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?

A) The Office of Fair Trading
B) Financial Ombudsman Service
C) The FSA (Financial Services Authority)
D) The FSA (Food Standards Agency)

2/25

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

A) Online
B) At your bank
C) At the airport
D) At the Post Office

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...

A) Section 75 applies as the trip was over �100 in total
B) Section 75 doesn�t apply as each flight was under �100
C) Section 75 doesn't apply as you only paid the deposit by credit card
D) Section 75 applies but you�re only covered for the deposit.

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?

A) 4%
B) 4.5%
C) 5%
D) 6%

5/25

What, on average, is worth more?

A) 900 nectar points
B) 750 Boots Advantage points
C) 250 Tesco Clubcard points (swapped for Deals vouchers)
D) 175 Airmiles

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 Northern Rock and NS&I)

A) 1
B) 8
C) 15
D) 38

7/25

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

A) Buy two get one free
B) Get a third (33%) off the price
C) Get 40% extra free
D) All are the same

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?

A) Use the mortgage company�s insurance; it�s done a valuation so you won�t need to pay for it again.
B) Get an independent market valuation to ensure it�s adequately covered, then search for the cheapest
C) There�s no need to buy insurance as it�s included in all mortgages
D) Only cover your home for how much it would cost to completely rebuild, and then search for the cheapest

9/25

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

A) No
B) Yes, at the same rate as adults
C) Yes, but only if over 5
D) Yes, but at half the adult rate

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....

A) Nothing, unless you told them it was bought as a gift
B) Offer a credit note
C) Nothing, unless it was bought online
D) Allow you to change the size

11/25

What does APR stand for?

A) Average Percentage Rate
B) Annual Percentage Rate
C) Alternative Percentage Rate
D) Absolutely Pathetic Rate

12/25

Which is cheapest for a TEN minute call?

A) Calling an 0870 number during the daytime from a BT standard landline
B) Calling a US mobile on 18185
C) Calling a UK mobile on BT at the standard rate
D) Calling an 0800 number from an Orange mobile

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)?

A) 5 years and 9 months
B) 29 years and 6 months
C) 60 years and 3 months
D) It�ll never be paid off.

14/25

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

A) Shift to a card at 0% for life
B) Super-cheap New Zealand holiday by buying beef in gravy
C) Spend �44 on a dog kennel and get a lifelong dog food supply
D) Get a free �25 by putting 1p in a bank account.

15/25

What does PPI stand for?

A) Priority Protection Insurance
B) Personal Protection Insurance
C) Payment Protection Insurance
D) Pants Protection Insurance

16/25

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

A) Turning the air con off
B) Only half filling your tank each time
C) Accelerating to your cruising speed in the shortest time
D) Using Petrolprices.com to search for cheaper fuel

17/25

Which of these amounts is the LOWEST?

A) Interest on a �5,000 personal loan at 10% over 5 years
B) Interest on �5,000 added to a mortgage at 5% over 25 years
C) The cost of a brand new Ferrari
D) Interest on �10,000 added to a mortgage at 5% over 10 years

18/25

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

A) �2.70
B) Free but with a 8p connection charge
C) Nothing
D) 66p

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?

A) �200
B) �600
C) �1,300
D) �1,700

20/25

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

A) 7 days
B) 14 days
C) 28 days
D) You can cancel whenever you like

21/25

If you have £1,000 in premium bonds, at 1.8% interest what are your chances of winning a prize of any value over a year (as at Feb 2009).

A) 90%
B) 45%
C) 29%
D) 1%

22/25

What is the maximum any couple can earn and still be claiming Child Tax Credit.

A) �36,000
B) �58,175
C) �66,350
D) �70,345

23/25

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

A) Switching to paying by monthly direct debit
B) Opting for a green tariff
C) Getting a dual fuel tariff
D) All of the above

24/25

You put £2,600 into a cash ISA this tax year, then withdraw £1,000. How much can you deposit before the end of the tax year?

A) Nothing. Once you�ve withdrawn money you can�t put any back in
B) �1,000
C) �2,000
D) �3,600

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?

A) Sorry, you�ll have to take it to the manufacturer. Here�s its address
B) Sorry, we�ve a no returns policy which is stated on your receipt
C) It has to be covered by a warranty for us to help
D) None of the above

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

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