How high is your F&IQ? Find out now

Donna Harris covers retail issues for Automotive News
Do you know your F&IQ?

I'm not talking about your intelligence quotient. The F&IQ is a 10-question quiz designed to show whether or not you grasp the laws that regulate your world as a finance and insurance manager. The test was developed by the Association of Finance & Insurance Professionals, a national organization that trains and certifies F&I managers in law and ethics.

Although the F&IQ quiz is a radically abbreviated version of AFIP's certification exam, those who flunk could be running afoul of the law daily.

You can take the test on AFIP's Web site:

Don't assume you know it all. F&I managers at a large, well-known dealership group (I promised to keep the company name confidential) flunked the quiz.

It would be better to blow the test -- and take some legal training -- than to strike out on the job and wind up starring in a local TV consumer report segment.