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Financial Decision-Making

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Contest ends on2024-12-31 00:00:00

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Financial Decision-Making

Question 1/10

You are earning Rs. 10,000 per month. You have two young children who are both in school. Your monthly expenses are Rs. 8,000. What would you do with the remaining Rs. 2,000?

Save the money for future emergencies

Use the money to buy new clothes for yourself and your children.

Use the money to go out to eat with your friends.

Give the money to your parents.

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Financial Decision-Making

Question 2/10

You are married and your husband is the breadwinner of the family. He earns Rs. 20,000 per month. Your monthly expenses are Rs. 15,000. You have two young children who are both in school. You want to start saving for your children's education. What would you do?

Open a savings account for each of your children and start saving for their education.

Invest your money in a chit fund in the hope of making a quick profit.

Ask your husband to increase his monthly contribution to the household budget.

Cut down on your expenses so that you can save more money each month.

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Financial Decision-Making

Question 3/10

You have multiple small debts, including personal loans. What's a wise strategy to manage your debt?

Ignore the debts; they'll eventually go away

Pay off the debt with the highest interest rate first

Keep taking new loans to pay off the old ones

Pay only some amount and ask for more time

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Financial Decision-Making

Question 4/10

You're the primary breadwinner for your family. What type of insurance should you consider to protect your family's financial future?

Skip insurance; it's too expensive

Invest in health and life insurance to cover medical expenses and provide for your family in case of your absence

Buy insurance only if your employer offers it

Invest in travel insurance for vacations

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Financial Decision-Making

Question 5/10

You have a dream of owning a home. What should you do to work towards this goal?

Give up on the dream; homeownership is impossible

Save a portion of your income regularly for a down payment

Use your savings for a vacation instead

Buy a home immediately without a down payment

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Financial Decision-Making

Question 6/10

You hear about a new investment scheme that promises to double your money in a year. You are tempted to invest your savings in this scheme, but you are also worried that it might be a scam. What would you do?

Do some research to find out more about the investment scheme before you invest your money.

Invest your money in the investment scheme, even if you are not sure if it is legitimate.

Talk to a financial advisor about your investment options.

Invest your money in a low-risk savings account.

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Financial Decision-Making

Question 7/10

You are offered a new job that pays Rs. 25,000 per month, but it is in a different city. You would have to relocate your family and find a new school for your children. What would you do?

Accept the new job and relocate your family to the new city.

Decline the new job and stay in your current city.

Ask your husband for his permission before making a decision

Know the expenses that would be incurred by moving to a new city and then decide

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Financial Decision-Making

Question 8/10

You are approached by a loan agent who offers you a loan at a very high interest rate. You are tempted to take the loan because you need money to pay for some urgent expenses. What would you do?

Accept the loan, even though the interest rate is high

Decline the loan and try to find low interest loans to raise the money you need.

Talk to a financial advisor about your options and get help finding a loan with a lower interest rate.

Ask your friends and family for help raising the money you need.

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Financial Decision-Making

Question 9/10

You are thinking about starting your own small business. You have a good idea and you are confident that you can make it work. However, you do not have any money to invest in your business. What would you do?

Try to get a loan from a bank or financial institution.

Apply for a government grant or subsidy for small businesses.

Ask your friends and family for financial assistance.

Start your business small and scale it up gradually as you generate more revenue.

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Financial Decision-Making

Question 10/10

You are nearing retirement age and you are worried about how you will support yourself financially. You do not have any savings and you do not receive any pension. What would you do?

Apply for a government pension/welfare program

Plan to work indefinitely; retirement is not an option

Move in with your children or other family members.

Start your own small business.

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