Welcome to the Mississippi Quiz Bowl!

I'm your host Keri Horn, and today's competition is the Personal Finance Challenge.

Today, we gather to celebrate financial literacy and empower our participants to navigate the complexities of personal finance with confidence and skill.

This event promises to be an exhilarating showcase of knowledge, critical thinking, and practical application.

Our final teams competed in a regional challenge earlier today, and have proven themselves to be the best.

And now, the final round of the challenge is being televised by Mississippi Public Broadcasting!

As I mentioned before, my name is Keri Horn, and I'll be your host today.

Our quiz bowl judge is Daniel Elliott, President of Rankin County Cadence Bank.

He is assisted by Michael Sisco of the MS Department of Banking and Consumer Finance and Reuben Smith with Cadence Bank.

Organized by the Mississippi Council on Economic Education, the Mississippi Personal Finance Challenge Quiz Bowl is more than just a competition; it is an opportunity for students to develop essential life skills that will serve them well beyond the classroom.

Now, through a series of challenging scenarios, participants will answer questions from various financial literacy topics ranging from budgeting and saving to investing and retirement planning.

To my right we have Madison Central and to my left we have Germantown.

Now let's learn a little bit about our contestants!

I'm Noah Clapper.

And I'm going, and I ah, and at last year's national speech debate championship I broke two out load.

I'm Amiteshwan Jall.

I'm from Madison Central and I can speak six languages.

I'm Aalekh Arapalli from Madison Central High School.

I can outperform the SAT 500.

I'm Jackson Rippel and I plan to start a Bio-technolgy startup in college.

I'm Tate Bragg from Germantown High School.

[Unitelligible] I'm Peyton Brewer from Germantown High School.

I've been to five countries in Europe.

I'm Nick McKee fro Germantown.

I'm the youngest of five.

I'm Clark Estess from Germantown and one time I ate a restaurant with goats on the roof.

Alright.

Thank you everyone!

Now let's review the rules: There will be three rounds of questions.

One point is awarded for each question answered correctly.

Only after the question has been read in full can a team buzz in to give the answer.

Teams have 10 seconds to buzz in during which time they may consult with each other.

Once a team has buzzed in and is recognized, the team member who buzzed has 5 seconds to give the answer.

If an incorrect response is given, the other team will have the opportunity to hear the entire question again and then have 5 seconds to respond.

As we begin this thrilling journey, we encourage all participants to embrace the spirit of friendly competition, collaboration, and learning.

Now good luck to both teams!

And let's begin the Mississippi Personal Finance Challenge Quiz Bowl!

are ya'll ready?

Here we go.

Question number 1: Alright, Madison Central.

Health insurance and paid time off?

That is correct.

Alright, next question.

Alright, Madison.

So they can get some more non-tangible benefits.

That is correct.

That kind of thing.

So yeah.

Ok.

Paid time off.

That is correct.

Some other examples are: That kind of thing.

Alright, Germantown.

It's the number of jobs you can get and increases how valuable you are to it.

That is correct.

Alright, next question.

Alright, Madison Central.

[unintelligible] Paid time off and health insurance?

Those are tangible things.

We're looking for intangible things.

So I'll re-read the question for Germantown.

Flexible schedule and work from home.

That is correct.

Also job satisfaction.

That would be another intangible one.

Alright, Germantown.

[Unintelligible] Rural generally earns more.

That is incorrect.

I'm gonna re-read the question for Madison Central.

Urban areas have a higher earning potential.

That is correct, yes.

Alright, Germantown.

Location and hours worked.

That is incorrect.

So...

Location and education.

That is correct.

Alright, Germantown.

[Unintelligible] Companies make less..

I'm afraid time.

Alright.

I will re-read the question for Madison Central.

Decreases job opportunities and decreases average wages.

That is correct, yes.

Alright, next question.

Alright, Germantown.

A risk would be losing the money you put in and a reward would be making a substantial amount of money in the long run.

That is correct.

My favorite benefit though is getting to wear whatever I want and, you know, making my own hours.

Alright, next question.

Alright, Germantown.

Gas, [Unintelligible], oh savings, needs and wants.

Not complete.

So let me read the question for Madison Central.

Expenses, savings and income.

That is correct.

Alright, next question.

Alright, Germantown.

It decreases your purchasing and power.

That is correct.

Alright, next question.

Alright.

Your credit score goes up.

That is correct, yes.

Alight.

[Unintelligible] Durability and lifetime.

That is correct, yes.

Some others are like: Alright, Germantown.

Impulse purchase.

That is correct.

Alright.

It hurts your long-term financial goals.

No that is incorrect.

I will re-read the question for Germantown.

It makes it hard to stick to your budget.

That is correct.

Alright, Germantown.

[Unintelligible] Avoid the cost and avoid the benefits.

Yes, that is correct.

We have here: Alight, this is the last question of the round.

Yes, Germantown.

Read reviews and using trusted sites.

That is correct.

That concludes Round 1, our current scores are Germantown with 09 and Madison Central with 08.

And now we're going to go on to Round 2: Alright, Madison Central.

You don't have to take a credit.

That's not exactly what we're looking for.

I'm going to re-read the question for Germantown.

It's physical and you have to think about it before you pay.

That is correct.

Alright.

Alright, Germantown.

A want.

That is correct, Yes.

Alright, Germantown.

They influence you to purchase things, that you may not need.

Yeah, that is correct.

Germantown.

They can talk you out of making purchases.

[Unintelligible] Not exactly what we're looking for.

Yeah.

Let me re-read the question for Madison Central.

Watch your time.

Ok. You can reduce the cost.

Next question.

Alright.

It can help you track your finances so you don't over spend.

Yes.

that is correct.

It also give you alerts if you do over spend.

Alright, Germantown.

Money market you can take less, withdraws out of.

Savings account is more liquid.

No.

Not what we're looking for.

I'll re-read the question.

Money market gets more interest.

Yes that is correct.

Alright.

They use a certificate of deposit money for loans that they can give out to other clients or customers.

That is incorrect.

I'll re-read the question.

The time of cd, you can't touch the money.

That is correct.

That is true.

Alright.

It reduces the value of the money you currently have.

That is correct.

Alright.

It's trustworthy, and usually it's FDIC consured.

Like FDIC insured.

That is correct.

Next question.

An emergency savings funds allows you to use money for in case any unexpected emergencies come up, like any medical evergencies.

That is correct.

That way you'll have that without going into debt.

That is correct.

Alright, Germantown.

So the banks have incentives to make profits by loaning out the money that they have in the bank.

That is correct, yes.

Alright, Germantown.

They automatically set aside money from your checkng account.

From your check so you don't spend it.

That is correct.

Alright.

Next question.

Alright, Germantown.

Compound Interest, interest compound is interest already in the account.

As well as the principle.

That is correct, yes.

Alright, next question.

So they can save money on the bank and that allows them to like compare between each bank and see which bank is going to be the better option for them financially.

That is correct.

Alright, next question.

Alright, Madison Central.

Saving regularly allow can them to build up their savings account so that they can use in their future, for example, whenever they retire.

Alright, next question.

Alright.

Usually the higher the risk you take, the higher the return could be.

Yep, that is correct.

Alright.

Earning benefits.

Next question.

It allows them to diversify their funds into a reduced risk.

For example, if they put into one specific fund and it goes bad, it can have a high risk.

But if they diversify it allows them to reduce their risk.

That is correct.

It sets as a benchmark for them to see much better that they're doing than the average market.

That is correct.

Yes.

Alright.

Next question.

It allows for more companies to be in reducing the amount of risks.

It's more like a fund with multiple companies, or multiple types of values.

That is correct.

Alright, next question.

Alright, Germantown.

There's someone that has to run the fund.

You're correct.

Alright, next question.

Alright.

Mutual fund.

That is correct.

Alright.

Germantown.

Inflation is going to reduce the value of your money on those investment returns.

That is correct.

And this is the last question for round two.

Germantown.

When you with draw money from a retirement account you don't have to pay taxes on it.

Yes.

We will accept that.

Well, ok. At the end of Round 2, our current scores are Germantown with 20 and Madison Central with 21.

This a very exciting game.

The next round, our third round, will be our Final Round: So here we go.

First question.

Alright, Madison Central.

On the Roth IRA you pay the taxes when you put the money in.

On the traditional one, you don't.

Yes that is correct.

Alright, next question.

Alright, Germantown.

By controlling their behavior, acting impulsively.

Ok. We'll take that.

What we were looking for is.. Alright, next question.

Alright, Germantown.

To gain financial advice.

That is correct.

Alright, Madison Central.

A high credit score makes easy for you to borrow money.

That is correct.

Alright, Germantown.

TransUnion and Experian.

The other one is.. Alright.

Fair Credit Reporting Unit.

That is correct.

Alright.

Madison Central.

It lowers your score and gives your more fees.

That is correct.

Next question.

Germantown.

They have a likelihood of not paying it back.

That is correct.

Next question.

Your credit score will go down.

Yes.

Next question.

You can get loans easier and the interest rates on the loans can be lower.

That is correct.

Alright, next question.

Alright.

Secured loan, you have collateral.

Unsecured you don't.

That is correct.

Next question.

The interest rate is so high.

That is correct.

Germantown.

With the high APR it increases net you're going to pay.

That is correct.

Alright.

Next question.

Germantown.

If somebody uses your credit card, it could lower your credit because you don't know about the payments.

So you don't know how much to pay back.

That is correct.

Alright, next question.

Alright.

Germantown.

Your risk and your deductible.

That is incorrect.

I will re-read the question for Madison Central.

Age and the amount of accidents you've been in.

That is correct.

Some other factors are: Germantown.

A pro, you have a lower monthly payment.

A con, you have to pay more every time you go.

That is correct.

Next question.

Germantown.

Health insurance and auto insurance That is correct.

Alright.

It can increase your-lower your credit, lower your credit, Lower your credit score.

That is correct.

That is correct.

Alright.

Next question.

Germantown.

To protect your belongings when you're renting a home.

Yeah, that's correct.

Next question.

Germantown.

Two-factor authentication and not giving away your passwords.

That is correct.

Yes.

Next question.

Germantown.

Because you have people that depend on you.

That is correct.

Alright.

Next question.

Madison Central.

It takes the risk away.

Yes.

That is correct.

Alright.

This the last question of the round.

This is the last question of the game.

Madison Central.

Identity theft and bank fraud.

That is correct.

Alright and that our final question and that concludes our game.

Germantown at 36 and Madison Central at 28, that means that Germantown is our winner!

So congratulations!

We extend our sincerest congratulations to all participants of the Mississippi Quiz Bowl Personal Finance Challenge.

To the students and academic coaches who have dedicated countless hours of preparation, your hard work and perseverance have not gone unnoticed.

You have exemplified the spirit of intellectual curiosity and academic excellence, and we commend you for your outstanding achievements.

Congratulations again to both teams!

Ya'll really did a great job.

I'm Keri Horn, thank you for watching the 2025 Mississippi Personal Finance Quiz Bowl!

We hope to see you next time!

The lead sponsors are State Farm, Wells Fargo and Ballew Wealth Management.

Your commitment to education and the advancement of personal finance literacy has made a profound impact on the academic community, and we are deeply grateful for your partnership.