Financial literacy test:

Turkey | Mythic Inconceivable!
 
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By S&P:

    • Suppose you have some money. Is it safer to put your money into one business or investment, or to put your money into multiple businesses or investments?
      • a. one business or investment
      • b. multiple businesses or investments
      • c. don’t know
      • d. refuse to answer
    • Suppose over the next 10 years the prices of the things you buy double. If your income also doubles, will you be able to buy less than you can buy today, the same as you can buy today, or more than you can buy today?
      • a. less
      • b. the same
      • c. more
      • d. don’t know
      • e. refuse to answer
    • Suppose you need to borrow 100 US dollars. Which is the lower amount to pay back: 105 US dollars or 100 US dollars plus three percent?
      • a. 105 US dollars
      • b. 100 US dollars plus three percent
      • c. don’t know
      • d. refuse to answer
    • Suppose you put money in the bank for two years and the bank agrees to add 15 percent per year to your account. Will the bank add more money to your account the second year than it did the first year, or will it add the same amount of money both years?
      • a. more
      • b. the same
      • c. don’t know
      • d. refuse to answer
    • Suppose you had 100 US dollars in a savings account and the bank adds 10 percent per year to the account. How much money would you have in the account after five years if you did not remove any money from the account?
      • a. more than 150 dollars
      • b. exactly 150 dollars
      • c. less than 150 dollars
      • d. don’t know
      • e. refuse to answer


Literate = 3/5 correct

Quote
Survey respondents were deemed financially literate if they could correctly answer three out of the five questions. And with only 33% of adults worldwide achieving that passing grade, the survey’s authors estimate that a whopping 3.5 billion adults around the world — many of them in developing countries — lack an understanding of basic financial concepts.
(Ignore)
Spoiler
[/list][/list][/list][/list][/list]

US & UK: just over 60% scored 'literate'.

Answers: B, B, B, A, A
Last Edit: March 07, 2016, 02:57:16 PM by HurtfulTurkey


 
DAS B00T x2
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This is not the greatest sig in the world, no. This is just a tribute.
Got the first three right, four and five wrong because I assumed the interest was non-compounding.

Do I get to feel good about myself now?
Last Edit: March 07, 2016, 03:32:07 PM by DAS B00T 2016


big dog | Mythic Inconceivable!
 
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I love you, son.
I got 4/5.

Got question 2 wrong.


Thun | Mythic Inconceivable!
 
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that was easy nigga, i felt you could get them all if you weren't retarded.


 
challengerX
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big dog | Mythic Inconceivable!
 
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I love you, son.
I thought 2 was a trick question. :(


Jive Turkey | Mythic Invincible!
 
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I got all 5 right fuuaark #economics


 
More Than Mortal
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This is the way the world ends. Not with a bang but a whimper.
I wish the questions in my econ seminars were this easy.


 
DAS B00T x2
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This is not the greatest sig in the world, no. This is just a tribute.
So, could someone explain no 2 for me? If everything is proportionally the same, how do I have more purchasing power?


Turkey | Mythic Inconceivable!
 
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So, could someone explain no 2 for me? If everything is proportionally the same, how do I have more purchasing power?

You don't; the answer is B (the same).

Income doubles and costs double, your spending power is the same.


 
Verbatim
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5/5, but like... people have trouble with this stuff? I certainly wouldn't consider myself financially literate based on this.

also, lrn2list, turkey


 
DAS B00T x2
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This is not the greatest sig in the world, no. This is just a tribute.
Wait, I swear this thread changes every time I look at it. That was my answer...
I'm just confusing myself now.


Turkey | Mythic Inconceivable!
 
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I wish the questions in my econ seminars were this easy.

You should look at Wall Street quantitative analyst interview questions.

Examples:

Quote
1. The number 1978 is such a number that if you add the first 2 sets of numbers, you'll will get the middle 2 sets of numbers. So in 1978, 19+78=97; so the question is write a formula that can find numbers that satisfy these conditions.

2. If you look at a clock and the time is 12:15, what is the angle between the hour and the minute hand?

3. How many Hershey's chocolate bars were sold in the US last year?



Thun | Mythic Inconceivable!
 
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Does this mean I'm a smart guy?


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eggsalad | Heroic Unstoppable!
 
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I wish the questions in my econ seminars were this easy.

You should look at Wall Street quantitative analyst interview questions.

Examples:

Quote
1. The number 1978 is such a number that if you add the first 2 sets of numbers, you'll will get the middle 2 sets of numbers. So in 1978, 19+78=97; so the question is write a formula that can find numbers that satisfy these conditions.

2. If you look at a clock and the time is 12:15, what is the angle between the hour and the minute hand?

3. How many Hershey's chocolate bars were sold in the US last year?


but no. 2 could be answered by any middle schooler


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but no. 2 could be answered by any middle schooler
What's the answer?


 
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This is not the greatest sig in the world, no. This is just a tribute.
but no. 2 could be answered by any middle schooler
What's the answer?
Trick question, the clock was never even there.
or what if it's a digital clock?


 
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I DONT GIVE A SINGLE -blam!- MOTHER -blam!-ER ITS A MOTHER -blam!-ING FORUM, OH WOW, YOU HAVE THE WORD NINJA BELOW YOUR NAME, HOW MOTHER -blam!-ING COOL, NOT, YOUR ARE NOTHING TO ME BUT A BRAINWASHED PIECE OF SHIT BLOGGER, PEOPLE ONLY LIKE YOU BECAUSE YOU HAVE NINJA BELOW YOUR NAME, SO PLEASE PUNCH YOURAELF IN THE FACE AND STAB YOUR EYE BECAUSE YOU ARE NOTHING BUT A PIECE OF SHIT OF SOCIETY
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but no. 2 could be answered by any middle schooler
What's the answer?
12:15

15 minutes is a quarter hour
quarter of a circle is 90 deg

or
alternatively
you look at a clock
and see that 12:15 makes a fucking right angle


eggsalad | Heroic Unstoppable!
 
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holy shit im retarded

im not even going to edit that let it forever be a monument to a lack of critical thinking

still could be solved easily though
Last Edit: March 07, 2016, 06:26:40 PM by eggsalad


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but no. 2 could be answered by any middle schooler
What's the answer?
12:15

15 minutes is a quarter hour
quarter of a circle is 90 deg

or
alternatively
you look at a clock
and see that 12:15 makes a fucking right angle

The hour hand moves slightly with the minute hand. At 12:15 the angle must be less than 90 degrees because the hour has moved slightly clockwise. At 15 minutes past the hour it will be 1/4 of the way to the next hour. 1/4 of 30 degrees (there are 30 degrees between each hour) is 7.5.

90 - 7.5 = 82.5



eggsalad | Heroic Unstoppable!
 
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but no. 2 could be answered by any middle schooler
What's the answer?
12:15

15 minutes is a quarter hour
quarter of a circle is 90 deg

or
alternatively
you look at a clock
and see that 12:15 makes a fucking right angle

The hour hand moves slightly with the minute hand. At 12:15 the angle must be less than 90 degrees because the hour has moved slightly clockwise. At 15 minutes past the hour it will be 1/4 of the way to the next hour. 1/4 of 30 degrees (there are 30 degrees between each hour) is 7.5.

90 - 7.5 = 82.5
Now I might be retarded, but I stand by saying that a middle schooler could solve that. It's just a trick question.


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Another quant test:

Spoiler
Question 1 (Math Pulse trivia category)

Fermat’s Sandwich Theorem reveals what mathematical fact?
A) A function between two others that have the same limit has that limit as well.
B) 26 is the only number immediately between a square and a cube.
C) A bounded increasing sequence has a limit.
D) 152 is the largest number immediately between a prime and a triangular number.
E) Any sandwich can be cut so that both pieces have the same amount of bread and the same amount of filling.

Question 2 (Gardner Greats based on the work of Martin Gardner)

Which of the following must be true about the handshaking that occurred at a recent teachers’ convention?
A) The number of teachers who shook hands an odd number of times is even.
B) The number of teachers who shook hands an even number of times is odd.
C) The number of teachers who shook hands an odd number of times is odd.
D) The number of teachers who shook hands an even number of times is even.
E) The number of times teachers shook hands is odd.

Question 3 (Math Classics, easier level)

Given any quadrilateral, connecting the midpoints of consecutive sides will always result in which of the following shapes?
A) square
B) rhombus
C) rectangle
D) parallelogram
E) kite

Question 4 (Math Pulse pop culture)
Who among the following received a scholarship to study Chemical Engineering with Mathematics at Northwestern University?

A) Heidi Klum
B) Kate Moss
C) Brooke Shields
D) Naomi Campbell
E) Cindy Crawford

Question 5 (From the Finals Round)
Let m be the smallest positive integer such that m²+7m+89 is divisible by 77. What is m?

A) 8
B) 18
C) 52
D) 73
E) 74

I got 4/5 correct when I first saw it but two of those were just dumb luck. I reasoned through 2 and 3, plugged in each answer for 5, happened to know the sandwich theorem for 1, and guessed wrong on 4.

Now I might be retarded, but I stand by saying that a middle schooler could solve that. It's just a trick question.
A lot of math/engineering interview questions are meant to demonstrate a logic process, like the question asking, "how many Hershey bars were sold last year?" You're supposed to estimate average consumption for various demographics, be able to state those demographics (i.e., percentage of US population of different races, age, etc), and apply it to give an answer. Just one example is the Navy's nuclear engineering program; the interview is literally sitting down in front of two nuclear engineers and answering whatever problems they care to ask about chemistry, physics, calculus, or anything.
Last Edit: March 07, 2016, 06:35:03 PM by HurtfulTurkey