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quiz on financial literacy Flashcards | StudBud

Explore/quiz on financial literacy

quiz on financial literacy

10 terms·StudBud Administration

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Questions 10

Answers

1
You need to give yourself at least 20 years to prepare for retirement
Opinion
Fact
2
Setting up an automated budgeting system will be more practical for consistent financial management
Opinion
Fact
3
what is financial literacy
Opening as many bank accounts as possible
Memorizing bank interest rates
Making smart decisions about budgeting,saving,investing, and managing debt
Knowing how to trade cryptocurrencies
4
What is one benefit of diversifying your investment portfolio
It eliminates the need for emergency funds
It guarantees high returns in a short time
It helps reduce exposure to market volatility
It allows you to avoid all types of risk completely
5
why is budgeting important?
To always have money in your bank and never run out
So that you can shop for more stuff and forever be rich
To be able to spend money in the way that you want
Manage finances,track spending and achieve financial goals
6
The best budgeting method depends on your personality,lifestyle and financial goals
Fact
Opinion
7
About how many months worth of expenses should you keep as emergency funds?
2 to 7 months worth of expenses
4 to 6 months of expenses
1 to 2 months worth of expenses
3 to 6 months of expenses
8
what is the 50/30/20 budgeting rule?
50% for needs 30% for wants 20% for savings
50% for wants 30% needs 20% for savings
50% to spend 30% to save 20% to invest
50% for savings 30% for needs 20% for wants
9
Which of the following is a safer investment option?
High-risk mutual funds
Stock
Cryptocurrency
Government bonds like Singapore Savings Bond
10
investments can be of low-risks with high returns
True
False