Financial Literacy Quiz

Which is a card issued by a bank which allows you to access your OWN money electronically?

• DEBIT CARD

• CREDIT CARD

• GIFT CARD

• MEMBERSHIP CARD

____ is the money you receive or make.

• Debt

• Expense

• Income

• Budget

Select ALL the reasons why it is good to save your money in a savings account at a financial institution (bank)?

• It helps you in budgeting and controlling expenses.

• It offers compound interest on the saved money which allows you to earn more over time.

• It is MORE secure than keeping money at home.

• It provides an opportunity to spend more.

A variable expense is an expense that always stays the same and does not change, like a monthly car insurance bill?

• True

• False

Which card, issued by a bank or business, allows you to purchase on credit and charges interest if you pay later?

• debit card

• credit card

• prepaid card

• gift card

Select the correct definition of EXPENSE.

• Something that is absolutely necessary. It is extremely important.

• Money that is owed or due and you must pay off.

• When you declare to the law/government that you're NOT able to pay outstanding debts.

• The cost required for something or the money spent on something.

Select the correct definition of BANKRUPT.

• Something that is absolutely necessary. It is extremely important.

• Money that is owed or due and you must pay off.

• When you declare to the law/government that you're NOT able to pay outstanding debts.

• The cost required for something or the money spent on something.

Select the correct definition of ESSENTIAL.

• Something that is absolutely necessary. It is extremely important.

• Money that is owed or due and you must pay off.

• When you declare to the law/government that you're NOT able to pay outstanding debts.

• The cost required for something or the money spent on something.

Select the correct definition of DEBT.

• Something that is absolutely necessary. It is extremely important.

• Money that is owed or due and you must pay off.

• When you declare to the law/government that you're NOT able to pay outstanding debts.

• The cost required for something or the money spent on something.

A FIXED EXPENSE is an expense that MIGHT/CAN change depending on the use. For example, an electricity bill.

• True

• False