Financial Literacy

Financial Literacy

27 August 2021

Multiple Choice

1.

What is the benefit of saving money in a bank?

• Money in savings accounts earns interest.

• Money in savings accounts cannot be taxed.

• People with savings accounts have access to unlimited loans.

Multiple Choice

Interest is defined as the fee paid by some someone who borrows money, to the person he/she borrows it from.

• True

• False

Fill in the Blanks

Earning interest on interest is also known as

interest.

Multiple Choice

Make a guess: What is Singapore's average inflation rate over the last 10 years closest to?

• 0.5%

• 1%

• 1.5%

• 2%

Singapore's average interest rate in the last 10 years is actually 1.34% ​whereas the interest rates of banks usually ranges from 0.2% to 0.5%!