Palmore's Facts on Aging Quiz (FAQ) (E. Palmore, 1977) is an instrument that is used to educate, to measure learning, to test knowledge, to measure attitudes toward aging, and in research. A comparative analysis was performed between the FAQ I and its multiple choice version and the FAQ II and its multiple choice version in terms of their item difficulty, their discrimination indices, and their guessing parameters by applying the three parameter model of item response theory. The internal consistency of the instruments was also examined. In all, 995 college freshmen took a version of the test. The results show that on the average the items on the multiple choice version of FAQ I and the multiple choice version of FAQ II were more difficult than the items on the true or false version of either test. The reason for this is that the probability of guessing an item correctly was drastically reduced in the multiple choice versions. Items on all versions appeared to be equally discriminatory, except in the FAQ I. The internal consistency of all versions was very low, but the multiple choice version of the FAQ II appeared more reliable than its true or false version. The reverse was the case for the FAQ I. To lend more credence to the use of FAQ I and FAQ II as a teaching tool more revision and testing need to be done. In the meantime, the use of multiple choice versions is recommended since guessing is drastically reduced. (Contains 8 tables and 25 references.) (Author/SLD)