Money Quiz

Choose ALL the right reasons for budgeting

• It is a plan for my money

• I have been told to do so by other people

• It helps me make sure that I do not spend more money than I have

• It helps me prioritise what to spend my money on

When budgeting, it is key to make sure that...

• Your expenses are less than your income

• Your income is less than your expenses

Choose the correct option:
When Budgeting...

• it is okay to just make a plan at the start of the month and keep it in my mind vaguely

• it is good to make a plan, review it regularly and adjust it if it's not working

Select ALL off the reasons why it is important to save

• It allows me to protect my buying power

• It allows me to have money for emergencies

• It allows me to buy things I need now

• It allows me to plan for big long term purchases

I should keep my savings...

• in my friend's bank account

• under my mattress

• in a separate, interest-bearing, account

• in a high-risk investment

Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account?

• Exactly the same

• More than today

• Less than today

Suppose you had R100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?

• Exactly R102

• More than R102

• Less than R102

Select ALL of the valid reasons for using an emergency fund

• unexpected car issue

• to use as income when you loose your job

• buy the latest sneakers

• unexpected medical issue

Debt is...

• The money I owe to other people and organisations

• The money other people and organisations owe me

• The money I have put away for future use

Interest is...

• The percentage I get charged extra on my debt

• The percentage growth I earn on my savings