If there's an upside to the economic rollercoaster we've been on lately, it's that it makes what could sometimes seem like a dry, academic subject very, very real. And when it comes to teaching teens about money management, there's nothing like a little reality to get their interest.

Whether you're watching the national news together or discussing your own financial situation at the dinner table, now's the time to get your kids to listen and actively learn from the economic challenges we're all facing. It's a tall order, but you're not alone. The continuing efforts of the President's Advisory Council on Financial Literacy in conjunction with schools, teachers and community groups across the country are putting the spotlight on the urgent need for greater financial knowledge and awareness.

2nd National Financial Literacy Challenge -- Real and Rewarding

The National Financial Literacy Challenge, an initiative of the President's Council in cooperation with the U.S. Department of the Treasury, is a good example of a tangible financial education program with practical results. Designed for high school students across the country, it's a 35-question online test of personal finance. Here are a couple of sample questions from last year's test. Can you answer them? Can your teen? (Answers at the end of the column.)

1. If you deposit $1,000 in a savings account with a fixed annual interest rate of 5 percent, how much will you have in your account after two years if you make no additional deposits or withdrawals?

A. exactly $100

B. exactly $1,100

C. less than $1,100

D. more than $1,100

2. You have $400 in the bank, and $50 in your wallet. You owe $3,000 on a car that is worth $4,000. Your other personal possessions are worth a total of $2,000. You also take home $800 per week from your job. From this information your wealth -- or net worth -- currently equals:

A. $3,050

B. $3,450

C. $4,250

D. $7,250 Continued...