>> Quiz Bowl is brought to you in part by New Perspectives, Incorporated.

It’s about more than your portfolio.

It’s about your life.

(upbeat music playing) >> 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.

For the first time, the final round of the challenge is being televised by Mississippi Public Broadcasting.

As I mentioned before, my name is Keri Horn, and I’m a longtime employee of Mississippi Public Broadcasting and an Emmy-Award winning writer.

Today our Quiz Bowl judges are Dr. Becky Smith, Associate Extension Professor and Director of the Center for Economic Education at Mississippi State University; and Lee Balch, from Cadence Bank.

They are assisted by Claire Loup of the Federal Reserve Bank of Atlanta, New Orleans Branch, and Kim Jones from 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.

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

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 Germantown High School and to my left we have Hamilton High School.

Let’s learn a little bit about our contestants.

>> Hello, my name is Abraham Awabdy, and I am a sophomore at Germantown, and I run track.

>> I'm Emiliano Valdez.

I'm a sophomore at Germantown, and I'm on the robotics team.

>> I'm Jasmaan Banipal.

I'm a sophomore at Germantown High School, and I run cross-country.

>> I'm Tate Bragg.

I'm a sophomore at Germantown, and I'm on the soccer team.

>> I'm Rylee Kate Flanery.

I'm a junior at Hamilton High School.

I'm part of the Lady Lions Basketball Team, and the Hamilton Marching Band.

>> I'm Ethan West.

I'm a senior at Hamilton High School, and I'm Drum Major for the Memphis Blues Drum and Bugle Corps.

>> My name is Katy Welch.

I'm a senior at Hamilton High School, and I play four instruments.

>> My name is Matison Vonkanel.

I'm from Hamilton.

I'm a senior and I can knit.

>> Wow.

Thank you everyone!

Now let’s review the rules: There are three rounds each with its own unique topic: Round one is Earn, Save, Invest and Spend.

Round two is Protect, Build Credit and Borrow.

And round three is Newsworthy.

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

Good luck to both teams!

Let the Mississippi Personal Finance Challenge Quiz Bowl begin!

The topic for Round 1 is Earn, Save, Invest and Spend.

And question number one is:.

(buzzer) All right, Germantown?

>> When they receive income from their employer.

>> Oh, we’re actually looking for a date.

So let me reread the question for Hamilton real quick.

>> March first.

>> That is incorrect as well.

The answer is no later than January 31st.

All right, next question.

(buzzer) >> Simple interest is only interest on the principle, and compound interest is interest on the principle and on the previously earned interest.

>> That is correct.

Next question.

(buzzer) All right, Germantown?

>> Um...

Simple investing, Market expected... (laughing) >> Time.

>> I'm afraid that was incorrect.

Let me reread the question for Hamilton.

(buzzer) Oh, I'm afraid that’s time.

The answer is: Next question: (buzzer) >> It’s funded with pre-tax income, I mean after-tax income.

>> Uhhh, Judges?...

Funded with after-tax income?...

>> We’ll accept it.

>> Oh, okay.

That is correct.

Awesome.

Next question: (buzzer) All right, Germantown?

>> They can insure that their account has a strong password, and use two-factor identification on their online account.

>> Okay.

Judges, I’ll pass this one on to you.

>> We accept that.

>> All right, they accept that.

Would y’all like to elaborate on any of the other ways that one might mitigate that risk?

>> Absolutely.

So you want to make sure that you are paying people that you know, so you make sure you’re in the right account.

You can use that QR code.

Make sure your app is up to date.

Use good, solid passwords.

And make sure that you don’t have any errors.

You can go back and look at your history.

>> Thank you.

I like learning all this stuff.

All right, next question: (buzzer) All right, Hamilton.

>> Gross income.

>> That is correct.

All right, next question: (buzzer) All right, Germantown?

>> Sam put down a bigger down payment on his car.

>> That is correct.

That is one of the answers.

Would y’all like to talk about some of the other reasons that might have happened?

>> A better credit rating gets you lower interest rate, and maybe financing over a longer period of time.

>> Cool.

All right, here we go.

Next question: (buzzer) Hamilton.

>> Fixed expenses.

>> That is correct.

Next question: (buzzer) >> A home.

>> That is correct.

A house.

Next question: (buzzer) Germantown.

>> Repossession.

>> That is incorrect.

I’ll reread the question for Hamilton: >> Foreclosure.

>> That is correct.

Next question: (buzzer) >> 300.

>> That is incorrect.

I’ll reread the question for Hamilton: >> 250.

>> I'm afraid that’s incorrect.

The answer is 30.

(loud reaction from contestants) I know, I know, right?

(laughter) All right, next question.

This one is a math question: Be mindful of your time.

(buzzer) All right, Germantown?

>> $1,055?

>> I'm afraid that’s incorrect.

I’ll reread the question for Hamilton: >> $1,500?

>> I'm afraid that’s incorrect.

Sorry.

The answer is $1,102.50.

Next question: (buzzer) >> Short selling.

>> That is correct.

Next question: (buzzer) >> It lowers the interest rate that lenders charge the borrower.

>> That is correct.

Next question: (buzzer) All right, Germantown?

>> Income and expenses.

>> That is correct.

All right, now we have the last question for this round.

This is a multiple choice question: (buzzer) All right, Hamilton?

>> $1,500.

>> That is correct.

All right.

And so that concludes Round 1.

We have Germantown 8 points, and Hamilton with 4 points.

So now we will be moving on to Round 2, which is going to be our Protect, Build Credit and Borrow round.

And here we go, first question: (buzzer) All right, Germantown?

>> Establish a fund from which they could pay the deductible in case they used the insurance.

>> That is correct.

Next question: (buzzer) All right, Hamilton?

>> Eat healthy and exercise.

>> Those are excellent choices.

So, yes, you can not smoke, be active, limiting your simple sugars, all that sort of thing.

Even wearing a seatbelt would help.

Next question: (buzzer) All right, Hamilton?

>> 850.

>> That is correct.

All right.

Next question: (buzzer) All right, Germantown?

>> Renter's insurance.

>> That is correct.

Have to finish the question there.

All right.

Next question: (buzzer) All right, Germantown?

>> Collateral, capacity, character.

>> All right.

We just asked for three.

That's good.

Judges, would y’all like to talk about the rest of them?

>> The two not named are capital and conditions.

>> Y'all did a great job.

All right.

Next question.

(buzzer) All right, Hamilton?

>> $500?

>> That is incorrect.

I’ll reread the question for Germantown: (buzzer) >> $600.

>> That is incorrect as well.

The answer is $1,100.

>> You need to add both of them up.

So they each got part of it correct, but you’ve got to add them up.

>> Oh, got it.

Oh, I see.

That's true.

All right, next question: (buzzer) >> Interest rate risk, I mean.

Sorry, inflation risk.

>> Oh.

Judges?

>> I think we accept it.

>> Okay, we accept.

Next question: (buzzer) All right.

>> Collateral.

>> That is correct.

All right.

Next question: (buzzer) All right, Hamilton?

>> He can't decide which car he wants.

>> Oh, that is not correct.

I'll reread it for Germantown.

(buzzer) >> It means that he owes more on his loan than the vehicle is worth.

>> That is correct.

All right.

Next question: (buzzer) >> Purchase gap insurance?

>> No, that's incorrect.

All right.

Let me ask it to Hamilton: >> Make their monthly payments on time?

>> I'm sorry.

That's incorrect.

The answer is putting more down and borrowing less.

Next question: (buzzer) >> .9?

>> That is correct.

Next question: (buzzer) All right, Hamilton?

>> Total bankruptcy.

>> That is incorrect.

I'll reread the question for Germantown.

(buzzer) >> Chapter seven bankruptcy.

>> That is true.

That is correct.

Next question: (buzzer) All right, Hamilton?

>> Tax Day?

>> That is correct.

Tax Day, the day that taxes are due.

All right.

Next question: (buzzer) Hamilton?

>> Monthly payments, like how much you pay off each month, and how well you do with it.

>> That is correct.

And this is going to be our last question of this round.

(buzzer) >> Gap insurance.

>> That is correct.

All right.

And that brings us to the end of Round Two.

Our current score is Germantown with 17 and Hamilton with 8.

And now we move on to our next and final round, Round Three, which is Newsworthy.

These are going to be like current events and that type of thing.

Here is our first question of Round Three: (buzzer) Germantown?

>> Robinhood.

>> That is correct.

All right.

Next question: (buzzer) Germantown?

>> Save, not spend?

>> I'm afraid that's incorrect.

I'll reread the question for Hamilton: >> Financial literacy?

>> Unfortunately, no.

This is called Loud Budgeting.

All right.

Next question: (buzzer) All right, Hamilton?

>> The clothes go out of style very quickly, and you have to buy new ones.

>> Okay, I'm going to toss this one to the judges.

That is correct.

Would you like to expound on some of the other reasons why it's not a good idea?

>> Some people have brought up that there are environmental concerns, maybe even labor and some ethical concerns about the turnover.

>> Hmm.

All right.

Next question: (buzzer) >> They must work for a public institution or a nonprofit organization.

>> That is correct.

All right.

Next question: (buzzer) Germantown?

>> 4.5% >> That is correct.

It's actually 5%, but we would accept between 4 to 6.

So that is correct.

All right, next question: (buzzer) Germantown?

>> 65%?

>> All right.

That is incorrect.

I'll reread the question for Hamilton: >> 55%?

>> That's incorrect as well.

The answer is actually 37%.

So we would take between 32% and 42%.

All right.

Next question: (buzzer) Hamilton?

>> A lack of financial literacy.

>> No, that is incorrect.

I will ask Germantown again.

(buzzer) >> The prevalence of the unbanked population?

>> That's incorrect as well.

Or what do you say?

>> We were looking for under-banked.

Next question: (buzzer) Hamilton?

>> Payday loans?

>> That is correct.

Next question: (buzzer) >> Silicon Valley Bank.

>> That is true.

That is correct.

All right.

And this is our final question of the game: (buzzer) >> Jerome Powell.

>> That is correct.

All right, ladies and gentlemen, that was an excellent game.

That concludes our final round.

And with the final scores being Germantown with 22 points and Hamilton with 10 points, that means that our winning team is Germantown.

Congratulations!

All right.

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 your 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!

I’m Keri Horn, thank you for watching the 2024 Mississippi Personal Finance Quiz Bowl!

See you next time!

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

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

Funding for this program is also provided in part by viewers like you.

Thank you.