Financial Literacy

People’s income depends on their education, career choices, economic conditions and the investments they make.

• True

• False

How much money a person needs will depend on the lifestyle a person chooses.

• True

• False

Fixed expenses are more important than variable expenses when tracking the amount of money you spend.

• True

• False

Accurate recording of expenses helps people to plan for their needs and wants.

• True

• False

People with very high incomes don’t need a budget.

• True

• False

A budget should include your personal income and expenses.

• True

• False

If you buy term deposits, savings bonds or treasury bills, you can earn higher returns than on a savings account, with little or no added risk.

• True

• False

If you save 10% of your income from the time you first start working, you’ll most likely be able to retire with plenty of money.

• True

• False

There are no real differences in the services offered by different financial institutions.

• True

• False

Financial institutions don’t charge service fees on basic banking services.

• True

• False