Solving for X to save $

If balancing your checkbook leaves you feeling like you’re back in high school solving one of those “If train A leaves the station traveling at 60 mph…” math problems, you’re not alone.

A National Financial Capability Study by FINRA’s Investor Education Foundation found that only 7% of respondents could correctly answer six questions on fundamental concepts of economics and personal finance. Only 40% were able to answer at least four of the questions that covered everyday topics like compound interest, inflation, and principles related to risk and diversification.

That lack of financial knowledge isn’t surprising: only 21 states require a course in personal finance for high school graduation, according to the Council for Economic Education. And that can be costly: lower financial literacy rates correlate with everything from higher use of expensive “payday loans” to lower savings rates.

It’s National Financial Literacy Month, so why not test your financial acumen with this quick quiz?