Financial Literacy Quiz

15 Questions
Financial Literacy Quizzes & Trivia

Take a few minutes to do this Financial Literacy Quiz. Get your scores to know how financially literate you are!

Sample Question

If I have just started working, the first thing I should do i

Uild up an Emergency Fund account.

Tart a Savings account.

Hop for office clothes.

Et aside money for my dream vacation.

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Questions and Answers
  • 1. 
    If I have just started working, the first thing I should do is
    • A. 

      Build up an Emergency Fund account.

    • B. 

      Start a Savings account.

    • C. 

      Shop for office clothes.

    • D. 

      Set aside money for my dream vacation.

  • 2. 
    The most basic Wealth Protection Plan that I should have is
    • A. 

      Life insurance.

    • B. 

      Disability Insurance.

    • C. 

      Health Insurance.

    • D. 

      Retirement Savings.

  • 3. 
    • A. 

      It is a plan that helps to protect the loss of my wealth due to children claiming it as their inheritance.

    • B. 

      It is a plan that helps to protect the loss of income due to critical illnesses.

    • C. 

      It is a plan that protects the loss of my wealth due to charity donation.

    • D. 

      All of the above.

  • 4. 
    CPF Special Account can be used for
    • A. 

      Education & Investment.

    • B. 

      House & Investment.

    • C. 

      House & Retirement.

    • D. 

      Investment & Retirement.

  • 5. 
    I prefer stable and diversified investments.  I should grow my savings in
    • A. 

      Shares.

    • B. 

      Gold.

    • C. 

      Funds.

    • D. 

      All of the above.

  • 6. 
    I have to set aside an amount of monthly savings equal to
    • A. 

      10% - 15% of my monthly income.

    • B. 

      20% - 30% of my yearly income.

    • C. 

      The balance after paying off my bills etc.

    • D. 

      A percentage based on how many dependants I have.

  • 7. 
    I live from paycheck to paycheck.  So I
    • A. 

      Leave it to my spouse/parents to acquire financial plans for me.

    • B. 

      Don't think I can take up any financial plans.

    • C. 

      Have to start financial planning later on.

    • D. 

      Should seek immediate help in my personal financial planning.

  • 8. 
    To take up a financial plan and be committed to it, it is
    • A. 

      A burden to my finances.

    • B. 

      Not really important and can do without.

    • C. 

      A necessity to me and my family.

    • D. 

      A compulsory because government say so.

  • 9. 
    A financial consultant is like a
    • A. 

      Cockroach.

    • B. 

      Best friend.

    • C. 

      Personal secretary in finance.

    • D. 

      Monster.

  • 10. 
    "Asset rich-cash poor" means
    • A. 

      I don't have enough cash to meet emergency needs and can't liquidate my assets easily to gain cash.

    • B. 

      I buy things using cheques and credit cards but not cash.

    • C. 

      I am at my retirement stage where I have lots of assets but no income.

    • D. 

      I don't bring along much cash with me but I am a rich person.

  • 11. 
    The best way to manage credit card debt is
    • A. 

      To consistently pay 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

  • 12. 
    Riba is generally
    • A. 

      Interest on loans

    • B. 

      Interest on investments and CPF monies

    • C. 

      Dividends and profits

    • D. 

      All of the above

  • 13. 
    Examples of zakatable assets are
    • A. 

      Gold jewellery

    • B. 

      Cash value of investment-linked plans

    • C. 

      Savings balances

    • D. 

      All of the above

  • 14. 
    In finance, when a muslim passes away, the first thing that the family members have to help the dead with is
    • A. 

      Set up a wasiat

    • B. 

      Get a certificate of inheritance

    • C. 

      Settle his/her liabilities to God and mankind

    • D. 

      Withdraw all his monies from banks and investments

  • 15. 
    • A. 

      The banks will write off his/her debts

    • B. 

      His/her family will get the death benefit payout immediately from the insurance company

    • C. 

      His/her family members can help to sell of his/her car so as not to carry the responsibility of taking over the car instalment payments.

    • D. 

      All his/her assets, including insurance benefit payout, will be frozen by the government.