Wazzat Edition - Personal Finance 101
Take this 10-question quiz and test your personal finance knowledge on Wazzat's latest edition
1. Which of the following economic trends affect personal financial planning?
2. Consider the following scenario: John and Jane are twins. At the age of 20, John started contributing Rs 5000/- a month to a savings account. After 20 years, at the age of 40, he stopped adding to his savings, but he left the money in the account. Jane didn’t start to save until she was 40. Then, she saved Rs 5000/- a month until she retired 20 years later at age 60. Suppose both Jack and Jill earned 5% interest per year on their savings. When they both retired at age 60, who had more money?
3. Suppose that by the year 2020 your income has doubled and prices of all goods have doubled too. In 2020, how much will you be able to buy with your 2020 income?
4. If you take out a 15-year home loan instead of a 30-year home loan, you will be required to pay
5. Which of the following is an accurate statement about investment returns?
6. How is buying with credit different than paying with cash?
7. Why do banks lend money?
8. Paying for something with cash or a debit card can help you avoid spending more money than you have
9. When you borrow paying EMIs, you could even end up paying nearly twice or thrice the actual price of the product
10. When banks sell a loan to you they make money
Before you hit submit, make sure you've answered all the questions. Thanks!