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  • U.S. DEPARTMENTS OF EDUCATION AND TREASURY RECOGNIZE IOWA STUDENTS PARTICIPATING IN THE 2010-11 NATIONAL FINANCIAL CAPABILITY CHALLENGE PDF Print E-mail
    News Releases - Education & Schools
    Written by U.S. Dept of Education   
    Monday, 25 April 2011 07:32

    Total of 2,541 Iowa Students Take “Challenge”

    State-by-state Results Available at www.challenge.treas.gov


    WASHINGTON – As part of an ongoing effort to mark national Financial Literacy Month, the U.S. Department of Education and U.S. Department of the Treasury today recognized the 2,541 Iowastudents and 71 Iowa educators who participated in the National Financial Capability Challenge for the 2010-11 school year. The Challenge, which includes a voluntary online exam for high school students, helps teach young Americans about saving, budgeting, investing, and other important skills critical to building a secure financial future.

    The average score for Iowa students on the exam was 70 percent – compared to 69 percent nationally. A total of 574 Iowa students scored in the top 20 percent nationally and nine Iowa students received perfect scores.State-by-state results and sample questions from the exam are included below and at www.challenge.treas.gov.

    “It's critical for our young people to develop smart financial skills,” said Secretary of Education Arne Duncan. "If we're going to prepare our students for 21st century success, we have to teach them about earning and spending, saving and investing. Otherwise, they're going to learn the hard way: by making mistakes. I'm encouraged to see the steps that teachers and states are taking to make basic financial education a priority and congratulate these students on their great work."

    “Empowering students with the knowledge they need to make good decisions about saving, budgeting, and investing is critical to helping them build secure financial futures,” said Deputy Secretary of the Treasury Neal Wolin. “I want to congratulate these students on their achievements and thank them for serving as examples to their peers about the importance of financial education.”

    Education Secretary Duncan and Treasury Deputy Secretary Wolin honored top-scoring students today at a national awards ceremony today at the U.S. Department of Education in Washington, DC. Nationwide, more than 84,000 high school students and 2,500 educators in all 50 states, as well as in U.S. Department of Defense schools for children of military members around the world,participated in the 2010-11 Challenge. Students who scored in the top 20 percent nationally and those who were among the top scorers in their school will receive official award certificates.

    The Challenge is one of many important steps the Obama Administration has taken to help empower Americans through improved financial capability. In November, the Administration unveiled a new coordinated National Strategy for Financial Literacy to help guide the ongoing efforts of the federal government and private organizations to empower Americans with the financial skills they need to strengthen their long-term economic security. Additionally, the Administration established the President’s Advisory Council on Financial Capability to provide advice on how to maximize the effectiveness of existing private and public sector efforts, and to identify new approaches to increase financial capability.

    State-by-state results from the 2010-11 Challenge are included below:

     

    State

    State Average Score

    Participating Students

    Perfect Scores

    Students Who Scored in the Top 20%

    Participating Educators in the State

    Alabama

    66.26%

    1,712

    5

    264

    43

    Alaska

    70.28%

    154

    2

    32

    7

    Arizona

    65.14%

    900

    1

    133

    26

    Arkansas

    68.61%

    656

    2

    117

    25

    Armed Forces (Europe)

    73.59%

    110

    0

    32

    11

    Armed Forces (Pacific)

    74.46%

    165

    0

    51

    5

    California

    66.12%

    1,801

    13

    368

    81

    Colorado

    68.13%

    1,476

    15

    355

    44

    Connecticut

    72.32%

    1,675

    13

    469

    62

    DC

    56.33%

    217

    0

    22

    4

    Delaware

    65.25%

    348

    0

    29

    9

    Florida

    69.51%

    4,477

    47

    1024

    85

    Georgia

    64.60%

    1,612

    13

    268

    54

    Guam

    75.29%

    14

    0

    4

    3

    Hawaii

    73.62%

    171

    4

    58

    12

    Idaho

    80.82%

    100

    1

    44

    7

    Illinois

    71.17%

    1,989

    26

    567

    71

    Indiana

    68.21%

    2,186

    18

    479

    63

    Iowa

    70.02%

    2,541

    9

    574

    71

    Kansas

    70.26%

    455

    1

    121

    22

    Kentucky

    67.75%

    607

    9

    127

    23

    Louisiana

    67.69%

    367

    1

    55

    9

    Maine

    74.14%

    234

    5

    72

    15

    Maryland

    66.83%

    2,955

    19

    533

    71

    Massachusetts

    69.06%

    2,642

    19

    577

    71

    Michigan

    70.51%

    1,835

    17

    514

    66

    Minnesota

    70.88%

    1,104

    16

    290

    38

    Mississippi

    67.00%

    123

    1

    18

    9

    Missouri

    71.81%

    2,061

    20

    568

    60

    Montana

    68.23%

    323

    1

    77

    20

    Nebraska

    72.02%

    567

    3

    142

    25

    Nevada

    64.38%

    1,276

    6

    171

    19

    New Hampshire

    70.28%

    655

    5

    177

    24

    New Jersey

    66.49%

    4,876

    18

    882

    106

    New Mexico

    66.04%

    157

    1

    26

    9

    New York

    69.11%

    4,296

    20

    936

    143

    North Carolina

    66.22%

    1,438

    7

    245

    67

    North Dakota

    70.26%

    399

    3

    94

    13

    Ohio

    67.57%

    4,513

    23

    827

    134

    Oklahoma

    67.03%

    1,057

    0

    163

    29

    Oregon

    75.60%

    229

    2

    77

    24

    Pennsylvania

    68.33%

    7,155

    40

    1563

    200

    Rhode Island

    61.72%

    794

    3

    120

    17

    South Carolina

    67.50%

    654

    4

    128

    29

    South Dakota

    76.28%

    145

    0

    54

    12

    Tennessee

    69.32%

    1,602

    8

    353

    38

    Texas

    66.02%

    4,326

    21

    762

    128

    Utah

    73.35%

    631

    7

    157

    22

    Vermont

    79.88%

    145

    5

    80

    7

    Virginia

    69.07%

    7,328

    47

    1521

    180

    Washington

    71.43%

    1,830

    16

    449

    53

    West Virginia

    61.51%

    813

    2

    120

    21

    Wisconsin

    73.23%

    4,399

    44

    1280

    123

    Wyoming

    69.55%

    77

    0

    23

    7


    Example questions from the Challenge’s online exam include the following:

    1.      Carolina has $5,000 saved from working at different jobs.  She puts her money in a savings account that pays 4 percent per year in interest. How much money will be in her account at the end of the first year and at the end of the second year?

    A.     End of first year: $5,100; end of second year:  $5,400.

    B.      End of first year: $5,200; end of second year:  $5,400.

    C.      End of first year: $5,200; end of second year:  $5,408.

    D.    I don’t know.

    (Answer: C)

    2.      Marco went to the grocery store to buy a box of cereal.  The type of cereal he liked came in three different brands and three different size boxes.  To select the brand and the box with the lowest unit cost, he should look at the:

    A.    largest cereal box on the shelf.

    B.     most popular brand of cereal.

    C.     price per ounce of cereal in each box.

    D.    I don’t know.

    (Answer: C)

    ###

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