Financial Literacy Quiz

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Question 1 of 10

1. Question
1. Why are creating estimated budgets important to a business?
- They show the guaranteed amount of income a business will earn, ensuring the success of the business.
- They are a mirror image of the past performance, helping a company be more stable in the future.
- They help answer questions and shape decisions for the future based on the expected earnings and expenses of the company.
- They are only helpful if a business is making plans for 5 years or longer.
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Question 2 of 10

2. Question
2. Fit the words ‘income’ and ‘expenses’ in the right space.
- Simply any money earned or contributed to your household from either personal finances or a business . Money that you spend, this includes anything you purchase. This includes both planned and unexpected .
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Question 3 of 10

3. Question
3. What is budgeting?
- Having money left over at the end of the month.
- A plan made in advance regarding the expenditure of money based on available income.
- The ability to pay your bills on time.
- Having enough money to go out to eat.
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Question 4 of 10

4. Question
4. Choose the right option that is related to ‘savings’.
- Family savings is more effective than business savings;
- People save money for a specific future event;
- Savings and investments are the same;
- Businesses save money to pay more tax.
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Question 5 of 10

5. Question
5. Write the full name of the following abbreviation concepts:

A = OE + L
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Question 6 of 10

6. Question
6. In order to decrease spending and increase savings, the following principle needs to be followed:
- Save what’s left after spending;
- Spend what’s left after saving;
- Spend what you have budgeted for;
- Reduce cash purchases and increased credit card purchases.
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Question 7 of 10

7. Question
7. The following items are recorded in the income and expenditure statement of a business:
- Stationery, Insurance, Tax;
- Vehicles, Equipment, Debtors;
- Cash in bank, Inventory, Return on interest;
- Profit, Advertisements, Current Assets.
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Question 8 of 10

8. Question
8. TRUE or FALSE. The statement of net worth is also known as the balance sheet of a business.
- True
- False
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Question 9 of 10

9. Question
9. Some ways in which a business can insure a sustainable return on investment are:
1. Improve brand image and competitive advantage;
2. Increase productivity and reduce costs;
3. Improve efficiency and reduce wastage;
4. Infuse sustainability in all areas of the business.
- Option 1 and 2
- Option 2, 3 and 4
- Option 1 and 4
- All of the above.
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Question 10 of 10

10. Question
10. TRUE or FALSE. A stokvel can be considered as a form of saving.
- True
- False
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