Financial Literacy Test! Trivia Questions Quiz
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Welcome to the Financial Literacy Test! Making proper use of your financial resources and getting the most out of that you have is what many people are trying to do in the world today. The quiz below is designed for helping you see just how much you know about using your finances. Do give it a try and get to learn some more about the economy.
- 1.There is no penalty if I pay my credit card balance after the due date.
- A.
True
- B.
False
- 2.Saving is the same as investing.
- A.
True
- B.
False
- 3.The BEST way to manage credit card debt is...
- A.
To consistently pay a small part of the amount owed every month
- B.
To not pay every month but pay lump sum using my bonus at the end of the year
- C.
To pay the full amount owed for that month
- D.
To take up a personal bank loan to pay the credit card debt in full
- 4.It’s a bad idea to start investing when you’re young.
- A.
True
- B.
False
- 5.Investing involves...
- A.
Stocks and only stocks
- B.
Bonds
- C.
T-Bills
- D.
GIC’s
- E.
All of the above
- 6.Credit Score is...
- A.
Your score on an online quiz
- B.
A score given to an individual by banks based on their financial activities
- C.
An imaginary credit card
- D.
Similar to interest
- 7.The best bank to open an account with is...
- A.
BMO
- B.
Royal
- C.
Scotia
- D.
TD
- E.
The one that suits your needs
- 8.Find the interest if the principal is $1000, the rate is 5% and the time is 2 years. ( I = PRT )
- A.
$100
- B.
$200
- C.
$1000
- D.
5
- 9.Find the interest if the principal is $500 the rate is 10% and the time is 3 years. ( I = PRT )
- A.
100
- B.
150
- C.
1000
- D.
2000
- 10.Find the average of: 10, 12, 13, 13, 14
- A.
12
- B.
10
- C.
12.4
- D.
13.5
- 11.Find the percent of change: 20 to 24
- A.
20%
- B.
30%
- C.
2%
- D.
10%
- 12.Find the percent of change: 132 to 160.
- A.
19%
- B.
16.3%
- C.
50%
- D.
21.2%
- 13.John makes $10 an hour. He works 32 hours this week. Find his total pay
- A.
320
- B.
420
- C.
300
- D.
32
- 14.Mark makes $10 an hour and time and a half for all hours over 40. This week he worked 42 hours. Find his total pay.
- A.
400
- B.
360
- C.
420
- D.
430
- 15.Which is the better buy? 12 apples for $5 or 14 apples for $6
- A.
12 for 5
- B.
14 for 6
- C.
Option 3
- D.
Option 4
- 16.Mike makes $500 every week. How much does he make in a year?
- A.
25,000
- B.
26,000
- C.
20,000
- D.
50,000
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