TAKE YOUR PERSONAL FINANCIAL LITERACY AND FINANCIAL HEALTH TEST NOW
INSTRUCTIONS:
1. You can only attempt this test once a month.
2. Please follow the advice received on your Email to improve your financial behavior before attempting the next test.
3. Visit or contact Be Money WiseR Limited for more advice if need be, hereafter.
4. Respond as honestly as possible.
5. Follow respective question instructions and circle the most accurate answer.
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1. Who of the following is saving? Angel keeps money under her bed.Juma keeps some of all the money she earns for a clear future use.Miria has a savings bank account.Tashobya eats less food.All the above.
2. Which of the following is the safest saving option? Saving in a potSaving under my bedSaving on my bank accountSaving with my rich uncle.Saving with an accountant.
3. Which of the following is a good saving goal / reason to save? Saving for school feesSaving for rentSaving for a family holidaySaving for business capitalAll the above
4. Is this saving? Buying landBuying animals like hens, goats or cowsKeeping money on my bank accountKeeping money from business daily so as to pay my loan at the end of the month.All the above.
5. What is the best reason to save? To be richTo have enough money to show off to those who did not wish me well.To have more and more good things in life.To start a business.All the above
6. Before I spend, I should? See what I want to spend on.Talk to my spouse about my plans.Make a money plan. Make my budget and prioritize to spend on the things I need first.Know if it will make my children happy.All the above.
7. On my budget, it's best that I prioritize, in this order: Loans, Food, Saving and VacationFood, Saving, Loans and VacationSaving, Loans, Food and VacationVacation, Food, Loans and SavingVacation, Saving, Loans and Food
8. To be a master of my money, I need to: Learn to say NO to things outside my budget.Stay away from bad friends that make me spend aimlesslyMake a shopping list before going out to spend my money. Make and stick to my budgetEarn my money honestly and spend responsibly.All the above.
9. For me to make more money, I need to: Save and invest my money for it to grow.Ask my parents for some more money.Borrow from my friends and promise to pay back.Pray more to be blessed with more money.Ask Government for some funding.
10. If I do the following, I can begin to enjoy my financial life: Plan to save first as soon as I make any money.Save for my vacations every year so as to relax a bit with my family at least once a year.Pay back my loan installments on the planned dates and if I make extra money, I can deposit more too.Continue saving with NSSF for my old age.All the above.
11. A loan is: Mary asks her mother for money and promises to pay back after salary is paidWhen Messi borrows money from his friend Ronaldo and says he will pay back on 31st December.Ibrahim goes to the bank for an Islamic loan and will pay back as per the terms and conditionsIshna gives her husband some fuel money and he says he will pay back in the evening.All the above.
12. What should you do when you get a loan? Choose two. Celebrate with your friends and family. Eat some money!If I borrowed to add capital to my business, I look at the list of things I was planning to do and do them one by one.I send some money to my dear mother in the village.I make a plan to pay backI take my children to a better school.
13. Someone can borrow from: A bankA Spouse (husband or wife)A FriendA SACCO or Saving GroupAll the above
14. I must check for this before I borrow any money. See whether the money is not fake money.Where did the person lending me get that money?Will the money be given to me in different notes and coins so that I can easily use it?Will I be able to pay back the loan and its interest in time?Will the bank close soon?
15. A Loan is good IF: You can hide properly and survive paying back.We plan well, use it for the reason we borrowed and to pay back in time.Government gives us money and we do not need to pay back.You can have enough money to enjoy with your friends and family.All the above.
16. To start a good and safe investment , I need to: Make a plan and save for the business I want.Show off my plan so as to hear what advice people can give me.Study financial management or business administration or accounting.Have enough money, in millions.All the above.
17. An investment is when you put your money in something expecting it to grow. This is an investment: Buying shares of a company that is about to collapse.Selling my Government securities.Buying a goat for lunch with friends.Buying land to build my home.Starting a shop and waiting to make a profit from sales.
18. What works best for a good investment? Borrow to start my businessSpending money on things that I enjoy doing even if they do not make me any money.Building a beautiful family house with a big compound.Buying an ice cream machine, making money from the sale of ice cream.Buying a car that I really like.
19. Preparation for retirement can be done by: Saving consistently for the things I want and for my retirement itself.Paying back my loans in time as per repayment schedules.Ensuring that my organization contributes to NSSF so that I save consistently for my old age.Investing in diverse ways so that my money keeps growing.All the above.
20. For the next six months, I wish to improve on: Savings skillsLoan Repayment skillsInvestment optionsPersonal budgetAll the above
QUESTION
YOUR ANSWER
1. Who of the following is saving?
2. Which of the following is the safest saving option?
3. Which of the following is a good saving goal / reason to save?
4. Is this saving?
5. What is the best reason to save?
6. Before I spend, I should?
7. On my budget, it's best that I prioritize, in this order:
8. To be a master of my money, I need to:
9. For me to make more money, I need to:
10. If I do the following, I can begin to enjoy my financial life:
11. A loan is:
12. What should you do when you get a loan? Choose two.
13. Someone can borrow from:
14. I must check for this before I borrow any money.
15. A Loan is good IF:
16. To start a good and safe investment , I need to:
17. An investment is when you put your money in something expecting it to grow. This is an investment:
18. What works best for a good investment?
19. Preparation for retirement can be done by:
20. For the next six months, I wish to improve on:
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