Financial Literacy Quiz

Question 1

Why is it important to track your expenses?

Accepted Answer

To understand where your money goes

Question 2

Why is it important to read the fine print in a contract?

Accepted Answer

It helps you find hidden costs

Question 3

Which of the following is a ‘want’ rather than a ‘need’?

Accepted Answer

Designer hoodie

Question 4

What should you compare before choosing between two travel options?

Accepted Answer

Cost, safety, and total value

Question 5

Who protects Australian consumers’ rights?

Accepted Answer

ACCC

Question 6

Which option represents a variable expense?

Accepted Answer

Mobile data use

Question 7

What is a financial risk?

Accepted Answer

Chance of losing money

Question 8

Which of the following is a SMART goal?

Accepted Answer

Save $2,000 for a used car in 10 months

Question 9

If you get scammed online, what should you do first?

Accepted Answer

Report it to your bank and Scamwatch

Question 10

Which is a fixed cost when planning a holiday?

Accepted Answer

Travel insurance

Question 11

Which of these is NOT an expense?

Accepted Answer

Your bicycle

Question 12

Why is it good to set a savings goal?

Accepted Answer

To motivate your saving

Question 13

What does ‘interest’ mean in a savings account?

Accepted Answer

Money you earn from saving

Question 14

If you earn $100 and spend $80, what is your saving?

Accepted Answer

$20

Question 15

Which is a red flag of a scam?

Accepted Answer

Asking for money urgently

Question 16

What does the 50/30/20 budgeting rule suggest?

Accepted Answer

50% needs, 30% wants, 20% savings

Question 17

What is an opportunity cost when choosing to go on a holiday?

Accepted Answer

The work you miss and money not earned

Question 18

Which of the following is considered an income?

Accepted Answer

Wage from part-time job

Question 19

What is the purpose of an emergency fund?

Accepted Answer

For unexpected expenses

Question 20

What does a ‘balanced budget’ mean?

Accepted Answer

Income equals expenses

Question 21

Which habit helps you grow your savings the most?

Accepted Answer

Putting aside money regularly

Question 22

What is the correct definition of an asset?

Accepted Answer

Anything valuable you own

Question 23

What should you do before making an online purchase?

Accepted Answer

Check reviews and return policies

Question 24

What is the first step in making a financial decision?

Accepted Answer

Research your options

Question 25

What is an example of a liability?

Accepted Answer

Credit card debt

Financial Literacy Quiz

Questions 25

Financial Literacy Quiz

Questions 25