Financial Literacy Quiz

Financial QuestionOver the past 4 years I have been writing about a number of topics on personal finance and investing to help teach and educate others but also share investing ideas. I do realize that some topics are relatively advanced and many readers are comfortable at that level and we often take it for granted.

After continuously reading and hearing about the lack of financial understanding, I decided to put a Financial Literacy Quiz together on what I consider to be the basic working knowledge necessary to succeed. I have written about many of the topics in the past two as I try to cover the basic while also diving deep on stock analysisย and the tools and trick to turn investing into a process without emotions.

Take the quiz and let me know what you think!

Financial Literacy Quiz

Take the Financial Literacy quiz to assess your personal finance skills.

1. How much is your money insured for at a Canadian bank?


2. What is a credit report?


3. Which can hurt your credit rating?


4. Which loan should you pay first?


5. What affects the amount of interest that you would pay on a loan?


6. What controls the fixed-rate mortgage interest rates?


7. What percentage should your GDSR (Gross Debt Service Ratio) be under?


8. What is the deadline for filing your taxes?


9. What does inflation do?


10. What is a RRSP?


11. What is the deadline for making a RRSP contribution?


12. What happens when you withdraw from your RRSP?


13. What is the contribution limit for your RRSP in 2014?


14. What is a TFSA?


15. Is there a penalty for withdrawing from your TFSA?


16. What is the deadline for making a TFSA contribution?


17. What is the contribution limit for your TFSA in 2014?


18. What is a RESP?


19. How much is the government contributing to your RESP?


20. Your stock market investments are insured by?


21. What difference(s) exist between a mutual fund and exchange traded fund (ETF)?


22. Which is an equity investment?


23. Which is the safest investment?


Image courtesy of David Castillo Dominici –

14 Responses to "Financial Literacy Quiz"

  1. Bahh! Only missed one – yet somehow got a score of 21 out of 23.

    #6, I answered Bond Market, but then I changed my answer to All of the above.

    Still, not bad for 9:00 AM.

    Is there an advanced version, now that I’m all warmed up?

    Great idea for a post!

  2. Question 20 – Investment accounts are covered by CIPF – not for loss the loss in value of the investment, but the insolvency of the brokerage.

  3. Great quiz! Nailed 22 out of 23. I got the first one wrong. It’s higher than the amount I keep in there so I’m good ๐Ÿ™‚

    I think everyone should have to take this quiz and be able to fully answer most of the questions before they can leave high school. These are some great essentials for being financially able when you have to stand on your own two feet.

  4. 1 wrong. Interesting quiz. Would you publish the tally results at some point in order for us to see where financial literacy from reading this blog may be?


  5. Great job with this quiz! I got 21 out of 23, and I’d say I’m disappointed with that score. I’d say your results will skew toward higher FinLit just due to the nature of financial blog readers. I wonder what the average Canadian would score?

    1. @Tim

      I know. I was trying to get a simple answer with dates. I guess I could have picked a number of days but then March 3 is not really 60 days… It’s actually 62 days. The more convoluted I make the questions the harder it is to make a multiple choice answer.

      I may revise the question to use the days but the technicality is not as important as knowing you have January and February to make the contribution.

  6. Thanks for making this kind of tests. It’s really interesting to see the results and the comments to it.
    I scored 20 out of 23, but if we go into the discussion about the questions and answers,some leave room for a little play.
    Question 7 What percentage should your GDSR (Gross Debt Service Ratio) be under? I marked 27% which I would not consider as wrong, because it’s still under 32%, it may be more conservative, but not wrong.
    Regarding question 9 What does inflation do?, it not always increases your salary or income. I am an accountant, and can’t raise my fees according to inflation, so my salary does not increase due to this reason. Same thing with interest rates, we are seeing these low interest rates in Canada for over 4 years, and ther has been at least a 2.0% a year inflation rate, but interest rates didn’t go up.
    But anyhow thank you very much for the quiz which is great.

    1. @Daniel

      Thanks for your comments. You are right that anything better than 32% is great. Anyone using a lower target will do good. However, the financial institutions will approve if you are below or at 32% and it’s important to understand their expectations.

      Also, for question 9, you are correct on all points. The answer supports what you mention.

  7. Great quiz!

    22 of 23 although I’m not sure I agree with Q # 20. re: CIPF?

    “When you open a customer account at a CIPF Member you may be eligible for up to $1 million of coverage if you suffer a financial loss because the Member cannot return the property in your account to you. Such financial loss must be caused by the insolvency of the Member.”

    There are stipulations though…



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