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Money News

Quizzical Education, Vol. 14: Test Your Money News IQ

August 09, 2018

1 min read

Test your knowledge of some of the most important news stories involving money. This week, see if you know the difference between gross and net income, what it’s called when you “rent” out an investment, and which company became the first to achieve a $1 trillion valuation.

Find out in the 7 questions below:


This company regularly rakes in more than $8 billion in revenue annually and has a number of tricks and tools it uses to drive your inner impulse shopper.


The answer is QVC, the home-shopping television network that broadcasts 24 hours a day. The network has crafted a careful formula over the years that drives viewers to make purchases—through physical cues, countdowns, etc.—and has even led to some cases of QVC “addiction”.

Read more: The Psychological Trick Companies Like QVC Use to Get Your Money


What’s the difference between gross income and net income, in regard to your personal finances?

G.I. is how much money you make; N.I. is how much you receive after taxes and deductions.
G.I. is your paycheck minus 401(k) deductions; N.I. is your paycheck minus the water bill.
G.I. is money received after taxes; N.I. is how much you’re saving.
G.I. is equal to total deductions; N.I. is what you pay for social services.

Your gross income is your total earnings or the amount of money you make before any deductions. Your net income is how much you receive after taxes and other deductions, such as Social Security and Medicare–or, how much you actually see on your paycheck. It’s an important distinction that can help you create and maintain a budget.

Read more: How to Save Money with a Budget


What type of property can you purchase, that previously housed some of the U.S. government’s most secretive (and maybe scariest) inventions?

Military base
Missile silo
Underwater lab
Airplane hangar

The answer is missile silo—though you may be able to find an old airplane hangar for sale, too. People are purchasing old missile silos, which previously housed nuclear missiles during the Cold War, and turning them into living quarters.

Read more: Would You Retire to an Old Missile Silo?


A financial therapist might be able to help individuals with which of the following conditions:


The answer is hoarding, which is a condition in which people have trouble letting go of things they view as storing value—thus, the financial angle and would be a reason to make an appointment with a financial therapist. 

Read more: What is a Financial Therapist? And Should I Get One?


REFRESHER: What does “ETF” stand for?

Envelope the financials
Everything that floats
Exchange-traded fund
Exact-targeted fund

The answer is an exchange-traded fund, and as an additional refresher, ETFs are baskets of investments pooled together to create a single fund, similar to a mutual or index fund.

Read more: ETF vs. Index Fund vs. Mutual Fund: What’s the Difference?


Which state was named the best to retire to, according to industry data?

South Dakota

South Dakota is the best state in the U.S. for retirees, according to rankings from What makes SoDak so great? A combination of safety, good health care options, and a low cost of living.

Read more: The 10 Best States to Retire


Which company recently became the first to cross the $1 trillion market cap?


Apple broke the $1 trillion mark recently, after releasing a strong Q3 financial report. It is the first company to reach this record valuation.


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By Sam Becker

*The results of this quiz does not imply any level of skill or training on the part of any customer. The content of this quiz is for educational purpose only.

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