Pop quiz

State Treasurer Richard Moore gave North Carolina's students a financial pop quiz.

On average, they answered less than half of the 20 questions on savings, interest and credit correctly, earning a failing grade. (Results here.)

The results were similar to a quiz from the Jump$tart Coalition for Personal Financial Literacy. North Carolina's 47.7 percent average was close to the 2006 national average of 52.4 percent.

The release of a financial test results among North Carolina's seniors during budget week at the state House is entirely coincidental.

But Dome found it notable that substantial numbers of Tar Heel students don't know what a budget is, why you should have one or what you call it when you spend too much.

Maybe they should ask their legislators. Or, maybe not.

Correction: An earlier version of this post indicated that the questions for North Carolina's quiz came from Jump$tart. They did not. They were a joint effort of the Treasurer's office and the state Department of Public Instruction.

—————

Correct answers in bold.

16. What is a budget?
a. A financial plan (60.8%)
b. A discounted price or sale (9.1%)
c. A way to spread out your bills over a longer time period (19.8%)
d. A good way to help you move money from one account to another 10.3%)

17. Which of the following is an advantage of having a budget?
a. It pays interest. (12.1%)
b. It will increase your income. (18.2%)
c. It will decrease your expenses. (15.6%)
d. It helps you understand what you can afford. (54.1%)

18. When your actual spending is greater than your budgeted spending, you have a budget:
a. Surplus (24.4%)
b. Limitation (30.6%)
c. Deficit (19.2%)
d. Reduction (25.8%)