Financial Literacy Quiz

Question 1

Convert 1 mile to kilometers.

Accepted Answer

1.6 km

Question 2

What is the conversion factor for ounces to grams?

Accepted Answer

1 oz = 28.35 g

Question 3

What is the purpose of tariffs?

Accepted Answer

Protect local industries

Question 4

True or False: The cost price is always less than the selling price.

Accepted Answer

False

Question 5

True or False: VAT is charged on all goods.

Accepted Answer

False

Question 6

Which is a metric unit for distance?

Accepted Answer

Kilometer

Question 7

What is the conversion factor for kilograms to pounds?

Accepted Answer

1 kg = 2.2 lbs

Question 8

What is VAT short for?

Accepted Answer

Value Added Tax

Question 9

What is the purpose of UIF?

Accepted Answer

Support unemployed workers

Question 10

What is the volume of 1 liter?

Accepted Answer

1000 cm³

Question 11

Which tax is based on income?

Accepted Answer

Income Tax

Question 12

True or False: Tariffs are only applied to local products.

Accepted Answer

False

Question 13

Which is heavier: 1 kg or 2.2 lbs?

Accepted Answer

1 kg

Question 14

What is the formula for converting Celsius to Fahrenheit?

Accepted Answer

(C × 9/5) + 32

Question 15

What is the selling price formula?

Accepted Answer

Cost Price + Profit

Question 16

What is VAT in South Africa?

Accepted Answer

Value Added Tax

Question 17

How do you convert 10 miles to kilometers?

Accepted Answer

16.09 km

Question 18

What does converting units help with?

Accepted Answer

Understanding measurements

Question 19

What is the cost price?

Accepted Answer

Original purchase price

Question 20

What is the cost price if selling price is $50 and profit is $10?

Accepted Answer

$40

Question 21

What does UIF stand for?

Accepted Answer

Unemployment Insurance Fund

Question 22

What does UIF stand for?

Accepted Answer

Unemployment Insurance Fund

Question 23

True or False: Income tax is a flat rate.

Accepted Answer

False

Question 24

How many liters are in 5 gallons?

Accepted Answer

18.93 liters

Question 25

True or False: VAT is included in the selling price.

Accepted Answer

True

Question 26

Which is a metric unit for volume?

Accepted Answer

Liter

Question 27

What is the formula for calculating profit?

Accepted Answer

Selling Price - Cost Price

Question 28

True or False: VAT is only applicable to goods.

Accepted Answer

False

Question 29

Which is a metric unit of mass?

Accepted Answer

Kilogram

Question 30

What is the formula for profit?

Accepted Answer

Selling Price - Cost Price

Question 31

How many liters are in a gallon?

Accepted Answer

3.785 liters

Question 32

Which is a common conversion?

Accepted Answer

Inches to centimeters

Question 33

Complete the sentence: Income tax is based on __________.

Accepted Answer

earnings

Question 34

What is the purpose of tariffs?

Accepted Answer

Protect local industries

Question 35

What is a tariff?

Accepted Answer

Tax on imports

Question 36

What does UIF stand for?

Accepted Answer

Unemployment Insurance Fund

Question 37

Selling price is higher than cost price.

Accepted Answer

True

Question 38

What is a tariff?

Accepted Answer

Tax on imports

Question 39

True or false: VAT is a direct tax.

Accepted Answer

False

Question 40

What is the conversion factor for miles to kilometers?

Accepted Answer

1 mile = 1.6 km

Question 41

What is the selling price formula?

Accepted Answer

Cost Price + Profit

Question 42

What is the cost price formula?

Accepted Answer

Selling Price - Profit

Question 43

What is the metric equivalent of 1 gallon?

Accepted Answer

3.785 liters

Question 44

What is the purpose of data handling?

Accepted Answer

Organizing information

Question 45

True or false: Selling price includes profit.

Accepted Answer

True

Question 46

What is the metric unit for mass?

Accepted Answer

Kilogram

Question 47

Which tax is based on income?

Accepted Answer

Income Tax

Question 48

What is the formula for profit?

Accepted Answer

Selling Price - Cost Price

Question 49

What is the purpose of income tax?

Accepted Answer

Fund public services

Question 50

What is the metric unit for distance?

Accepted Answer

Meter

Financial Literacy Quiz

Questions 50

Financial Literacy Quiz

Questions 50