is...
Answer: The most you will pay for covered care in a plan year. Once your deductible, copays and coinsurance reach the maximum, the plan pays 100% of covered in-network care for the rest of the year. Premiums do not count toward it.
The wash-sale rule blocks a tax loss if you buy a substantially identical investment within how many days of the sale?
Answer: 30 days before or after. Sell at a loss and buy the same or a substantially identical security within 30 days before or after, and the loss is disallowed for now.
Using it in a personal finance class
Project today's game and let the class vote on each answer, or have students play the random game in pairs and compare winnings. Every question maps to a standard personal finance topic: earning income, spending and budgeting, saving, investing, managing credit and managing risk. The explanations give you a ready-made talking point for each one.
More free money games
For learning and fun only. PuzzlePage's games explain general concepts and are not financial, tax, insurance or legal advice. Rules vary by state and country and change over time; for decisions about your own situation, talk to a licensed professional. Money Millionaire is not affiliated with or endorsed by Who Wants to Be a Millionaire or its owners.