My latest column features four high school students from Little Falls who won the first-ever national personal finance challenge against teams from a dozen states. See if you can answer the questions from the competition.

1. What is it called when you make an impromptu purchase without considering your needs, goals, and the consequences of the purchase?

2. Name one of the sources of what is termed "easy-access credit".

3. What is a long-term retirement product that is issued by insurance companies that makes a series of payments at regular intervals over a period of time?

4. This is a math problem. What is the rate of return for a $34 share of stock which pays a $3 annual dividend?

5. What is the program that is financed by state and federal tax revenues, that pays specific health care costs care for those who cannot afford them?

6. Name one type of trade restriction that causes prices to consumers to increase on foreign imports.

7. An investment banking firm that purchases a securities issue from a company and later resells the same securities to investors is known as an__________________.

8. According to the IRS, what is the maximum amount you are allowed to give up to any number of people, every year, without facing any gift taxes?

9. A written authorization from a stockholder that empowers someone to vote on the stockholder's behalf.

10. A 529 Savings Plan is designed to fund what specific expense?

11. The price at which the money of one country can be converted into the money of another country.

12. What regulation, established by the Federal Reserve Board, governs the amount of credit that is allowed to be advanced to customers to enable them to purchase securities (so-called "margin requirements")?

13. A formal disclosure document used to sell securities, describing the issuer of the securities, the proposed business, and the risk factors, which are filed and cleared with the SEC.

14. What is a municipal or city regulation that restricts the amount that can be charged by a landlord.

15. A "baby bond" usually refers a bond that has a par value of less than _____________.

16. The final payment that repays all the remaining principal and interest of a partially amortized or unamortized loan is referred to as a ________________________.

17. What summer's day term is used to refer to state laws that cover the offer and sale of securities?

18. A bond that permits the issuer to redeem the bond before the stated maturity date, at a specified price (usually at or above par) is referred to as a ___________________.

19. At what time does the closing bell ring on Wall Street to signify the end of a stock exchange session?

20. What is a short term unsecured promissory note issued by a company, typically for a maturity of less than 270 days called?

21. This is a two-part question. A non-cash contribution of time, service or goods made by a donor to help support a charity is what kind of contribution? Is it tax-deductible?

22. An income tax system where a higher tax rate is often imposed as one earns more money.

23. A form of banking in which banks are only required to keep a fraction of their total deposits on hand.

24. When companies enjoy large, above-average profits these profits are often referred to as____________________.

25. What is a monetary compensation to an employee who is injured while working on the job?

26. Which index is usually considered the benchmark for U.S. equity performance. It represents 70% of all U.S. publicly traded companies.

27. A loan, often with a higher interest rate, made to borrowers whose credit rating is lower than a typical qualified buyer.

28. What do we call an individual who continually donates personal wealth to charities?

29. A contract entered into by two people prior to marriage which commonly includes provisions for the division of property accumulated during the marriage should the couple divorce.

30. What is meant by a Buyer's Market and in what type of market do we usually use the term?

31. When taxes are not paid, a tax lien is placed against the property and be sold at public auction. How long does the owner of the property have to come back and pay the taxes to reclaim the property?

32. What would the price be for a good for that is not scarce?

ANSWERS

1. Impulse buying

2. Pawnshop, Payday Loans, Rent-to-own, Title loans

3. An annuity

4. 8.8% ($3 divided by $34)

5. Medicaid

6. Tarrif or quota

7. An underwriter

8. $13,000 (in 2009 and 2010)

9. A proxy

10. College education expenses

11. Exchange rate

12. Regulation T

13. A prospectus

14. Rent Control

15. $1,000

16. Balloon Payment

17. Blue sky laws

18. A callable bond

19. 4:00 PM Eastern Time

20. Commercial paper

21. In-kind contribution and yes

22. Progressive income tax

23. Fractional reserve system

24. Windfalls or windfall profits

25. Workers compensation

26. S & P 500

27. Subprime loan

28. A philanthropist

29. A prenuptial agreement

30. A situation in the real estate market when sellers significantly outnumber buyers, driving prices down. This is historically a good time to buy your home.

31. Two years

32. The good would be free.