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Learners Assessment Challenge
1. Which of the following is an example of a need?
A. A smartphone with the latest specifications
B. Designer clothing
C. Access to clean water and food
D. A luxury vacation abroad
2. Wants are best described as:
A. Items necessary for survival
B. Non-essential goods or services that improve comfort or pleasure
C. Obligatory expenses such as taxes
D. Items listed on a utility bill
3. Goods are different from services because:
A. Goods are intangible while services are physical
B. Services are always cheaper
C. Goods are physical items that can be touched and stored
D. Goods don’t involve money
4. Which of the following is an example of a service?
A. A textbook
B. A pair of shoes
C. A haircut
D. A grocery cart
5. Why is it important to set financial goals?
A. To reduce tax liability
B. To spend all income before month-end
C. To guide saving, spending, and investing decisions with a clear plan
D. To avoid budgeting altogether
6. A financial goal to be achieved in less than 1 year is called a:
A. Mid-term goal
B. Long-term goal
C. Immediate expense
D. Short-term goal
7. Which of the following is an example of a long-term financial goal?
A. Paying the monthly electricity bill
B. Buying a soft drink
C. Saving for retirement
D. Purchasing airtime
8. When setting financial goals, it's important to consider:
A. Your favourite celebrity's spending habits
B. Your financial resources and time frame
C. Popular trends on social media
D. Avoiding goal-setting altogether
9. One of the key elements of setting realistic goals is to:
A. Set vague objectives
B. Ignore your income level
C. Make them measurable and specific
D. Delay them indefinitely
10. A good starting point in setting financial goals is to:
A. Guess your future expenses
B. Track your income and spending
C. Spend more on wants
D. Open multiple credit lines
11. SMART goals in personal finance stand for:
A. Simple, Measurable, Achievable, Reasonable, Timely
B. Specific, Measurable, Achievable, Realistic, Time-bound
C. Secure, Movable, Artistic, Ready, Tactical
D. Small, Medium, Accessible, Reachable, Tangible
12. Which of the following is not a characteristic of needs?
A. Essential for physical and mental well-being.
B. Universal and common to all individuals.
C. Negotiable and dispensable.
D. Limited in number and relatively stable.
13. Which of the following is not a characteristic of wants?
A. Desires and preferences beyond necessities
B. Vary from person to person
C. Subject to change and flexibility
D. Few and ever-changing
14. Which of the following statements describes the correct meaning of a good?
A. Tangible items that can be used, stored, evaluated, consumed.
B. All that we need for daily survival.
C. Ownership cannot be transferred.
D. Goods are intangible properties.
15. Which of the following statements describes the correct meaning of a service?
A. It does not have any intrinsic value.
B. Intangible activity which is not transferable.
C. Tangible items that can be used.
D. Universal and common to all individuals.
16. Which is the correct meaning of financial goal?
A. Financial goal is the net worth of an individual
B. Financial goals are things a person wants to achieve with their money in the future.
C. Financial goal is gross income of an individual
D. Financial goal is a target of what can be achieved with borrowed money.
17. Which one of the following is not a characteristic of a personal financial goal?
A. Specific
B. Measurable
C. Realistic
D. Binding
18. Which of the following should not be a consideration when setting financial goals?
A. Prioritizing expenditure
B. Breaking down goals
C. Setting financial goals based on unexpected income
D. Ascertaining income;
19. Which of the following is a reason for setting financial goals?
A. It helps to purchase expensive things.
B. It helps in planning and controlling expenditure.
C. It helps to achieve financial growth.
D. All of the above
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You have gotten all of them correct.