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Money News

Quizzical Education, Vol. 9: Test Your Money News IQ

July 05, 2018
weekly news quiz

1 min read

Test your knowledge of some of the most important stories with Stash’s weekly news quiz. This week, see if you know which state has the best average credit score, what you should do if you only have a few bucks in the bank, and why concert tickets have become so expensive over the years.

Find out in the 7 questions below:

1/7
Quiz
 

This state has America’s highest average credit score.

New Hampshire
Mississippi
Minnesota
Texas

The average credit score in Minnesota is 709—the highest in the country. New data from credit-reporting company Experian crunched the numbers, and while Minnesota ranked number one, Mississippi came in last place with an average score of 647 (credit scores range from 300-850).

Read more: These States Have The Best (And Worst) Credit Scores

2/7
Quiz
 

Which of the following is not a reason that concert ticket prices have increased over the years?

Bots
Ticketmaster instituted a minimum-price policy
Concert-goers are willing to pay more
Artists are making less from record sales

Ticketmaster may be reaping the benefits of higher ticket prices, but tickets to concerts have become more expensive for a plethora of other reasons, including bots that buy and sell tickets at inflated prices, a loss of artist revenue from music sales as listeners have switched to streaming, and the fact that people are simply willing to pay more to see a show.

Read more: How to Save Money at Concerts and Music Festivals

3/7
Quiz
 

An $80 “America the Beautiful” pass will get you into more than ___ recreational sites around the country, including national parks, national forests, and national wildlife refuges.

50
100
250
2,000

The pass will grant you access to 2,000 recreational sites around the country. Though it isn’t free, it’s sure to get you your money’s worth if you’re looking to get outside this summer without breaking the bank. Entry into a single national park typically costs between $25 and $30 per vehicle, for comparison.

Read more: Get Outside With These Cheap and Fun Summer Ideas

4/7
Quiz
 

The ___ you are when you purchase a life insurance policy, the ___ your monthly premiums are likely to be.

Older, lower
Younger, lower
Angrier, higher
Earlier, higher

If you want low premiums, you may want to sign up for a life insurance policy when you’re young. The premiums may only increase with age, as the possibility of both illness and death increases as well.

Read more: How Buying Life Insurance When Young Can Help You Plan Your Future

5/7
Quiz
 

If you have $17.76 in your bank account, what could you consider doing with it first?

Go to a casino, find a roulette table, and put it all on 31 black.
Invest it.
Start an emergency fund.
Get a sandwich—everybody has to eat, after all.

Yes, you can start investing with only a few bucks. But a more responsible decision would be to save it and start an emergency fund first. Build up your savings, and then worry about investing.

Read more: I Have $17.76 in My Bank Account. Is That Enough to Start Investing?

6/7
Quiz
 

The median salary for Americans in their early 20s and early 30s is between $___ and $___.

$29,000 and $38,000
$15,000 and $27,000
$30,000 and $45,000
$35,000 and $55,000

Median salaries for young adults in their 20s and early 30s is between $29,000 and $38,000, according to data from the federal government. That’s not an awful lot of income to work with, especially when average student loan indebtedness is tens of thousands of dollars.

Read more: Under 25? Start Your Retirement Planning Today

7/7
Quiz
 

You can legally deposit up to $___ in a custodial account (essentially, a brokerage account for children) before triggering the “gift tax.”

$15,000
$5,500
$1,500
$30,000

A custodian can put $15,000 in a custodial account before the “gift tax” for 2018 kicks in. The gift tax is a federal tax on any transfer of assets from one person to another that exceeds a given amount. For 2018, that threshold is $15,000.

Read more: 5 Things to Know About Custodial Accounts

 
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*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.

By Sam Becker
Sam Becker is Stash's financial writer.

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