I was reading some research on Financial Literacy which included this test, and I have gotten curious to see how those on Hive perform.
If you would like to take the test, please comment your answers below. Please just give your honest answers without using Google or any other tool - I will be upvoting all respondents regardless of how well they do in the test so there is no incentive to cheat here, please just be honest.
Question 1.
Suppose you have some money. Is it safer to put your money into one business or investment, or into multiple businesses or investments?
a) One
b) Multiple
Question 2.
Suppose over the next ten years the prices of the things you buy double. If your income also doubles, will you be able to buy less than what you can today, the same as you can buy today, or more than you can buy today?
a) Less
b) The same
c) More
Question 3.
Suppose you need to borrow $100. What would be less to pay back?
a) $105
b) $100 plus 3%
Question 4.
Suppose you put money into the bank, and the bank agrees to add 15% per year to your account. Will the bank add more money to your account in the second year, or add the same amount in each year?
a) More in second year
b) Same in both years
Question 5.
Suppose you had $100 in a savings account and the bank adds 10% per year to the account. How much money would you have in the account after 5 years if you did not remove any money from the account?
a) Less than $150
b) $150
c) More than $150