The 'MoneySaving IQ Test' discussion area

stinky

Question 5

Perhaps I'm mistaken - but I don't see how the airmiles save me more money. I thought (perhaps mistakenly) that I could only exchange airmiles for a flight - and no doubt a flight bought at full fare cost (not sure on that one). However, that entails that I buy a flight - COSTs me money.

As I am not currently flying anywhere - the airmiles are useless to me.

Whereas the Tesco points at least have a value - even though I hate Tesco's with a vengeance for their cheap rubbish "every little helps" = helps Tesco's get richer and take the money offshore.

Anyway - back to my point - Airmiles? Where can I spend them - I may have some somewhere. Can't remember.

Paul

Stampede_2

starkj wrote: »

You pay a credit card deposit for a budget airline return flight to Spain, costing £60 out and £60 back.

Surely a return flight would be £120 therefore above the £100.

Two singles would be £60 each below £100.

Or is it just sour grapes nitpicking because I only got 80%?


[An interesting quiz, esp if you try it quick fire with out trying to do paper calculations .. my reading of the Q was also that this was a 'return flight' ie a single transaction.

There were a few others I found misleading or n/a, that's my excuse and I'm sticking to it, eg. about BT costs, I have an all inclusive phone package and don't use BT, and as I never, ever fail to pay credit cards and my debts immediately I never need to worry about minimum payments, high interest charges or how long a debt last. Reasuringly, the Q's relevant to my life style were OK and as Martin always says 'do your research before buying or spending' I'll not worry.

Finally, help me some one but Q21, how can the correct answer be a 29% chance of winning if the explanation says 'most people win £0' .. what have I missed ?

:j still benefitting from my 10% ( yes 10% ) regular saver £500 a month deal, but it ends soon. Mo mortgage, no debts, and yes I appreciate many are not as fortunate.

philhuff

Finally, help me some one but Q21, how can the correct answer be a 29% chance of winning if the explanation says 'most people win £0' .. what have I missed ?

If there's a 29% chance of winning anything, then that means there's a 71% chance of winning nothing.

I think 71% qualifies as 'most'.

MSE_Martin

stinky wrote: »

Question 5

Perhaps I'm mistaken - but I don't see how the airmiles save me more money. I thought (perhaps mistakenly) that I could only exchange airmiles for a flight - and no doubt a flight bought at full fare cost (not sure on that one). However, that entails that I buy a flight - COSTs me money.

As I am not currently flying anywhere - the airmiles are useless to me.

Whereas the Tesco points at least have a value - even though I hate Tesco's with a vengeance for their cheap rubbish "every little helps" = helps Tesco's get richer and take the money offshore.

Anyway - back to my point - Airmiles? Where can I spend them - I may have some somewhere. Can't remember.

Paul

Hi Paul,

Airlimile can be exchanged for many more things than just flights - don't be fooled by the name - its a generalised reward scheme

MSE_Martin

Stampede wrote: »

starkj wrote: »

You pay a credit card deposit for a budget airline return flight to Spain, costing £60 out and £60 back.

Surely a return flight would be £120 therefore above the £100.

Two singles would be £60 each below £100.

Or is it just sour grapes nitpicking because I only got 80%?


[An interesting quiz, esp if you try it quick fire with out trying to do paper calculations .. my reading of the Q was also that this was a 'return flight' ie a single transaction.

There were a few others I found misleading or n/a, that's my excuse and I'm sticking to it, eg. about BT costs, I have an all inclusive phone package and don't use BT, and as I never, ever fail to pay credit cards and my debts immediately I never need to worry about minimum payments, high interest charges or how long a debt last. Reasuringly, the Q's relevant to my life style were OK and as Martin always says 'do your research before buying or spending' I'll not worry.

Finally, help me some one but Q21, how can the correct answer be a 29% chance of winning if the explanation says 'most people win £0' .. what have I missed ?

:j still benefitting from my 10% ( yes 10% ) regular saver £500 a month deal, but it ends soon. Mo mortgage, no debts, and yes I appreciate many are not as fortunate.

OK to clarify

The section 75 question was deliberately written. As the two transactions were seperately priced rather than one price they are not counted as one transaction - even if called a return flight. This is one of the major errors people make with Section 75. If you read the guide it is all explained.

As for 29% of people winning - that means if you play you've a 71% chance of not winning anything (ie most people win £0) and a 29% chance of winning £50 or more.

Martin

aurion22

Well, I'm pleased at that score .. now I just need the money to invest to prove my expert knowledge (much of it gained from this site)!
I would like to challenge one question as BT now includes 0870 numbers for people who have a calls package.
:j

MSE_Martin

aurion22 wrote: »

Well, I'm pleased at that score .. now I just need the money to invest to prove my expert knowledge (much of it gained from this site)!
I would like to challenge one question as BT now includes 0870 numbers for people who have a calls package.
:j

Yes but it was a daytime call to an 0870 number on BTs standard package (which is only free weekends (or evenings too depending)) so you still have to pay

Numpty_Monkey

Like most people I got the things near to their situations right
But I got the Credit card section 75 one right , which wasn't a guess, this surprised me seeing as I can't get a credit card , so somethings must be sinking in

Purse_String

Dismal 12/25 :eek: (currency & phones weak spots) Then again, I've only been on this site 3 weeks, there's so much to learn!
Well done to Martin & team.

Sartcott

Martin your marking of answers has big errors. My score was 11/25 :rolleyes:

When I checked though the errors 11 were marked incorrect but underneath they were marked as the correct answer :mad:

Therefore my true score was 22 / 25 :T
How are we to know what our true knowledge is when you mark incorrectly?

Sort it out so we really know how much we really know. How many other people have been marked low when they really are great.:beer:

Love your information and you are doing a great job as are we your studients when you don't mark us down.
Keep up the good work. :money: You are the best thing in the Money Market.