M-funza Financial literacy quizes.
Master Your Finances Quiz
Test your financial literacy with our engaging quiz designed to boost your understanding of personal finance. Whether you're just starting out or looking to refine your knowledge, this quiz covers essential topics like savings, investments, debt management, and budgeting.
- 20 questions to challenge your financial knowledge
- Topics include savings accounts, credit scores, and retirement planning
- Get instant feedback on your answers and improve your financial savvy!
What is the purpose of a savings account?
To earn interest on your money
To spend all your money
To invest in stocks
To pay off debt
Which of these is an example you have invested in?
Treasury bills
Real estate
Stocks
Mutual funds
Gold
Not yet
What is debt?
Money owed to someone else
Money earned from working
Money saved in a bank account
Money invested in stocks
Which of these is considered a fixed expense?
Rent/mortgage
Groceries
Car payment
Entertainment
Internet/cable bill
What is compound interest?
Interest calculated only on the principal amount
Interest calculated on the principal amount and any interest earned
Interest paid upfront
No interest at all
Which of these is an example of a high-risk investment?
Savings account
Bonds
Stocks
Real estate
Mutual funds
What is a credit score?
A number that represents your ability to save money
A number that represents your level of debt
A number that represents your creditworthiness
A number that represents your income
What is inflation?
The rate at which prices for goods and services increase over time
The rate at which prices for goods and services decrease over time
The total amount of money in circulation
The value of a currency compared to other currencies
What is the minimum amount of money required to open a money market account in Kenya?
Sh1000
Sh2000
Sh5000
Sh10000
How many months' worth of expenses should you have saved in an emergency fund?
1-2 months
3-6 months
9-12 months
Above 12 months
Which of these is NOT a common method of debt repayment?
Snowball method
Avalanche method
Debt consolidation
Debt settlement
What's the maximum debt-to-income ratio you should have to maintain financial stability?
Not more than 50%
Not more than 35%
Not more than 60%
Not more than 10%
Have you filed your taxes?
Yes
No
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