Are you financially literate? Take this quiz to find out. via CNBCMakeIt
Most Americans don't know the basics when it comes to money. The results of surveys and retirement IQ tests show a startling lack of financial literacy.
div > div.group > p:first-child"> When GoBankingRates put Americans to the test with a six-question money quiz, less than 3 percent of respondents passed."Only 49 out of 2,001 respondents answered five out of six of the questions correctly, which translates to 83 percent or a 'B,'" the personal finance site reports.
A certificate of deposit is a savings account that offers a higher interest rate and fixed date of withdrawal. With a CD, you're trading convenience for interest: You agree to let your money sit tight for a set number of months or years and, if you withdraw your money early, you'll be charged a penalty.A. Only savings accounts earn interestC. Only checking accounts have overdraft feesE.
If these questions tripped you up, you're not alone. To boost your financial literacy, check out the smartest things to do with your money in your 30s, a definitive guide to retirement savings accounts and the smartest way to invest your money.Don't miss: Money expert says this simple chart from 1994 changed his life
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