WorksheetsFundamental of Islamic Financial Planning (QUIZ 1) WPT 2223
Total questions: 20
Worksheet time: 7mins
What is the primary belief about wealth in Islam?
Wealth is unimportant
Wealth should be hoarded
Wealth is a trust from Allah
Wealth is for personal enjoyment
According to the Quran, what should Muslims do with their wealth?
Use it to help others
Spend it all on luxury
Invest in forbidden activities
Hide it from others
What does the term 'Khalifah' refer to in the context of wealth management?
A wealthy person
A financial planner
A vicegerent of Allah
A type of investment
Which of the following is NOT a principle of Islamic financial planning?
Wealth must be accumulated honestly
Wealth can be used for gambling
Wealth should benefit the community
Wealth is a trust from Allah
What is the purpose of paying Zakat in Islam?
To show off wealth
To avoid taxes
To purify one's wealth
To increase personal wealth
What does the Quran say about spending?
Spend lavishly
Spend moderately and wisely
Only spend on oneself
Avoid all spending
What is the Shariah perspective on financial planning?
It is unnecessary
It is a trust to be managed responsibly
It is only for the wealthy
It is a form of worship
What is the ultimate goal of wealth according to Islamic teachings?
To compete with others
To achieve al-Falah
To accumulate luxury items
To gain power
Which of the following is a key component of Islamic financial planning?
Wealth destruction
Wealth neglect
Wealth hoarding
Wealth accumulation
What is the role of a financial planner in Islam?
To maximize profits
To focus only on investments
To provide Shariah-compliant advice
To avoid all financial dealings
What is the binding Shariah contract between a financial planner and their client?
Ijarah al-a'mal
Murabahah
Mudharabah
Wakalah bi al-Istismar
Which of the following is a responsibility of a Muslim regarding wealth?
To avoid all financial planning
To pay taxes and Zakat
To ignore financial obligations
To spend recklessly
What is the significance of the verse 'Give to them of the property of Allah that he has given to you'?
Wealth is for personal use
Wealth can be ignored
Wealth should be shared
Wealth is unimportant
What does the term 'Maqasid Shariah' refer to?
The rules of finance
The goals of Shariah
The types of investments
The history of wealth
What is the first step in the financial planning process?
Implementing the plan
Establishing client-planner relationship
Gathering client data
Monitoring the plan
What is the purpose of wealth protection in Islamic financial planning?
To hoard wealth
To avoid spending
To protect against risks
To increase wealth
Which of the following is a method of wealth distribution in Islam?
Hoarding
Zakat
Luxury spending
Gambling
What is the importance of having a financial plan according to Islamic teachings?
To focus only on personal gain
To avoid all financial dealings
To ensure compliance with Shariah
To show off wealth
What does the Quran encourage regarding economic activities?
To ignore financial responsibilities
To engage in honest trade
To focus on luxury goods
To avoid all trade
The following are the scopes of Islamic financial planning EXCEPT:
Cash Flow and Liability Management
Risk Management and Insurance
Investment Planning
Estate Planning
