Complete this short Quiz, then click the “Submit” button below to find out what your Financial Intelligence Quotient (FIQ). There are no trick questions, so answer as truthful as possible.  But be sure you read each question carefully. If you begin with a false start you will surely receive false results!

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Last Name:

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1. Liabilities are debts you owe.

True False

2. Assets are things you own or control.

True False

3. Net Worth is the difference between your assets and liabilities. 

True False

4. You are bankrupt if your liabilities exceed your assets. 

True False

5. All financial wealth is created through leverage. 

True False

6. Wealthy people learned how to manage their money in public school. 

True False

7. Savings are to an individual what Profits are to a company. 

True False

8. A credit score of 620 is considered excellent. 

True False

9. Identity theft insurance is more of a luxury than an necessity. 

True False

10. Your credit worthiness is critical to building wealth. 

True False

11. There are three major credit reporting agencies in Canada and the USA. 

12. You only need to check your credit report once a year. 

13. A car you still owe money on is considered an asset. 

14. Real Estate property you live in, but still owe a mortgage on, is shown as a liability on your net worth statement. 

15. An annual health club membership you paid for is considered a liability.

16. A Monthly Variance Report is used with a cashflow statement. 

17. How much interest you pay on a loan is not as important as how much profit you make on the transaction. 

 18. When recording your salary you should include any taxes or other items you paid for that were deducted from you paycheck.

19.Everyone should own their own business. 

20. A cashflow statement is more important than a budget.

21. In a business, a payment by check/cheque is shown as a credit on its bank ledger.

22. Every wealth builder should have a financial coach. 

23. Your operating expenses should never exceed 30% of your income. 

24. The best way to reverse a cash deficit position is to reduce expenses. 

25. Cashflow planning is critical to building wealth. 

26. Every goal needs to have a monetary value applied to it. 

27. Passive income is payments you receive from real estate investments you are no longer involved in.

28. Residual income is recurring paymets you get long after the initial work is complete.

29. Financial Freedom is achieved when the total of your passive and residual incomes exceed your operating expenses by 20%. 

30. The Federal Government will help you to reduce the amount of income taxes you pay.