EDUC 110 - Financial Literacy Quiz

What is the main reason for being financially literate?

• To avoid saving

• To spend money impulsively

• To control the use of money

• To increase debt

What is the formula for prudent use of money?

• Income + Savings = Expenses

• Income - Savings = Expenses

• Income / Savings = Expenses

• Income x Savings = Expenses

What is the key to becoming financially stable?

• Spending less and buying only your needs

• Comparing yourself to others

• Living above your means

• Competing with your peers

What is the recommended way to increase your wealth?

• Avoid saving money

• Gamble frequently

• Control your expenditures

• Spend all your earnings

What is the first law of wealth according to the text?

• Avoid debt

• Invest in get rich quick-schemes

• Spend all your money

• Don't save money

What is the advice given regarding going to malls?

• Spend all your money at malls

• Avoid going to malls

• Visit malls only on weekends

• Go to malls frequently

What is the recommended way to make your money multiply?

• Keep all your money in cash

• Avoid investing in business

• Invest in various forms and types

• Spend all your savings

What is the key to financial independence according to the text?

• Relying on grants for financial stability

• Earning your own keeps and budget

• Spending impulsively

• Comparing yourself to others

What is the advice regarding gambling in the text?

• Gamble with all your savings

• Avoid gambling

• Gamble frequently

• Gamble only on weekends

What is the recommended way to empower oneself financially?

• Identify the NEEDS and the WANTS

• Live above your means

• Get into more debt

• Identify only the WANTS