Personal Finance Quiz

A vibrant illustration of a diverse group of people engaging with money, budgets, and financial tools, including calculators and charts, set against a backdrop of a city skyline.

Personal Finance Mastery Quiz

Are you ready to test your knowledge of personal finance? This quiz is designed to help you assess your understanding of key financial concepts, budgeting methods, and investment strategies. Whether you're a beginner or an expert in personal finance, you'll find valuable insights to enhance your financial journey!

Learn about budgeting methods
Understand debt management strategies
Discover effective savings techniques

17 Questions4 MinutesCreated by SavingsGuru123

What is the commonly used Budgeting rule of thumb when allocating income to your Needs, Wants and Savings?

30% Needs, 20% wants and 50% Savings

50% Needs, 30 Wants% and 20% savings

20% Needs, 50% Wants, and 30% savings

When considering purchasing a car using vehicle financing, which principle will ensure the least financial burden and the most financial freedom (Assuming a repayment period of 4 years)

Making a down payment of 20% will ensure you do not owe more than what your car is worth, and ensuring all your vehicle related expenses do not exceed 10% of your monthly gross income

Making a down payment of 25% will ensure you do not owe more than what your car is worth, and ensuring all your vehicle related expenses do not exceed 10% of your monthly Net income

As a general rule, an Emergency Fund should cover

3 - 6 months of living expenses

6 - 9 months of living expenses

12 – 15 months of living expenses

What is the generally acceptable debt to income ratio considered by banks and other financial institutions in Botswana before they advance credit

40% and Above

50% and above

30% and below

In December 2021, Botswana Household debt constituted what percentage of the National GDP?

43.4%

33.4%

23.4%

13.4%

The Reserve Bank of Botswana revised the Prime lending rate on the 28th April 2022. As a result, financial Institutions in Botswana have reacted by increasing their respective lending rates. How much was the increase?

31 basis points

41 basis points

51 basis points

61 basis points

To encourage people to save in Botswana, there are Tax Free Savings accounts (TFSA) offered in the market, which of the following banks offers TFSA?

Absa

First National Bank

Stanbic

Botswana Savings Bank

Which of the following will not be a huge financial risk (and therefore, would not require insurance if you had an emergency fund of $500 or more

You lose your cell phone

A medical emergency

Your identity gets stolen

A car accident

Which of the following is NOT true about investments

Never Invest using borrowed money

Diversification will help lower the risk

Always invest for tax savings purposes

Never invest only for tax savings purposes

Which statement shows the correct order (Highest to lowest) of interest on borrowing in most countries.

Credit Card, Personal Loan, Car Loan, Mortgage

Mortgage, Car Loan, Personal Loan, Credit Card

Personal Loan, Credit Card, Mortgage, Car Loan

Credit Card, personal Loan, Mortgage, Car Loan

Which of the following is NOT true when saving for retirement?

You can delay taxation on retirement savings until retirement

The younger you start saving for retirement the more time for your money to grow.

The older you are when you start saving for retirement, the younger you are likely to retire.

Personal Finance Quiz

Personal Finance Mastery Quiz

More Quizzes