What are the consequences of not saving money?

You will damage your credit score

To invest money, it means:

To set aside a certain amt of money into a bank to gain a profit/ interest.

What are some wise money-saving methods?

Borrowing books instead of purchasing them

Interest, in terms of finance, means:

A fee received or paid for the use of money.

Which of the following is NOT a way to start investing at a young age?

Saying ‘YES’ to credit card offers

Why is financial independence important to every individual?

You will have the freedom to choose how you want to spend and save your $

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Financial Literacy

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Questions 15

Answers

1
What are the consequences of not saving money?
Prepared for major life events
You will damage your credit score
You will not be able to buy what you want
More Vacations
2
To invest money, it means:
To set aside a certain amt of money into a bank to gain a profit/ interest.
To take money out of the bank so you have some in case of emergencies.
To put money in a bank and take it out later as and when you want.
To pay all your bills on time so that you don’t go into debts.
3
What are some examples of important expenses?
Monthly house bills
Holidays
Car
Birthday presents
4
What are some wise money-saving methods?
Go to Gym Box to exercise
Asking parents for allowance
Eat out more with friends
Borrowing books instead of purchasing them
5
What is the risk of using credit cards?
Impulsive buying
All the above
The credit card purchases are unlimited
You need to pay for the credit card interest rate
6
Interest, in terms of finance, means:
When you really like someone a lot.
A fee received or paid for the use of money.
A term describing how much you desire to invest in a certain asset.
Money set aside from your paycheck to purchase gifts and luxury items.
7
How can we slowly start saving up money?
Arrive to work/school 10 minutes early
Pack our own lunch
Purchase personal items on impulse
Taking taxi to work/school daily
8
Which of the following helps to make decisions of one’s savings & spendings?
Income
Networking
Budget
Bank Loan
9
Why is it important to save money?
Freedom to pursue your dream career
Saving up for long-term security
Financial Independence
All the above
10
Why should we start investing at a young age?
Support retirement plans
To pay off debts
To be able to purchase luxury items in the future
To boast to others of your investments and savings
11
Which of the following is NOT a way to start investing at a young age?
Invest in stocks or shares
Saying ‘YES’ to credit card offers
Set aside some cash for rainy days
Open a savings account
12
Which of the following is something a wise consumer would usually NOT do?
Research similar products for comparison
Read product reviews
Buy an item on impulse
Read warranties
13
“Peer influence may cause you to make impulse purchases and spend beyond your means.” Is this True?
True
False
14
Why is financial independence important to every individual?
You can buy anything that you want
You will have the freedom to choose how you want to spend and save your $
You can prolong credit card debts
You can delay future payments
15
What does the ‘R’ in SMART goals stand for in money saving methods?
Reliable
Resourceful
Realistic
Relevant

Financial Literacy Flashcards | StudBud