My hat is off to those readers who managed to take the time to respond to the quiz. Letting you in on a little secret, the entire project was an experiment in raising awareness of all things financial.

I really didn't expect many participants because it has been my own observation over the years that client lives have become increasingly hectic. The demands of the job, the family, the commute, the grocery shopping, managing pay cheques, the relatives, and community involvement consume most of everyone's time. We know that everyone is working longer hours than they used to, and that leisure time when it is available becomes very precious. Most people, I am sure, would rather go shopping, go fishing, or just put their feet up for a small siesta than do financial homework.

Having said that, several readers responded to my lament about the low number of entrants. Their message was endearing and simple.

Readers, I thank you sincerely. Not only that, but perhaps there will be another quiz or seminar in a few months to test your knowledge again.

And now, the answers to the quiz, which can be found in archive under martha myron search for September 16. How did our contest participants do? Very, very well, given that there were more than one answer in quite a few cases. If this had been a real exam, they would have all passed with flying colours. Another secret, I was prepared to award a book to every participant, regardless of his or her score! One has given permission to be featured in next week's article, and here's hoping the others will too, even anonymously. We want to hear what their investing philosophy is ? this is exciting for me to receive this kind of serious feedback from readership.

1. b and c An indexed term certain annuity is a description for an annuity that increases in value every year generally by some inflation factor. A term certain could be five years, ten years etc, but not for life.

2. a 180 bips is 1.8% of the net asset value. the only value supplied if $5,000 X 1.8% per year is $90 plus 5% of $5,000 is $250. One bip is one hundredth of 1%. This is a significant question because many clients do not take the time to figure out the fees charged by brokers and mutual fund families. $900 dollars is incorrect because that would denote a management fee of 18% per year, possibly not high for a hedge fund, but outrageous for a mutual fund!

3. b and c The best answer is 66% of the estimated, but you had better see your property insurance agent. A home not fully insured for replacement value, will not receive a full replacement value payment for damages.

4. a Everyone got this one right, a defined contribution plan is the amount solely contributed to your pension account, plus / minus income gains, losses and expenses.

5. c Our participants understand asset allocation and risk. Everyone answered this one correctly.

6. d And everyone certainly agreed with the concept of long-term capital appreciation, something that you will never get with jewelry, watches, or a car.

7. a All of these answers in handling inflation could be considered correct. While a is the best answer (you have to multiply the answer each year by 1.03, not just 3% per year and adding that to the total), the savvy person who can estimate inflation impact on a budget knows they may have to cut back on expenses to control it. This is what happens in the US economy (and ours). When people feel poorer because costs are going up, they will cut back (or stop spending all together).

8. c It was great to see that shorting strategies were understood, even if they are not recommended for any beginning investor.

9 b or c, best answer is b, flight to quality; however, in times of insecurity, preserving liquidity is never a bad idea. Capital markets only work when there is a seller and a willing buyer. Strong sovereign governments have to honor their debt responsibilities for full value, unlike the Argentinean government who defaulted on their bonds in 2001, ultimately offering 30 cents for every dollar invested. You get what you pay for - the higher the safety quotient, the lower the rate of interest, but in the end, you know your principal will be returned to you.

10. c Capitulating to the market while making emotional decisions is never a good idea. If you want to actively invest, develop your plan ahead of time. One strategy is to sell the position once a profit of 20% is achieved, and buy only when a stock has dropped 20% below its 200-day moving average. Another is to buy and hold - if, and this is a big if, the mutual fund has been a consistent performer for ten years, it will probably continue that performance for another ten. The challenge is to find the best fund for you to start with.

11 a or c, although c is somewhat a better answer. Clients today seem only interested in absolute performance in its simplest terms. They ask, "How am I doing?" Do I have more money now than I did a year ago?" In addition, is the rate of return better than what I can achieve in a fixed or savings account? They also stress that they are not comfortable with risky investments.

12. c US treasuries are safer in scale than a fixed deposit or CD in a bank. Whether we want to think about it not, banks can fail, and no, we do not have Federal Deposit Insurance Corporation insurance for deposits in Bermuda.

13 b and c Passing away without a will means that you have died intestate. Government has to decide under the laws of succession who receives your assets; however, if you owned property jointly, under contract law, that asset will pass outside the will to the other joint holder.

14 b, c, d Owning shares gives you more than a percentage ownership, you can vote, and receive a dividend.

15 b This was a tough question. A risk premium is the amount above the risk free rate. If stocks or other investments cannot earn more than a US treasury, why take on that risk? It would be a better choice to purchase US treasuries only. Thus, stocks must earn more - on a consistent basis - to justify accepting the volatility, uncertainty and risk.

And there you have it. Thank you all very much for deciding to upgrade your financial skills!