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You may think you know a lot about credit and banking, taxes and insurance. The four teenagers at Scripps Ranch High School probably know more.
A four-person student team from San Diego School won the 2025 National Personal Finance Challenge, a financial literacy contest that ended in Atlanta in June.
If you want to test your own financial literacy, check out our 10-question quiz below. This is the abbreviation version of the final round of the contest.
But first, it takes a little time to read how San Diego students won.
Starting with nearly 18,000 students, the event is part of a national campaign to encourage personal finance research in schools. It appears to be working: 38 states currently require personal funding to graduate from 23 states in 2022.
“This is a real discipline with the realities of what you need to know,” said Christopher Cartaviano, chief program officer of the Council on Economic Education, which hosts the contest. “This is what you use every day of your life.”
What is “negative equity”? These students knew.
For Scripps Ranch students, the trip to Atlanta ended with a high drama. They won the contest with single points, stolen the talented team at Mount Hebron High School in Ellicott City, Maryland.
Each of the Scripps Ranch would have lost. The team convinced the contest judges about two quiz questions they missed.
One question asked for mortgage or car loan terms that exceed the balance of assets worth more. The team’s answer is “negative equity” and is correct. However, the judges were looking for “upside down.” This is a colloquial term for negative fairness.
“So initially, they didn’t give us that,” said Robert Schuman, 17, a senior at Scripps Ranch, which will rise this fall. “From what we saw, no one ever won a challenge, so we were underscoring a bit that it was wrong.”
The second challenge stemmed from this question. If you think you are a victim of fraud, what should you do first? The Scripps Ranch team will freeze your assets. Correct answer: Call the bank.
“We said it was speculated you would call your bank,” Schumann said the first move was to freeze your assets. The judges finally agreed.
They learned financial literacy from YouTube and AI
Scripps Ranch High is located in California. This is one of the states that currently require financial education. However, the power of attorney will not be in effect until 2027.
“These students really learned and self-assessed themselves,” said Ian Rasmuson, a teacher at Scripps’ ranch, who coached the winning team. Rasmoson himself teaches history.
Last year, students wanted to revive the school’s idol-like entrepreneurship club and invite guest speakers to talk about business and finance.
“We just wanted to teach people about these topics,” said Ryan Langsam Williams, 17-year-old senior senior who joined the team. “What I had in mind was to have a competition like this and get the club to participate.”
He found a national personal finance challenge online. To prepare, the team reviewed coursework on the Economic Education Council website, investigated past contests, watched YouTube videos, and used AI to generate practice quizzes.
“We don’t have personal financial classes at our school,” Schumann said.
Take a 10-question quiz from the Personal Finance Challenge
There are 10 questions from the final round of the 2025 National Personal Financial Challenge. Below is the answer.
“If you get 7 out of 10, I think you should feel pretty good about yourself,” Cartabiano said.
- What terms are given to the amount of your account separate from the revenue or interest that you accrued?
- What name is given to digital credentials that allow users to sign in to apps and websites without using a password?
- The insurance company assesses the risk for the purpose of issuing insurance coverage. What is this process called?
- What kind of economy is the system in which people make money by providing services and products on demand, usually through digital platforms?
- In a credit card transaction, do I have to pay interest every day, including the first day of the transaction, until I have fully repaid?
- On the way to work, you get caught up in a hail that will damage your car. Which type of car insurance covers losses?
- Stephen will donate pre-tax dollars to an account that employers manage for medical expenses. If he doesn’t spend all his money by the end of the year, he will confiscate it. What plans does he have?
- Fred doesn’t believe in the bank and puts his money in socks buried in his backyard beneath his new concrete patio. He has little risk of money being stolen, but what risks will the money in his socks be affected?
- You buy bonds from a company and realize that the company can purchase outstanding bonds from you before maturity. What is this feature called?
- What name was given to stocks paying a higher than average dividend?
Answer: 1) Principal. 2) PassKey. 3) Underwriting. 4) Gig. 5) Cash Advance. 6) Inclusive. 7) Flexible spending accounts. 8) Inflation risk. 9) Call function. 10) Income stocks.
