Financial Literacy Quiz

let's have this a little game and see how well are you when it comes to finance terminologies. ;)  just for fun.  I myself scored just 4 but not too bad I would say.  So here try it out yourself. ü

The Quiz included questions such as the following:

1. Which of the following statements about inflation is false ?
a. Higher inflation means higher prices of consumer goods
b. Purchasing power is lower if inflation is high
c. As inflation rises, every peso will buy a fewer amount of goods.
d. None of the above
e. All of the above

2. The formula for a healthy budget should be …
a. Expense + income = Savings
b. Income – savings = Expenses
c. Income – expenses = Savings
d. None of the above

3. If a savings account has an annual interest rate of 2 percent, how much will a P100,000 deposit earn after a year?
a. P2
b. P20
c. P2,000
d. P20,000

4. Which of the following can be considered an asset?
a. Cash
b. Credit
c. Utility bills
d. All of the above
e. None of the above

5. Which of the following can be considered a debt?
a. Insurance
b. Loan
c. Real estate
d. All of the above
e. None of the above

6. Which of the following can be considered an investment?
a. Stocks
b. Taxes
c. Revenue
d. All of the above
e. None of the above

Answers: 1) d; 2) b; 3)c; 4)a; 5)b; and 6)a
(Source: Inquirer.net http://bit.ly/11MP7nk)


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