Personal Finance Quiz
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
How do you best describe your knowledge about personal finances?
Fundamental/Basics
Novice
Intermediate
Advanced
Expert
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
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
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
The following are debt management strategies except
Onsolidation
Snowball
Avalanche
Volcanic
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
The average person spends the largest portion of their income on
Transportation
Housing
Food
Alcohol
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.
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