Can you answer these basic questions about money?

July 3, 2024

Understanding the basics of money and managing your finances can help you make informed decisions, avoid debt, and build a secure future. Use this quiz to test your knowledge of the basics!

Financial Literacy: The Basics

Test Your Knowledge

1 / 10

QUESTION 1 | What is the primary purpose of creating a budget?

To limit spending

To track income and expenses

To increase debt

To buy luxury items

2 / 10

QUESTION 2 | How does a credit score impact borrowing?

A higher credit score means higher interest rates.

A higher credit score means lower interest rates and better borrowing terms.

A credit score has no impact on borrowing.

A lower credit score means better-borrowing terms.

3 / 10

QUESTION 3 | What is the purpose of emergency savings?

To fund vacations

To cover unexpected expenses and financial emergencies

To invest in stocks

To buy luxury items

4 / 10

QUESTION 4 | What is the difference between a debit card and a credit card?

Debit cards have higher interest rates than credit cards.

Debit cards use money directly from your bank account, while credit cards allow you to borrow money.

Credit cards have no spending limit, while debit cards do.

Debit cards are not widely accepted for online purchases.

5 / 10

QUESTION 5 | What does the term "dividend" refer to in investing?

The price of a stock

The profit earned from selling stocks

A payment made by a company to its shareholders

The interest rate on bonds

6 / 10

QUESTION 6 | What was the primary function of money in ancient barter systems?

To create debts

To exchange goods and services

To invest in stocks

To pay taxes

7 / 10

QUESTION 7 | What is the primary function of a bank?

To print money

To store gold

To accept deposits and provide loans

To sell insurance

8 / 10

QUESTION 8 | How do high interest rates generally affect borrowing?

They make borrowing cheaper.

They have no impact on borrowing.

They make borrowing more expensive.

They decrease the value of money.

9 / 10

QUESTION 9 | What is the effect of inflation on purchasing power?

Inflation increases purchasing power.

Inflation decreases purchasing power.

Inflation has no effect on purchasing power.

Inflation only affects the stock market.

10 / 10

QUESTION 10 | What is a bond?

A share of ownership in a company

A loan made to a company or government

A type of savings account

A high-risk investment

Your score is

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FAQ

What is FinGreen by QNET?

FinGreen is QNET’s flagship initiative dedicated to promoting financial literacy. It focuses on imparting essential financial knowledge, skills, and habits to vulnerable communities, with a special emphasis on young adults. Through education and training, the project aims to empower individuals to make informed financial decisions and build a secure future.

Who can benefit from the FinGreen programme?

The FinGreen programme is designed to benefit vulnerable communities, particularly young adults who may lack access to proper financial education. Our programmes are tailored to meet the needs of those who are seeking to enhance their financial understanding, manage their finances effectively, and cultivate healthy financial habits.

How can I participate in FinGreen's activities?

Participation in the FinGreen programme is open to all individuals who are interested in improving their financial literacy. You can stay updated on upcoming events, workshops, and trainings by visiting our website.

How can I support or contribute to FinGreen?

You can contribute in several ways. If you’re an individual, you can participate in our programmes, and spread awareness about the importance of financial literacy with your network. If you represent an organization, you can collaborate with us to extend financial education to your community. To get involved, please reach out to our team through the contact details provided on our website.