At QuEST time yesterday, the Fellows took a financial literacy quiz, and then talked about the answers–ranging from insurance, how to invest money in a retirement account, what your credit score is, and financial pros and cons of marriage. We also discussed how many parts of the system are set up to favor wealthier people and that Washington State has the most regressive tax system in the nation. Here’s a few sample questions–they’re all multiple choice, and there’s usually more than one correct answer:
How do you save for retirement?
- 401 (k)/ 457 fund (defined contribution plan)CD
- company pension plan (defined benefit plan)
- under mattress
- Roth IRA
- Traditional IRA
- Savings account
Credit cards are:
- Evil
- handy
- a way to build up your credit score
- an expensive way to borrow money
What do you need when looking for housing?
- Income
- Rental history
- Credit score
- First, last and deposit
- Letter of recommendation
- Walk-through and lease
- Co-signer
- A small dog
What kinds of insurance should you buy?
- Renter’s insurance
- Car insurance
- Health insurance
- Life insurance
- Idiot’s insurance
- Disability insurance
I know I wish I had idiot’s insurance sometimes!
