Take this quiz to see how financially knowledgeable you are!

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Test Your Financial Knowledge Quiz

Test your financial knowledge by taking part of this quiz. There is a series of 16 questions that test your knowledge of financial principles and practices

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1. If the inflation rate is 5% and the interest rate you get on your savings is 3%, will your savings have at least as much buying power in a year's time?

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2. A credit report is...?

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3. Who insures your stocks in the stock market?

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4. By using unit pricing at the grocery store, you can easily compare the cost of any brand and any package size. ( True or False)

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5. If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?

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6. If you had a savings account at a bank, which of the following statements would be correct concerning the interest rate that you would earn on this account?

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7. Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that lasts several years?

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8. Lindsay has saved $ 12,000 for her university expenses by working part-time. Her plan is to start university next year and she needs all of the money she saved. Which of the following is the safest place for her university money?

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9. Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation?

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10. Under which of the following circumstances would it be financially beneficial to borrow money to buy something now and repay it with future income?

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11. Which of the following statements is not correct about most ATM ( Automated Teller Machine) cards?

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12. Which of the following can hurt your credit rating?

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13. What can affect the amount of interest that you would pay on a loan?

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14. Which of the following will help lower the cost of a house?

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15. If a person at age 29 years old with $10,000 to invest earning 4%, how much would they have at age 65?

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16. If a person at age 29 years old with $10,000 to invest earning 12%, how much would they have at age 65?

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