Quiz | September 2010
The Money & Ethics Quiz, 2008 Edition
Do you know how to handle financial matters in an ethical manner? For example, should you tip for lousy service? How closely should you honor a loved one's last wishes? What should you do if the bank makes an error in your favor?
Here are ten real-life financial quandaries readers asked Knight Kiplinger, our editor in chief, which he answered in his Money & Ethics column. Put your moral instincts to the test and see how you measure up:
Quiz
The Money & Ethics Quiz, 2008 Edition
Question 1 of 10
Is it okay to leave a restaurant server a stingy tip for bad service?
A. Yes
B. No
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 1 of 10
Is it okay to leave a restaurant server a stingy tip for bad service?
You're right! A. Yes is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Yes.
Yes, indeed, if the bad service is really the server's fault -- rudeness, botched orders, a bored manner. But don't penalize a server for things beyond his or her control, such as a short-handed kitchen, not enough servers or bad food.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 2 of 10
Should a child from a wealthy family accept a no-need merit scholarship to college?
A. Sure. Why not?
B. No way.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 2 of 10
Should a child from a wealthy family accept a no-need merit scholarship to college?
You're right! A. Sure. Why not? is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Sure. Why not?.
Hey, the kid worked hard and earned it. Besides, just because a family is wealthy doesn't mean the children aren't covering some of their own expenses. However, we would hope that a wealthy family whose child has earned a merit scholarship would consider repaying that amount -- and perhaps even more -- through tax-deductible donations to the college.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 3 of 10
Your mom died recently. She had verbally promised you a few valuable keepsakes, though there's no record of it. What should you do?
A. Go ahead and take the items.
B. Better talk to your siblings first.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 3 of 10
Your mom died recently. She had verbally promised you a few valuable keepsakes, though there's no record of it. What should you do?
You're right! B. Better talk to your siblings first. is correct.
Sorry, wrong!
is incorrect.
The right answer is B. Better talk to your siblings first..
By law, everything that belonged to your mother -- especially things of value -- should be inventoried and appraised before dispersal. If there is no record of your mother's wishes, and others in the family want the same things, the executor must negotiate a settlement among all of you -- even if by drawing straws -- to ensure that each heir gets equivalent value.
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The Money & Ethics Quiz, 2008 Edition
Question 4 of 10
You know you bought more house than you should have at the top of a hot market. Now you qualify for help from a mortgage-relief program. Your finances are tight, but you don't NEED assistance. Should you take it anyway?
A. Yes. You'd be a chump not to get on board the gravy train.
B. No. Your bad luck is no one else's fault.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 4 of 10
You know you bought more house than you should have at the top of a hot market. Now you qualify for help from a mortgage-relief program. Your finances are tight, but you don't NEED assistance. Should you take it anyway?
You're right! B. No. Your bad luck is no one else's fault. is correct.
Sorry, wrong!
is incorrect.
The right answer is B. No. Your bad luck is no one else's fault..
It would be unethical to use public funds from the mortgage-relief programs if you don't need assistance. The government is spending a finite amount of money on this project. Gaming the system would divert public funds from those borrowers who truly cannot meet their mortgage obligations and are truly in need.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 5 of 10
Is it okay to buy clothes, wear them once, then reattach the tags and return them to the store?
A. Yes
B. No
C. Only if you have them cleaned before returning them
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 5 of 10
Is it okay to buy clothes, wear them once, then reattach the tags and return them to the store?
You're right! B. No is correct.
Sorry, wrong!
is incorrect.
The right answer is B. No.
Anyone who "buys" products with the intention of using them and then returning them is stealing that one-time use from the store. This practice, unfortunately, is quite common – and not just for apparel. It has led many stores to accept returns only for store credit, not a refund. So who gets hurt in the end? All the other customers.
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The Money & Ethics Quiz, 2008 Edition
Question 6 of 10
Your brother is wealthy and you figure that he will take in your kids if something were to happen to you and your spouse. Should you buy life insurance anyway?
A. Yes
B. No
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 6 of 10
Your brother is wealthy and you figure that he will take in your kids if something were to happen to you and your spouse. Should you buy life insurance anyway?
You're right! A. Yes is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Yes.
You may be right about the fate of your children (especially if you have named your brother as guardian in your will), but forgoing life insurance makes you a moocher regardless. A key tenet of ethical living is taking responsibility for yourself and your dependents. You should plan for the security of your own family as best you can and not put that burden on others.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 7 of 10
Your plumber always asks to be paid in cash. You suspect that he doesn't plan to report it on his tax return. Should you mind?
A. Yes
B. No
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 7 of 10
Your plumber always asks to be paid in cash. You suspect that he doesn't plan to report it on his tax return. Should you mind?
You're right! A. Yes is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Yes.
Your suspicions are probably right. And, yes, you should mind -- unless you like paying for his share of the public services funded by income taxes.
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The Money & Ethics Quiz, 2008 Edition
Question 8 of 10
Is it ethical to bring your spouse along on a business trip?
A. Yes, as long as you pay his or her share out of pocket.
B. No, it's wrong to mix your personal life with business.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 8 of 10
Is it ethical to bring your spouse along on a business trip?
You're right! A. Yes, as long as you pay his or her share out of pocket. is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Yes, as long as you pay his or her share out of pocket..
Yes, as long as you get your work done and pay the added costs of your spouse accompanying you -- his or her airfare, meals, side trips for pleasure and so on. If traveling alone, you would still need a hotel room and rental car, so you don't have to reimburse the company for your spouse sharing in their use.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 9 of 10
To avoid paying for multiple subscriptions to a newsletter, your boss asks you to photocopy each issue and circulate the copies to several dozen managers. Should you feel uneasy about this?
A. Yes
B. No
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 9 of 10
To avoid paying for multiple subscriptions to a newsletter, your boss asks you to photocopy each issue and circulate the copies to several dozen managers. Should you feel uneasy about this?
You're right! A. Yes is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Yes.
Yes, indeed. He's directing you to violate federal copyright law. Point out to him the prohibition against copying (which is printed on the newsletter) and suggest that you ask the publisher about a site license for your whole office. It's typically sold at a discount.
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 10 of 10
Your bank made a $1,000 error in your favor, which you brought to its attention twice and offered to repay. The bank said it'd look into the matter and debit your account, but that never happened. What should you do?
A. Give up and don't worry about it.
B. Keep on nagging (and nagging...)
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Quiz
The Money & Ethics Quiz, 2008 Edition
Question 10 of 10
Your bank made a $1,000 error in your favor, which you brought to its attention twice and offered to repay. The bank said it'd look into the matter and debit your account, but that never happened. What should you do?
You're right! A. Give up and don't worry about it. is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Give up and don't worry about it..
You made an honest attempt to correct the error and the bank dropped the ball. You needn't keep trying. Make sure you keep a record of whom you talked to and when, just in case the bank discovers the error and tries to say you did something wrong. After some time has passed, consider doing something creative with the windfall that isn't really yours, like giving it to charity.
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The Money & Ethics Quiz, 2008 Edition
Results: 0 out of 10 Right
See Also
More Fun Money Quizzes
Ethical Conduct Is in the Eye of the Beholder
Money and Ethics Quiz, 2010 Edition
It's Not Okay to Skip Out on a Mortgage
Financial Truth or Bunk?
Should I Blow the Whistle on a Co-worker?
Is It Tax Deductible?
Should You Wed for Money Rather Than Love?
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