FINANCIAL LITERACY QUESTIONNAIRE

1. What is financial literacy? *

A) Understanding how to invest in the stock market

B) Knowing how to save money in a piggy bank

C) Managing personal finances effectively

D) Knowing how to repair household appliances

2. What is the primary purpose of a budget? *

A) Limiting spending on unnecessary items

B) Tracking income and expenses

C) Investing in the stock market

D) Maximizing debt

3. What does the term "diversification" mean in investing? *

A) Putting all your money into one investment

B) Spreading investment across different assets

C) Investing only in stocks of one company

D) Ignoring market trends

4. What is the role of inflation in the economy? *

A) Decreasing the value of money over time

B) Increasing purchasing power

C) Stabilizing prices

D) Reducing interest rates

5. What is a FICO score? *

A) A type of investment account

B) The amount of money saved in a retirement fund

C) A measure of an individual's credit risk based on credit history

D) The interest rate on a mortgage loan

6. What is the purpose of a FICO score? *

A) To determine eligibility for a student loan

B) To measure an individual's investment portfolio performance

C) To assess an individual's creditworthiness for borrowing money

D) To calculate the value of a retirement account

7. What is the difference between an asset and a liability? *

A) An asset represents money owed, while a liability represents ownership of property.

B) An asset is something owned that has monetary value, while a liability is a financial obligation or debt.

C) An asset refers to income earned, while a liability refers to expenses incurred.

D) An asset indicates profit, while a liability indicates loss.

8. What is the difference between a debit card and a credit card?

A) A debit card allows you to borrow money, while a credit card deducts funds directly from your bank account.

B) A debit card is linked to a checking account and uses your own funds, while a credit card allows you to borrow money up to a certain limit.

C) A debit card requires a credit check, while a credit card does not.

D) A debit card is only accepted for online purchases, while a credit card is accepted everywhere.

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