What is the 50/30/20 rule in budgeting?

50% needs, 30% wants, 20% savings

Which factor affects your credit score the most?

Your repayment history on loans and credit cards

What should you do if you suddenly get a ₹50,000 cash bonus?

Spend it all on shopping, Invest a portion and save the rest

What is the best way to save money while ordering food online?

Order from expensive restaurants for better quality

If you only pay the minimum amount due on your credit card bill, what happens?

Your outstanding balance keeps increasing with interest

If something is available at 0% EMI, is it always a good deal?

No, because there might be hidden processing fees

What is the smartest way to buy a smartphone if you have a limited budget?

Save for it and buy when you have enough money

What is “lifestyle inflation”?

When your expenses increase as your income rises

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Financial Literacy Workshop

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Questions 10

Answers

1
What is the 50/30/20 rule in budgeting?
50% debt, 30% savings, 20% spending
50% wants, 30% savings, 20% needs
50% savings, 30% needs, 20% wants
50% needs, 30% wants, 20% savings
2
Which factor affects your credit score the most?
The number of online shopping transactions
Number of bank accounts you have
Your monthly salary
Your repayment history on loans and credit cards
3
Which investment option has the highest risk?
Stocks
Savings account
Mutual funds
Fixed deposit
4
What should you do if you suddenly get a ₹50,000 cash bonus?
Spend it all on shopping
Invest a portion and save the rest
Go on an expensive vacation
Give it all to friends or parents
5
Which of these is considered a “need” rather than a “want”?
Eating out at a restaurant
Netflix subscription
Buying the latest iPhone
Paying rent
6
What is the best way to save money while ordering food online?
Use multiple food delivery apps to compare prices
Ignore offers and discounts
Always choose cash on delivery
Order from expensive restaurants for better quality
7
If you only pay the minimum amount due on your credit card bill, what happens?
The bank cancels your card
You avoid all interest charges
Your outstanding balance keeps increasing with interest
Your credit score improves
8
If something is available at 0% EMI, is it always a good deal?
Yes, because you don’t pay interest
No, because EMI payments are risky
Yes, because there’s no extra cost
No, because there might be hidden processing fees
9
What is the smartest way to buy a smartphone if you have a limited budget?
Buy it on a credit card and pay later
Save for it and buy when you have enough money
Take a personal loan for it
Buy the most expensive one to look rich
10
What is “lifestyle inflation”?
When the government prints more money
When prices of daily goods increase
When you save more as you earn more
When your expenses increase as your income rises

Financial Literacy Workshop Flashcards | StudBud