What is financial literacy

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School

St Mary's College, Sault Ste. Marie *

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Course

400

Subject

Economics

Date

May 27, 2024

Type

docx

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Uploaded by DoctorVultureMaster1074

 What is financial literacy? A) Understanding how to earn money B) Knowledge and skills to manage financial matters effectively C) Keeping track of personal expenses D) Using credit cards for online shopping Answer: B) Knowledge and skills to manage financial matters effectively  Why is financial literacy important? A) It helps in memorizing financial terms B) It improves decision-making in money matters C) It enables you to become a financial expert D) It guarantees financial success Answer: B) It improves decision-making in money matters  Which of the following is a prerequisite for financial literacy? A) Proficiency in a foreign language B) Numerical and communication ability C) Artistic creativity D) Knowledge of history Answer: B) Numerical and communication ability  Which financial institutions typically provide banking services? A) Hospitals B) Schools C) Banks D) Libraries Answer: C) Banks  What is one of the advantages of using mobile app-based financial services? A) Limited access to account information B) Inability to make payments C) Convenience and accessibility D) Lower security Answer: C) Convenience and accessibility  Why is it important to avail of financial services from banks, insurance companies, and postal services? A) To increase financial literacy B) To simplify financial matters

C) To access various financial products and solutions D) To avoid paying taxes Answer: C) To access various financial products and solutions  How does education level affect financial literacy? A) Higher education guarantees financial literacy B) Education has no impact on financial literacy C) Education can provide a foundation for financial literacy D) Financial literacy is unrelated to education Answer: C) Education can provide a foundation for financial literacy  What is the primary function of insurance companies? A) Providing postal services B) Lending money to individuals C) Offering protection against financial risks D) Selling mobile phones Answer: C) Offering protection against financial risks  What is the primary purpose of financial planning? a) Maximizing economic wants b) Minimizing economic needs c) Balancing economic wants and resources d) Eliminating economic wants entirely Answer: c) Balancing economic wants and resources  Which of the following is an example of a personal budget? a) National Budget b) Family Budget c) Business Budget d) Government Budget Answer: b) Family Budget  Budget surplus occurs when: a) Expenses exceed income b) Income equals expenses c) Income exceeds expenses d) None of the above Answer: c) Income exceeds expenses  What is the procedure for financial planning and budgeting typically involves?

a) Setting goals and objectives b) Creating a detailed plan for income and expenses c) Monitoring and adjusting the budget regularly d) All of the above Answer: d) All of the above  How can a budget deficit be addressed? a) Increasing income through additional sources b) Decreasing expenses through cost-cutting measures c) A combination of both a and b d) Budget deficits cannot be addressed Answer: c) A combination of both a and b  What type of bank account is primarily used for long-term savings and tax benefits in India? a) Current Account b) Savings Bank Account c) Recurring Deposit Account d) Fixed Deposit Account Correct Answer: d) Fixed Deposit Account  Which of the following documents is typically required to open a bank account in India as part of the KYC (Know Your Customer) norms? a) Birth Certificate b) Aadhaar Card c) Driver's License d) School ID Correct Answer: b) Aadhaar Card  What type of loan is typically offered for a short duration and is often used for working capital needs by businesses? a) Personal Loan b) Home Loan c) Microfinance Loan d) Short-Term Loan Correct Answer: d) Short-Term Loan  If a customer has a dispute with their bank regarding a service or transaction, they can approach the ________________ for resolution.

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a) Bank Manager b) Finance Ministry c) Banking Ombudsman d) Local Police Correct Answer: c) Banking Ombudsman

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