How Financially Literate Are You?

10 Questions | Total Attempts: 41

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How Financially Literate Are You?

Children pick up money habits from their parents. 70% of parents are financially illiterate. How financially literate are you? Take this quiz to find out.


Questions and Answers
  • 1. 
    Do you have a budget?
    • A. 

      Yes

    • B. 

      No

  • 2. 
    How much of your salary/ income do you save?
    • A. 

      Less than 10%

    • B. 

      10 - 20%

    • C. 

      20 - 30%

    • D. 

      Above 30%

    • E. 

      I have not really been saving

  • 3. 
    If you were given 1 million naira to invest, what will you invest in?
    • A. 

      One thing

    • B. 

      More than one thing

    • C. 

      None

  • 4. 
    Does your family keep records of income and expenditures?
    • A. 

      Yes

    • B. 

      Not really

    • C. 

      Sometimes

  • 5. 
    If there is a shortage in income, how will you manage to make ends meet?
    • A. 

      Spend from your savings

    • B. 

      Cut down on your expenses

    • C. 

      Borrow from a reliable source

  • 6. 
    Suppose you deposit N100,000 in a savings account paying 10% interest, compounded annually. If you do not remove any money. How much money will you have in the account after 3 years?
    • A. 

      N140,000

    • B. 

      N130,000

    • C. 

      N150,000

  • 7. 
    You go to the supermarket and see something very pricey that you would like to buy but can’t afford. What do you do?
    • A. 

      Plan to save for a couple of weeks then buy it

    • B. 

      Spend from your savings

    • C. 

      Borrow money from your  friend

  • 8. 
    Imagine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today?
    • A. 

      More

    • B. 

      Same

    • C. 

      Less

    • D. 

      Don't know

  • 9. 
    Suppose you owe N 100,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn't pay anything off, at this interest rate, how many years would it take for the amount you owe to double?
    • A. 

      10 years or more

    • B. 

      Less than 2 years

    • C. 

      2 - 4 years

    • D. 

      5 - 9 years

  • 10. 
    A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.
    • A. 

      True

    • B. 

      False

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