Block: Cognitive tests [Wave 2]

  • Element Type: Block

  • Block Type: Standard

  • Block Name: Cognitive tests

Questions In This Block:

Question QID241

Question Type: Descriptive

Question Text:

You are now going to answer 20 questions that will test your financial literacy as well as your performance on various cognitive tests.

Question QID36

Question Type: Multiple Choice

Question Text:

Do you think that the following statement is true or false? “A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less.”

Options:

  • True

  • False

Question QID37

Question Type: Multiple Choice

Question Text:

Imagine that the interest rate on your saving account was 1% per year and inflation was 2% per year. After 1 year, would you be able to buy:

Options:

  • More than today with the money on this account

  • Exactly the same as today with the money in this account

  • Less than today with the money in this account

  • Do not know

Question QID38

Question Type: Multiple Choice

Question Text:

Normally, which asset described below displays the highest fluctuations over time?

Options:

  • Savings account

  • Stocks

  • Bonds

  • Do not know

Question QID39

Question Type: Multiple Choice

Question Text:

Do you think that the following statement is true or false? “If you were to invest $1,000 in a stock mutual fund, it would be possible to have less than $1,000 when you withdraw your money.”

Options:

  • True

  • False

Question QID40

Question Type: Multiple Choice

Question Text:

When an investor spreads their money among different assets, the risk of losing a lot of money:

Options:

  • Increases

  • Decreases

  • Stays the same

  • Do not know

Question QID41

Question Type: Multiple Choice

Question Text:

Considering a long time period (for example 10 or 20 years), which asset described below normally gives the highest return?

Options:

  • Savings account

  • Stocks

  • Bonds

  • Do not know

Question QID42

Question Type: Multiple Choice

Question Text:

Do you think that the following statement is true or false? “After age 70 and a half, you have to withdraw at least some money from your 401(k) plan or IRA.”

Options:

  • True

  • False

Question QID43

Question Type: Text Entry

Question Text:

Suppose you owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional new charges? Enter a number of years, or “never” if the debt will never be eliminated.

Question QID44

Question Type: Text Entry

Question Text:

Imagine that we roll a fair, six-sided die 1,000 times. Out of 1,000 rolls, how many times do you think the die would come up as an even number? Which is the most likely outcome? Enter a number from 0 to 1,000.

Question QID45

Question Type: Text Entry

Question Text:

In the BIG BUCKS LOTTERY, the chance of winning a $10.00 prize is 1%. What is your best guess about how many people would win a $10.00 prize if 1,000 people each buy a single ticket from BIG BUCKS? Enter a number from 0 to 1,000.

Question QID46

Question Type: Text Entry

Question Text:

If the chance of getting a disease is 20 out of 100, this would be the same as having a [blank]% chance of getting the disease. Enter a percentage from 0 to 100.

Question QID47

Question Type: Text Entry

Question Text:

In the ACME PUBLISHING SWEEPSTAKES, the chance of winning a car is 1 in 1,000. What percent of tickets of ACME PUBLISHING SWEEPSTAKES win a car? Enter a percentage from 0 to 100.

Question QID48

Question Type: Text Entry

Question Text:

If the chance of getting a disease is 10%, how many people would be expected to get the disease out of 1,000? Enter a number from 0 to 1,000.

Question QID49

Question Type: Text Entry

Question Text:

If it takes 5 machines 5 minutes to make 5 widgets, how long would it take 100 machines to make 100 widgets? Enter a number of minutes.

Question QID50

Question Type: Text Entry

Question Text:

A bat and ball cost $1.10 in total. The bat costs $1.00 more than the ball. How much does the ball cost? Enter a number in dollars.

Question QID51

Question Type: Text Entry

Question Text:

In a lake, there is a patch of lily pads. Every day, the patch doubles in size. If it takes 48 days for the patch to cover the entire lake, how long would it take for the patch to cover half of the lake? Enter a number of days.

Question QID217

Question Type: Multiple Choice

Question Text:

You are now going to receive a series of four problems. You must decide whether the stated conclusion follows logically from the premises or not. You must suppose that the premises are all true and limit yourself only to the information contained in these premises. Premise 1: If there is a postal strike, then unemployment will double. Premise 2: There is a postal strike. Conclusion: Unemployment will double. Does the conclusion follow logically from the premises ?

Options:

  • Yes

  • No

Question QID218

Question Type: Multiple Choice

Question Text:

Premise 1: If the winter is harsh, then there will be a flu epidemic. Premise 2: The winter is harsh. Conclusion: There will be a flu epidemic. Does the conclusion follow logically from the premises ?

Options:

  • Yes

  • No

Question QID219

Question Type: Multiple Choice

Question Text:

Premise 1: If a car is a Honda, then it is expensive. Premise 2: A car is a Honda. Conclusion: The car is expensive. Does the conclusion follow logically from the premises ?

Options:

  • Yes

  • No

Question QID220

Question Type: Multiple Choice

Question Text:

Premise 1: If a person eats hamburgers, then they will get cancer. Premise 2: A person eats hamburgers. Conclusion: The person will get cancer. Does the conclusion follow logically from the premises ?

Options:

  • Yes

  • No