(Chelsea Update would like to thank Matt Pedlow for the information and photos in this story.)
Chelsea High School students recently won both the Econ Challenge and the Personal Finance Challenge.
This is the 8th year in a row for the Personal Finance Challenge that Chelsea has won the state title. This is the first Econ Challenge since 2022 for Chelsea and it is now the 5th since 2016. Both challenges were held at the Detroit branch of the Chicago Federal Reserve in Detroit.
On the Econ Challenge team are Robert Davis, Alex Rogers, Sam Trimble, and Charlie Basar.
The Personal Finance Team is made up of Slater Boos, Luke Mourad, Lauren Thompson, and Alex Detterman.
How the Econ Challenge Works:
The team competed in a series of three tests. The first test is microeconomics, the second one is macroeconomics, and the third one they take as a team, and it consists of questions about international trade.
The scores are compiled, and the top three teams moved on to a quiz bowl. These teams were Chelsea in first place, Novi in second place, and Troy High School in third place.
Chelsea was down big to start the quiz bowl, but then went on a roll and tied it up with two questions left. The last question sealed the win for Chelsea as they were the only team to answer correctly. The question was “What component of GDP did Commerce Secretary Howard Lutnick recently say that the statistical agency he oversees might stop including in calculating GDP”? (The answer? Government spending)
How the Personal Finance Challenge Works:
The Personal Finance Challenge team competed first in a case study that involved a fictional family. The job of the students is to create a financial plan that deals with debt, taxes, insurance, and investing. There were 3 rooms of teams, and each room sent one team into the final round.
During the quiz bowl finals, Chelsea competed against Huron High School and Troy High School. Like the Econ Challenge that took place in the morning, Chelsea quickly found themselves down big against the two teams, but stormed back to take the lead with one question remaining.
Chelsea then got the last question correct, which was “If a parent’s health care plan covers dependents, what is the age a child can stay on their parents’ health insurance”? The correct answer? 26.
“It was a fun day for all of the students involved, I was very proud of the kids who competed,” said Matt Pedlow in an email. “The quiz bowls were probably the hardest quiz bowls that I have seen since I started taking teams to the competitions, but our students dug deep and came out on top.”
The Econ Challenge team took a national semi-final test the following day, which consisted of 45 multiple-choice questions, and finished in the top 6, so the team will travel to Atlanta May 28-30 to the national finals.
The Personal Finance Challenge team also moved on the national finals, which will take place in Atlanta on June 2.
