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Money IQ Test

Only 4% of U.S. adults got all 7 of the FINRA Foundation's survey questions right (2024 survey). Can you?

  • 15 questions
  • 25 seconds each
  • 2 rounds

Round 1 is the 7 financial-knowledge questions the FINRA Foundation asked more than 25,500 U.S. adults in its 2024 National Financial Capability Study, word for word. Only 4% of them got all 7 right. Round 2 is 8 questions on markets and the economy, drawn at random from 30, each answered from an official source or shown with the arithmetic. Find out where you stand.

A knowledge quiz, not a psychometric IQ test. This test adds a 25-second timer to each question. The FINRA Foundation's survey offered "Don't know" on each of these seven questions, as this test does; its "Prefer not to say" option is omitted here, and the two true/false statements are prefixed "True or false?" in place of the survey's instruction. Not affiliated with or endorsed by FINRA or the FINRA Foundation.

How U.S. adults did on Round 1

Share of U.S. adults who answered each question correctly in the FINRA Foundation's 2024 survey (more than 25,500 U.S. adults). Only 4% answered all seven correctly, 46% got at least four, and 27% got at least five.

Question topicAnswered correctly
Interest on savings 69%
15- vs 30-year mortgage 69%
Inflation and savings 58%
Single stock vs mutual fund 41%
Comparing probabilities 35%
How fast 20% debt doubles 29%
Interest rates and bond prices 25%

Source: FINRA Investor Education Foundation, National Financial Capability Study (2024 survey, published July 2025); question wording from the 2024 State-by-State Survey questionnaire; share with five or more correct from the FINRA Foundation's preliminary-findings release (2025).

Answer key and sources

Show all 37 questions with answers (spoilers)
  1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?
    Answer: More than $102. 2% of $100 is $2 in the first year alone, so after five years of growth the balance is above $102 (about $110.41 with yearly compounding). In the FINRA Foundation's 2024 survey, 69% of U.S. adults answered correctly.
  2. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account?
    Answer: Less than today. The balance grows 1% while prices rise 2%, so the same money buys less than it does today. In the FINRA Foundation's 2024 survey, 58% of U.S. adults answered correctly.
  3. If interest rates rise, what will typically happen to bond prices?
    Answer: They will fall. The SEC's investor bulletin: "When market interest rates rise, prices of fixed-rate bonds fall." None of the seven questions had a lower share of correct answers. In the FINRA Foundation's 2024 survey, 25% of U.S. adults answered correctly. Source: SEC Investor Bulletin: Interest rate risk
  4. Suppose you owe $1,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn't pay anything off, at this interest rate, how many years would it take for the amount you owe to double?
    Answer: At least 2 years but less than 5 years. $1,000 grows to $1,200, $1,440, $1,728 and then $2,073.60, so the debt passes $2,000 in the fourth year. In the FINRA Foundation's 2024 survey, 29% of U.S. adults answered correctly.
  5. Which of the following indicates the highest probability of getting a particular disease?
    Answer: There is a one-in-twenty chance of getting the disease. One in twenty is 5%. The others are 2% and 2.5%. In the FINRA Foundation's 2024 survey, 35% of U.S. adults answered correctly.
  6. True or false? A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less.
    Answer: True. Paying the loan off in half the time means bigger payments, but interest is charged for 15 years instead of 30. In the FINRA Foundation's 2024 survey, 69% of U.S. adults answered correctly.
  7. True or false? Buying a single company's stock usually provides a safer return than a stock mutual fund.
    Answer: False. A stock mutual fund typically holds shares of many companies, so its return doesn't hinge on a single company. The survey's answer is false. In the FINRA Foundation's 2024 survey, 41% of U.S. adults answered correctly.
  8. How many members sit on the Federal Open Market Committee (FOMC)?
    Answer: 12. Seven Fed governors, the president of the New York Fed, and four of the other eleven Reserve Bank presidents, who rotate. Source: Federal Reserve: Federal Open Market Committee : The Federal Open Market Committee (FOMC) consists of twelve members
  9. Who sets the target range for the federal funds rate?
    Answer: The Federal Open Market Committee. The FOMC sets the target range, and the Fed uses its tools to keep the federal funds rate inside it. Source: Federal Reserve: Open Market Operations : keep it in the target range set by the FOMC
  10. What inflation rate does the Federal Reserve aim for over the longer run?
    Answer: 2%. The FOMC judges 2% inflation over the longer run to be most consistent with its mandate. Source: Federal Reserve FAQ: Why does the Federal Reserve aim for inflation of 2 percent over the longer run? : inflation of 2 percent over the longer run, as measured by the annual change in the price index for personal consumption expenditures
  11. Which price index does the Fed use for its longer-run inflation goal?
    Answer: Personal consumption expenditures (PCE) price index. The Fed measures its longer-run inflation goal with the PCE price index, not the CPI. Source: Federal Reserve FAQ: The Fed's longer-run inflation goal : as measured by the annual change in the price index for personal consumption expenditures
  12. Which agency publishes the Consumer Price Index (CPI)?
    Answer: Bureau of Labor Statistics. The CPI comes from the Bureau of Labor Statistics, which also publishes thousands of related price indexes. Source: U.S. Bureau of Labor Statistics: CPI Frequently Asked Questions : In addition to the all items index, BLS publishes thousands of other consumer price indexes, such as all items less food and energy.
  13. Which agency publishes the official estimates of U.S. gross domestic product (GDP)?
    Answer: Bureau of Economic Analysis. The Bureau of Economic Analysis estimates GDP for each year and each quarter. Source: U.S. Bureau of Economic Analysis: Learning Center, GDP : BEA estimates the nation's GDP for each year and each quarter.
  14. What is the standard FDIC deposit insurance amount?
    Answer: $250,000 per depositor, per FDIC-insured bank, for each account ownership category. Coverage is counted per depositor, per bank and per ownership category, so one person can be covered for more than $250,000 in total. Source: FDIC: Understanding Deposit Insurance : FDIC deposit insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category.
  15. If a SIPC-member brokerage firm fails and customer assets are missing, what is the limit of SIPC protection?
    Answer: $500,000. SIPC protects missing customer cash and securities at failed member firms, up to $500,000, which includes a $250,000 limit for cash. It does not protect against market losses. Source: SIPC: What SIPC Protects : The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash.
  16. What is the longest regular term of a U.S. Treasury bill?
    Answer: 52 weeks. TreasuryDirect sells bills in terms from four to 52 weeks. Source: TreasuryDirect: Treasury Bills : We sell Treasury Bills (Bills) for terms ranging from four weeks to 52 weeks.
  17. How long does a U.S. public company usually have to file a Form 8-K after a major event?
    Answer: 4 business days. Four business days, unless the form says otherwise for a specific item. Source: SEC Form 8-K, General Instruction B.1 : Unless otherwise specified, a report is to be filed or furnished within four business days after occurrence of the event.
  18. How soon must a company insider file a Form 4 after buying or selling the company's stock?
    Answer: Within two business days. Two business days after the trade. Our insider tracker picks up new Form 4s each weekday for the companies it covers. Source: SEC: Forms 3, 4 and 5 : Form 4 must be filed within two business days following the transaction date.
  19. Which SEC form is a U.S. public company's annual report?
    Answer: Form 10-K. The 10-K is the annual report; the 8-K is filed after major events. Source: SEC Form 10-K : FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  20. Which organization keeps a chronology of the months when U.S. recessions begin and end?
    Answer: The National Bureau of Economic Research (NBER). The National Bureau of Economic Research dates the months when U.S. expansions and recessions begin and end. Source: NBER: Business Cycle Dating : The NBER's Business Cycle Dating Committee maintains a chronology of US business cycles. The chronology identifies the months of peaks and troughs of economic activity.
  21. What are the core trading hours for stocks on the New York Stock Exchange (NYSE)?
    Answer: 9:30 a.m. to 4:00 p.m. ET. The core session runs 9:30 a.m. to 4:00 p.m. Eastern on regular trading days; on a few early-close days the market closes at 1:00 p.m. Source: NYSE: Holidays and Trading Hours : Core Trading Session: 9:30 a.m. to 4:00 p.m. ET
  22. Money that earns 6% a year, compounded yearly, roughly doubles in about how many years?
    Answer: 12 years. 1.06 raised to the 12th power is about 2.01. This is the "rule of 72": 72 ÷ 6 = 12.
  23. What is the longest term the U.S. Treasury sells for a Treasury note?
    Answer: 10 years. Notes come in 2-, 3-, 5-, 7- and 10-year terms and pay interest every six months. Source: TreasuryDirect: Treasury Notes : We sell Treasury Notes for a term of 2, 3, 5, 7, or 10 years.
  24. For which terms does the U.S. Treasury sell Treasury bonds?
    Answer: 20 or 30 years. Treasury bonds are sold in 20- or 30-year terms and pay interest every six months. Source: TreasuryDirect: Treasury Bonds : We sell Treasury Bonds for a term of either 20 or 30 years.
  25. How much in electronic Series I savings bonds can one Social Security Number buy in a calendar year?
    Answer: Up to $10,000. The limit for electronic I bonds is $10,000 per Social Security Number per calendar year. Source: TreasuryDirect: I bonds : In a calendar year, one Social Security Number or one Employer Identification Number may buy: up to $10,000 in electronic I bonds
  26. Treasury Inflation-Protected Securities (TIPS) have their principal adjusted using which index?
    Answer: A version of the Consumer Price Index. The Treasury adjusts TIPS principal using a version of the Consumer Price Index. Source: TreasuryDirect: TIPS : We adjust the principal of your TIPS using this version of the Consumer Price Index from the Bureau of Labor Statistics.
  27. How long is the full term of a member of the Federal Reserve Board of Governors?
    Answer: 14 years. A full term is 14 years, and terms are staggered so that one expires every two years. Source: Federal Reserve FAQ: Board of Governors : The full term of a Governor is 14 years; appointments are staggered so that one term expires on January 31 of each even-numbered year.
  28. How long is a term as Chair of the Federal Reserve Board?
    Answer: 4 years. The Chair, Vice Chair and Vice Chair for Supervision serve four-year terms in those roles and may be reappointed. Source: Federal Reserve FAQ: Board of Governors : the Chairman, Vice Chair, and Vice Chair for Supervision of the Board serve terms of four years, and they may be reappointed to those roles
  29. How many regularly scheduled meetings does the FOMC hold each year?
    Answer: 8. Eight regularly scheduled meetings a year. Source: Federal Reserve: Federal Open Market Committee : The FOMC holds eight regularly scheduled meetings per year.
  30. The federal funds rate is the interest rate banks charge each other for loans of what length?
    Answer: Overnight. It is the rate at which depository institutions lend balances at the Fed to each other overnight. Source: Federal Reserve: Federal Open Market Committee : The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.
  31. Which Federal Reserve report summarizes commentary on current economic conditions from each Federal Reserve District?
    Answer: The Beige Book. Each Reserve Bank gathers anecdotal information on conditions in its District, and the Beige Book summarizes it. Source: Federal Reserve: Beige Book : Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector.
  32. The U.S. unemployment rate is the number of unemployed people as a percentage of what?
    Answer: The labor force. The labor force is the employed plus the unemployed; people who are neither are not counted in it. Source: U.S. Bureau of Labor Statistics: CPS concepts and definitions : The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed).
  33. Institutional investment managers must file Form 13F once they have investment discretion over how much in Section 13(f) securities?
    Answer: $100 million or more. $100 million or more. Form 13F is the filing behind our 13F tracker. Source: SEC: Frequently Asked Questions About Form 13F : exercise investment discretion over $100 million or more in Section 13(f) securities must file Form 13F
  34. Since May 2024, the standard settlement cycle for most broker-dealer securities trades is how long after the trade date?
    Answer: One business day (T+1). The SEC shortened it from two business days (T+2) to one (T+1), with a compliance date of May 28, 2024. Source: SEC press release 2023-29 : shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one (T+1)
  35. What is the name of the SEC system that public companies use to submit their filings?
    Answer: EDGAR. EDGAR: the Electronic Data Gathering, Analysis, and Retrieval system. Access to its public database is free. Source: SEC: About EDGAR : EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, is the primary system for companies and others submitting documents under the Securities Act of 1933, the Securities Exchange Act of 1934
  36. A Level 1 market-wide circuit breaker can be triggered when the S&P 500 falls how far below the prior day's close?
    Answer: 7%. The three thresholds are 7% (Level 1), 13% (Level 2) and 20% (Level 3). Source: NYSE: Trading information, market-wide circuit breakers : three circuit breaker thresholds that measure a decrease against the prior day's closing price of the S&P 500 Index -- 7% (Level 1), 13% (Level 2), and 20% (Level 3)
  37. If prices rise 3% a year, compounded, about how much higher are they after 2 years?
    Answer: About 6.1%. 1.03 × 1.03 = 1.0609, so prices are about 6.09% higher: the second year's 3% applies to the already higher price.

Keep going: today in markets, the glossary, and our insider trading tracker, which runs on Form 4 filings (see the answer key above).