Quiz Questions - FINANCIAL AND LEGAL LITERACY

Question 1 1 Marks

Financial literacy is understanding the way money is____________?.

A

saved

B

spent

C

invested

D

saved, spent & invested

Question 2 1 Marks

Costly things that are not essential for our survival are _______.

A

Needs

B

Money

C

Luxuries

D

Savings

Question 3 1 Marks

Things that are needed for survival are ______.

A

Wants

B

Needs

C

Savings

D

Expenses

Question 4 1 Marks

Sunitha earns Rs.10,000 every month. After setting a monthly budget amount, she is able to save Rs. 2000 every month. She will use this money in case of _____.

A

emergencies

B

party

C

bills

D

travel

Question 5 1 Marks

Gopi spends his salary on movies, groceries, house rent and clothes. Where can he reduce his expenses to save some money?

A

Clothes

B

House rent

C

Movies

D

Groceries

Question 6 1 Marks

All financial activity can be done through a ___?.

A

Bank

B

School

C

College

D

Workplace

Question 7 1 Marks

Institution licensed by the government to keep money safe is _____.

A

Hospital

B

Bank

C

Panchayat

D

Assembly

Question 8 1 Marks

When a person deposits a fixed sum of money every over a fixed period of time, it is a _______ account.

A

Recurring Deposit

B

Saving Account

C

Current Account

D

Fixed Deposit

Question 9 1 Marks

Arya has joined a new company. They want him to open a ______so that they can credit his salary.

A

Fixed deposit

B

Recurring deposit

C

Salary account

D

Current account

Question 10 1 Marks

Avinash needs to know about his transactions from the last month. How can he get these details?

A

Passbook

B

Debit Card

C

Credit card

D

Cheque book

Question 11 1 Marks

Online banking is also called _____.

A

Home banking

B

Office banking

C

Net banking

D

Self banking

Question 12 1 Marks

What can you do with online banking?

A

Send money to someone

B

Open a bank account

C

Get details of all the transactions

D

All of these

Question 13 1 Marks

Disha wants to repay her loan. How can she do it without going to the bank?

A

Online transfer

B

Open bank account

C

Close account

D

Withdraw from ATM

Question 14 1 Marks

Indu booked her railway ticket from the website and paid using online banking. What type of transaction is it?

A

Cash Payment

B

Digital transaction

C

Cheque payment

D

Credit

Question 15 1 Marks

Which of the following are ways to conduct a digital transaction?

A

Digital Wallet

B

UPI Payment

C

Credit Card

D

All of these

Question 16 1 Marks

Net banking is done on a computer through a__________.

A

Relative

B

Friend

C

Cashier

D

Bank website

Question 17 1 Marks

We can use__________to do mobile banking on a smartphone.

A

Gaming app

B

Mobile banking app

C

Weather app

D

Passbook

Question 18 1 Marks

What can we use net banking for?

A

Checking bank statement

B

Transferring funds

C

Paying bills

D

All of these

Question 19 1 Marks

Jaya used her friend's laptop to log into her bank account. What should she do before giving the laptop back?

A

Close the laptop

B

Stay logged in

C

Log out of her bank account

D

Close the website

Question 20 1 Marks

Pragathi downloaded the bank app on her mobile. What should she not share with anyone?

A

Password

B

MPIN

C

OTP

D

All of these

Question 21 1 Marks

What is an easy and quick way to make online payments?

A

Digital wallets

B

Cheque payment

C

Cash on delivery

D

Going to the bank

Question 22 1 Marks

Which among these is NOT a digital wallet?

A

MobiKwik

B

Paytm

C

PhonePe

D

Internet explorer

Question 23 1 Marks

A ________is a square, black and white code that you can scan with the camera and use.

A

QR Code

B

Password

C

OTP

D

User ID

Question 24 1 Marks

On a bank holiday, which of these methods cannot be used by Shahab for money transfer?

A

BHIM app

B

Google pay

C

Deposit at the bank branch

D

Amazon pay

Question 25 1 Marks

Sam opened a new shop. Which of these methods can he use to receive payments into his account?

A

Movie ticket

B

QR code

C

Library card

D

Gift card

Question 26 1 Marks

Regular payment made by the employer to the employee is ____.

A

Appraisal

B

Debt

C

Loan

D

Salary

Question 27 1 Marks

Deductions should be paid from the ____.

A

Gross salary

B

Net Salary

C

Earnings

D

Basic Salary

Question 28 1 Marks

The government collects _____from the citizens.

A

Loan

B

Tax

C

Deductions

D

Conveyance

Question 29 1 Marks

Karthik has joined a new company. His salary is Rs. 3 lakhs per year. This is his ___salary.

A

Monthly

B

Basic

C

Net

D

Gross

Question 30 1 Marks

Simon's company calculated the income tax and paid on behalf of him. This is called ___?.

A

House rent allowance

B

Interest

C

TDS

D

NPS

Question 31 1 Marks

The amount put aside without being spent is ___?.

A

Savings

B

Bill

C

Tax

D

Deductions

Question 32 1 Marks

Money put aside for a big expense many years from now is _____savings.

A

Long term

B

Goal

C

Emergency

D

Short term

Question 33 1 Marks

Which saving option would you choose to buy an expensive bike you have always wanted?

A

Long term savings

B

Goal savings

C

Emergency savings

D

None of these

Question 34 1 Marks

Rajesh wants to save Rs. 6000 every year for his old age. How much should he save every month?

A

100

B

500

C

50

D

6000

Question 35 1 Marks

Abhi wants to teach his 10-year-old daughter to save money from the pocket money she receives every month. Which option is the best?

A

Fixed Deposit

B

Salary Account

C

Piggy Bank

D

None of these

Question 36 1 Marks

Money borrowed from bank or a person is called ___?.

A

Tax

B

Gift

C

Interest

D

Loan

Question 37 1 Marks

What is the benefit of paying money regularly for an insurance plan?

A

It provides free entertainment.

B

It covers travel expenses.

C

It helps us manage emergency situations.

D

It increases monthly savings.

Question 38 1 Marks

The extra amount we pay for borrowing money is _____.

A

Loan

B

Interest

C

Hidden charges

D

Processing charges

Question 39 1 Marks

Rita wants to complete her higher education from a good university. Which loan should she apply for?

A

Home loan

B

Personal loan

C

Education loan

D

Auto loan

Question 40 1 Marks

Priya wants to purchase a bike. Which loan should she apply for?

A

Home loan

B

Personal loan

C

Education loan

D

Auto loan

Question 41 1 Marks

Knowledge and awareness of laws is called ___?.

A

Digital literacy

B

Legal literacy

C

Financial literacy

D

English literacy

Question 42 1 Marks

RTI means__________.

A

Road Transport Institute

B

Right to Insurance

C

Right to Inform

D

Right to Information

Question 43 1 Marks

Online portal set up by the government to make any government related complaints is ____.

A

Public grievances portal

B

Place grievances portal

C

Public informing portal

D

Public information portal

Question 44 1 Marks

Sudha just delivered a baby. For how long Is she entitled to take a maternity leave as an employee?

A

2 months

B

5 months

C

26 weeks

D

One year

Question 45 1 Marks

Paul just got hired and received his employment letter. He is supposed to read it carefully and sign as it is a ___?.

A

Certificate

B

Legal binding document

C

Marks card

D

Poster