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. Most financial wealth on Earth is created by and flows through business.

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 business. 

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 score is critical to building wealth. 

True False

11. If you go bankrupt you cannot get credit again for 7 years. 

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

13. A vehicle you still owe money on is shown as a liability on your Net Worth Statement. 

14. The value of real estate you own is shown as an asset on your Net Worth Statement, even if you still owe a mortgage loan on it. 

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

16. A monthly variance report is used to monitor projections in a cash flow 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 planning your cash flow needs you should always pay yourself 10% first.

19. Everyone should own their own business. 

20. A cash flow statement is more valuable than a budget.

21. In a business, a deposit made to the bank is shown as a credit on the bank ledger.

22. Every wealth builder needs an experienced financial advisor on their team.

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

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

25. Cash flow planning is critical to building wealth. 

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

27. We need to learn how to master money if we are ever going to build wealth and know how to keep it.

28. Residual income is recurring payments 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.