Assess your personal finance knowledge

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1
What does conscious spending mean to you?
  • KeyAA) Using money to buy everything I want
  • KeyBB) Knowing what I truly need or want before I spend money
  • KeyCC) Always paying with a credit card only
  • KeyDD) Not using money except for necessities
Choose one option
2
What is a personal budget?
  • KeyAA) keeping a list of all expenses
  • KeyBB) Determining how to distribute my income on expenses and savings
  • KeyCC) Saving money for emergencies only
  • KeyDD) Spending money freely without a plan
Choose one option
3
Who Should make a budget?
  • KeyAA) People with a high and fixed income
  • KeyBB) People with a low and fixed income
  • KeyCC) People with a variable income
  • KeyDD) All of the above
Choose one option
4
How does inflation affect my money?
  • KeyAA) It does not affect
  • KeyBB) The value of my money decreases
  • KeyCC) The value of my money increases
  • KeyDD) None of the above
Choose one option
5
What should the emergency fund be used for​​​​​​​?
  • KeyAA) Fixing my car that frequently breaks down
  • KeyBB) Paying school tuition
  • KeyCC) Repairing a suddenly malfunctioning refrigerator
  • KeyDD) Funding my family holiday vacation
Choose one option
6
The optimal use of a credit card is
  • KeyAA) Part of the emergency fund
  • KeyBB) A financing tool
  • KeyCC) A payment tool
  • KeyDD) All of the above
Choose one option
7
What is the best way to pay off a credit card?
  • KeyAA) Commit to paying the minimum balance
  • KeyBB) Pay when funds are available
  • KeyCC) Pay the full monthly balance
  • KeyDD) None of the above
Choose one option
8
Which of the following is considered a good loan?
  • KeyAA) Credit card
  • KeyBB) Mortgage
  • KeyCC) Personal loans
  • KeyDD) All loans are bad
Choose one option
9
What is the purpose/goal of saving?
  • KeyAA) To increase my wealth
  • KeyBB) To cover annual expenses
  • KeyCC) For private retirement
  • KeyDD) None of the above
Choose one option
10
What is the difference between investing and saving?
  • KeyAA) Saving is buying cheap things, and investing is buying expensive things
  • KeyBB) Saving is accumulating money for the near future, and investing is putting money to work to earn profits
  • KeyCC) Saving is putting money in a bank account, and investing is buying gold only
  • KeyDD) Saving is accumulating money and avoiding using it, and investing is paying off the mortgage for my home
Choose one option
11
What is the difference between investing and trading?
  • KeyAA) There is no difference
  • KeyBB) Investing requires a lot of time and expertise
  • KeyCC) Trading requires a lot of time and expertise
  • KeyDD) None of the above
Choose one option
12
What is the biggest challenge you face in managing your money?
  • KeyAExcessive spending
  • KeyBHigh debts
  • KeyCNo savings
  • KeyDNo investments
  • KeyEAll of the above
Choose as many as you like
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