Martin Lewis, Editor

iq


The twenty five question MoneySaving IQ (MSIQ) test assesses how strong your MoneySaving skills are compared to others. It'll analyse your strengths and weaknesses and show you how to boost your consumer power.

How your MSIQ is calculated.

It's not just about how many correct answers you get. The MSIQ follows traditional IQ tests and the result depends on these factors...

  • The accuracy of your answers
  • How quickly you complete the test.
  • Which questions you answer correctly
  • And most importantly... how well you do compared to others.

It should take 15-20 minutes to complete

1/25

Where do you go to make a financial complaint about how a bank or building society has treated you?

2/25

Of the following, where is usually the most expensive place to get foreign currency?

3/25

You pay a credit card deposit for a budget airline return flight to Spain, costing £60 out and £60 back; then the rest on a debit card. The airline goes bust & you want to do a 'Section 75' reclaim from the credit card '. Which is true...

4/25

What interest rate would a savings account need to give, for a basic rate taxpayer, before it paid as much as a 4% cash ISA?

5/25

What, on average, is worth more?

6/25

If you had £380,000 to save in the UK, what's the smallest number of different financial institutions you'd need to put it into to ensure complete safety if any went bust? (excludes NS&I;)

7/25

Which is the WORST pound for pound deal on boxes of cereal?

8/25

You've just bought a new house and it's a freehold property. You need to sort out buildings insurance, which of these is the correct MoneySaving option?

9/25

Do the under 10s pay tax on their earnings and savings?

10/25

You've bought a dress for a friend and they don't like it. When you return it with the receipt a week later, which of these is the retailer legally obliged to do....

11/25

What does APR stand for?

12/25

Which is cheapest for a TEN minute call?

13/25

On a £5,000 credit card debt at 19.9% interest, how long will it take to clear if you're making the minimum monthly repayments (the higher of 2% or £5)?

14/25

Which of these MoneySaving loopholes is made up... all the rest have been do-able at some point...

15/25

What does PPI stand for?

16/25

Which of the following WON'T cut your petrol bill?

17/25

Which of these amounts is the LOWEST?

18/25

How much will a two-hour call to a landline on a weekend cost on BT's free weekend calls package?

19/25

Someone who spends £100 a week drops one brand level on everything they normally buy in a supermarket. On average how much cheaper would their bill be, over a year?

20/25

How many days cooling off do you get when taking out a credit agreement online?

21/25

If you have £1,000 in premium bonds, at 1.5% interest what are your chances of winning a prize of any value over a year (as at April 2010).

22/25

What is the maximum a couple with four children can earn and still be claiming Child Tax Credit.

23/25

Which of these is the only one that is guaranteed to cut the price you pay for energy?

24/25

You put £4,340 into a cash ISA this tax year, then withdraw £1,000. How much can you deposit before the end of the tax year?

25/25

If you take a camera back to a shop two days after buying it because it is faulty, which of these statements from the shop assistant would you have to accept?

Well done! You've finished the quiz...





 

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