WorksheetsBASIC FINANCIAL LITERACY CONCEPTS
Total questions: 14
Worksheet time: 7mins
What is the positive difference between your total income and total expenses known as?
Deficit
Saving
Compounding
Surplus
What is the negative difference between your total income and total expenses known as?
Compounding
Surplus
Deficit
Saving
What is the key step to make sure your future is financially secure called?
Deficit
Surplus
Saving
Compounding
What is the formula used to estimate the number of years required to double the invested money at a given annual rate of return called?
Rule of 72
Years to double
Interest rate
Compounding
How many years will it take for the amount of Rs.1000/-, invested at 9 % rate of interest, to get doubled?
6 years
12 years
8 years
10 years
What is the key tip to save money by reducing unnecessary expenses?
Increase high-interest debts
Spend before saving
Save before spending
Ignore tax benefit schemes
What is the main purpose of balance sheets?
Showing assets and liabilities
Showing profits and losses
Showing revenue and expenses
Showing cash flow
What are payments that are to be received from customers on a future date called?
MSME
Working capital loan
Payables
Receivables
What are the money owed to others for products or services purchased on credit called?
Receivables
Payables
Working capital loan
MSME
What does MSME stand for?
Micro, Small and Medium Enterprises
Medium, Small and Micro Enterprises
Medium, Micro and Small Enterprises
Small, Medium and Micro Enterprises
What are MSMEs known as in the Indian Economy?
Economic Barriers
Growth Stoppers
Economic Hurdles
Growth Engines
What does a working capital loan help a business/MSME to fund?
All of the above
Long-term operations
Short-term operations
Investment operations
What is the term used to describe the process of earning interest on both the principal amount and the previously earned interest?
Deficit
Saving
Compounding
Surplus
What is the difference between the revenue generated and the cost incurred in producing goods or services known as?
Loss
Operating profit
Net profit
Gross profit
