Fintelligence Quiz

1. What is money? a) Store of Value b) Paper currency and coins c) A way to exchange goods and services d) All of the above

2. Why do people save money? a) To buy toys and games b) To have more money than their friends c) To prepare for future expenses or emergencies d) To show off to others

3. What is the main source of money for the government? a) Taxes b) Selling goods and services c) Donations from citizens d) Printing money

4. John wants to buy a new smartphone that costs Rs. 10,000. He has saved Rs.5000. He plans to save Rs.500 per month from his pocket money. How many months will it take for John to save enough money to buy the smartphone? a) 5 months b) 7 months c) 8 months d) 10 months

5. What is the appropriate proportion of savings from your earnings? a) 10% b) 25% c) 50% d) It depends on individual financial goals and circumstances

6. Which of the following is an example of a need? a) Video game b) Food c) Movie ticket d) Smartphone

7. What is the purpose of a budget? a) To track your expenses b) To save money c) To spend money on wants d) All of the above

8. How can you avoid impulsive spending and save money? a) Make decisions based on emotions. b) Create a budget and stick to it. c) Spend money on unnecessary items. d) Follow the spending habits of friends.

9. What is the definition of interest? a) The amount of money earned on an investment b) The cost of borrowing money c) The profit made by a business d) The difference between revenue and expenses

10. Sarah borrowed Rs.200 from her friend for a month. Her friend charged her an interest rate of 5%. How much interest does Sarah need to pay after one month? a) Rs. 200 b) Rs. 250 c) Rs. 210 d) Rs. 215

11. What is the difference between a debit card and a credit card? a) Debit cards require a PIN, while credit cards do not b) Debit cards use the cardholder's own money, while credit cards borrow money c) Debit cards have higher interest rates than credit cards d) Debit cards have more purchasing power than credit cards

12. What is the purpose of insurance? a) To protect against financial loss b) To increase personal wealth c) To reduce taxes d) To save for retirement

13. What should be your goal when you start earning? a) Save and invest for the future b) Buy luxurious items c) Spend on vacations and entertainment d) Donate to charity

14. Mark has Rs.1,000 and he wants to invest it in a savings account. The bank offers an annual interest rate of 3%. How much money will Mark have after two years? a) Rs.1,030 b) Rs.1,060 c) Rs.1,090 d) Rs.1,120