Choose the letter of the correct answer.
1.
Because of the pandemic, Ramnick lost his job at a popular fast food
restaurant. In three weeks, he needs to pay the rent of his apartment. What is
NOT good for him to have the money?
A. ask
from his family
B.
borrow from his girlfriend
C. steal from his inconsiderate landlord
D. look
for another job
2. The
produce of Mang Berto’s farm was excellent that’s why he earned a substantial
sum of money from it. What do you advise him about his extra money?
A. to
invest it in a get-rich-quick scheme
B. to
lend it to other farmers
C. to keep it in a bank or savings society
D. to
give it to you for safekeeping
3.
Aling Rosa promised his son for a birthday celebration in five months’ time.
Which of the following will help her attain her goal?
A.
Limit TV viewing time
B. Sell
old shoes and clothes
C. Reuse
and recycle
D. All of the above
4. Rodel
is making a financial plan. Which of the following questions he is NOT
considering?
A. Which branded shoes should I buy first?
B. How much
of my salary should I start saving?
C. Is
my retirement pension enough?
D. How
will I earn money?
5. The
following strategies can help Ramoncito reduce his debts EXCEPT _______.
A. Pay
off debts that carry higher interest immediately.
B.
Speak amicably with lenders on how and when he can repay them.
C. Buy only things he wants and not what he needs.
D.
Don’t borrow anymore.
6.
Places or institutions where Nerissa can save and borrow money.
A. Pawn shop
B. Microfinance Institution
C. Commercial
Bank
D. Cooperative
7. You
can start record-keeping and budgeting _________.
A. only
if your expenses exceed your income
B. only
if your income exceeds your expenses
C. even
if you have normal income and expenses
D. all of the above
8.
Which of the following statement is FALSE?
A. We
have different needs for money that change at different stages of life.
B. We need to plan how to get money for the things that we want.
C. We
can get money by asking and/or borrowing from someone or financial institutions.
D. We
can earn money by working, lending, and saving.
9. You
can save by practicing the following EXCEPT ________.
A.
Repair
B.
Reduce
C. Retire
D.
Recycle
10. A
financially fit individual makes it a habit to consider ________ foremost in buying
things.
A.
price
B.
wants
C.
discount
D. needs
11. Which is INCORRECT about saving?
A. Saving is storing all of
your income for emergencies, unexpected events or items you need.
B. Savings goals are what you want to save
for and how much you need to save.
C. You can save at places such as local
cooperatives, rural banks, microfinance banks, and credit unions.
D. You can still save even if you have a
little money.
12. Which of the following can be considered
as unexpected or emergency expense?
A. birthday bash
B. tuition fees
C. medical bill
D. travel or tour
13. What is one advantage of saving money at
home?
A. Prone to flood, fire, and stealing
B. No interest to earn and fees to pay
C. How much you saved is immediately known
D. Readily available to buy unnecessary
things
14. They offer the widest variety of banking
services among financial institutions and yet are currently minor players in
the provincial banking market.
A. Commercial and universal banks
B. Thrift and rural banks
C. Rural and cooperative banks
D. Microfinance banks
15. The amount of money that we owe someone.
A. Interest
B. Debt
C. Borrow
D. Liability
16. It is the process of planning what you
spend so that it is less than what you earn.
A. Record-keeping
B. Financial planning
C. Budgeting
D. Investment
17. When you are preparing a budget, which of
the following you should put under “Expenses”?
A. monthly salary earned
B. cash dividend received
C. interest on loan paid
D. cash gift received
18. What is a “balance”?
A. starting money
B. money in
C. money out
D. remaining money
19. They provide smaller loans to smaller
organizations and people who earn less.
A. Cooperatives
B. Microfinance institutions
C. Large banks
D. Savings groups
20. It is a traditional Filipino practice of
pooling savings funds common among close friends and colleagues with the
purpose of saving and making a lump sum for certain financial goals such as
bigger purchases at the time of scheduled redemption or payout.
A. 5 – 6 scheme
B. Paluwagan
C. Patak-patak
D. Microfinancing
CORRECT ANSWERS
