Quiz: Women And Money
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For the average American woman, life is no longer an exercise in tantalizing her family with the smell of pot roast or getting kitchen floors their whitest. She occupies the highest rungs of the professional ladder and excels in every trade. However, many women still turn to their husbands when it comes to planning long-term finances.
According to Suze Orman's 2010 book, Women & Money: Owning the Power To Control Your Destiny, this decision can directly undermine financial security. Any woman who doesn't pursue an active role in her own financial future may find it thrust upon her when her husband is gone, and it's at that time that stakes are highest and the learning curve is steepest. Orman believes that this situation can be avoided if each woman gets her hands dirty and starts educating herself.
How much do you know about women and money? Take the following quiz and find out.
Posted 7 Jan 2010
According to a 2008 Census Bureau report, what state has the greatest gap in wages between men and women?
- California
- New York
- Texas
- Wyoming
Women earn less than men in every state in the Union, but Wyoming has the widest wage gap of them all, with women earning a mere 64.3 cents on every dollar earned by men. That fact alone is bad enough, but it's downright tragic when you consider that Wyoming earned the nickname of "The Equality State" by being the first to allow women to vote, and for electing the first female governor in U.S. history.
Approximately what percentage of women who are married or living with a significant other feel responsible for planning for retirement?
- 15%
- 30%
- 45%
- 55%
According to the National Center for Women and Retirement Research, less than 15 percent of women who are married or living with a significant other feel that planning for retirement is their responsibility. The Center also found that 75 percent of women will be widowed by an average age of 56, and within two months of the death of their spouses, 25 percent of them will be broke. With this in mind, it's easy to understand why almost 87 percent of elderly Americans living in poverty are women.
What percentage of the average household's money is managed by women?
- 20%
- 40%
- 60%
- 80%
Studies may indicate that women are lukewarm to investing, but it's a different story when it comes to managing day-to-day household finances. Women manage an average of 80 cents of every dollar spent by American households, and no group of women has reined in more spending during the current recession than mothers.
Women now make up approximately what percentage of the American workforce?
- 45%
- 50%
- 55%
- 60%
According to a report released by the Center for American Progress, almost half the jobs in the United States are now performed by women. The report goes on to state that working wives are responsible for over 42% of household earnings, most likely due to the wage gap that favors men over women. Ironically, this very same wage gap may also be causing the steadily increasing numbers of women in the workforce, as traditionally underpaid female employees are less likely to be laid off during recessions than their more costly male counterparts.
What country has the most equal employment opportunity for men and women?
- Iceland
- Philippines
- South Africa
- United States
According to an October 2009 World Economic Forum report, the countries that are most equally "dividing their resources and opportunities among their male and female populations" are in Scandinavia, with Iceland taking top honors, followed by Norway, Finland and Sweden. The United States came in a distant 31st place. Take that, 41st place-holding Republic of Kyrgyz!
Indra Nooyi is the most powerful woman on 2009's Fortune 500 list. What company does she run?
- DuPont
- Kraft Foods
- PepsiCo
- Yahoo
As chairman and CEO of PepsiCo, Indra Nooyi is the most powerful woman on the 2009 Fortune 500 list, surpassing the heads of both Archer Daniels Midland and Wellpoint, and even leaving Oprah Winfrey in the dust at sixth place. This is all the more remarkable considering that she was at the helm for the highly unpopular February 2009 rebranding of Tropicana, which saw sales drop 20% in two months.
Paula Reynolds is in charge of selling off what financial corporation?
- American International Group
- Bear Sterns
- Lehman Brothers
- Washington Mutual
Paula Reynolds, former chief executive of Safeco, was tasked with selling off the charred remains of American International Group (AIG) after its collapse. The job was not just difficult because AIG had become the ultimate toxic asset, but also because the financial sector has traditionally been a testosterone-fuelled, frat house culture, where women are considered gatecrashers.
What Tuesday in April highlights the salary gap between men and women?
- Comparable Worth Day
- Equal Pay Day
- Gender Wage Gap Day
- Glass Ceiling Day
Equal Pay Day is based on pretty simple math. On average, women's salaries are 20% lower than the salaries of men in similar jobs. That means that it would take the average woman over six days to be paid what her male counterpart is paid in five days. This makes Tuesday of week two the day when a woman's paycheck would catch up to her male equivalent's on Friday of week one. The next Equal Pay Day falls on April 20, 2010.
In which of the following professions is pay actually higher for women than it is for men?
- Aerospace engineer
- Financial analyst
- Radiation therapist
- All of the above
Despite the fact that men are usually paid more than women for the same jobs, the opposite is true in certain cases, including all those mentioned above. According to the Bureau of Labor Statistics, women earn more than men as sales engineers, speech-language pathologists and funeral service workers. And just because men like to play around with cars, it doesn't mean they'll actually get paid more to do it --- women earn more than men as automotive service technicians, mechanics and motor vehicle operators.
Approximately what percentage of women claimed that they felt "confident to invest"?
- 30%
- 40%
- 50%
- 60%
A recent Harris poll reported that 53 percent of women described themselves as confident investors, contrasting with 82 percent of men who described themselves the same way. With the majority of married women outliving their husbands, and half of all marriages ending in divorce, most women are likely to be solely responsible for their finances, so it would be in their best interest to get more comfortable with investing.
Your score:
- 401K
You're a savvy investor who's prepared for the future.
Watch Suze Orman every Saturday 9pm ET
Visit the Suze Orman Show
For more go to Suzeorman.com
Slideshow: 8 Qualities of a Wealthy Woman
Slideshow: Top 10 Money Tips for Women
Slideshow: Signs of a Bad Financial Advisor - Checking account
You've got enough cash to cover monthly expenses, and that's about it.
Watch Suze Orman every Saturday 9pm ET
Visit the Suze Orman Show
For more go to Suzeorman.com
Slideshow: 8 Qualities of a Wealthy Woman
Slideshow: Top 10 Money Tips for Women
Slideshow: Signs of a Bad Financial Advisor - Compulsive shopper
Your frequent retail therapy sessions may lead you to buyer's remorse.
Watch Suze Orman every Saturday 9pm ET
Visit the Suze Orman Show
For more go to Suzeorman.com
Slideshow: 8 Qualities of a Wealthy Woman
Slideshow: Top 10 Money Tips for Women
Slideshow: Signs of a Bad Financial Advisor
Data is a real-time snapshot *Data is delayed at least 15 minutes
