Financial and Legal Literacy

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Q1: Financial literacy is understanding the way money is

• saved
• spent
• invested
• saved, spent & invested

Q2: Costly things that are not essential for our survival are

• Needs
• Money
• Savings
• Luxuries

Q3: Things that are needed for survival are

• Wants
• Savings
• Expenses
• Needs

Q4: Sunitha earns Rs.10,000 every month. After setting a monthly budget amount, she is able to save Rs. 2000 every very month. She will use this money in case of

• party
• bills
• travel
• emergencies

Q5: Gopi spends his salary on movies, groceries, house rent and clothes. Where can he reduce his expenses to save some money?

• Clothes
• House rent
• Groceries
• Movies

Q6: All financial activity can be done through a

• School
• College
• Workplace
• Bank

Q7: Institution licensed by the government to keep money safe is

• Hospital
• Panchayat
• Assembly
• Bank

Q8: When a person deposits a fixed sum of money every over a fixed period of time, it is a account.

• Saving Account
• Current Account
• Fixed Deposit
• Recurring Deposit

Q9: Arya has joined a new company. They want him to open a so that they can credit his salary.

• Fixed deposit
• Recurring deposit
• Current account
• Salary account

Q10: Avinash needs to know about his transactions from the last month. How can he get these details?

• Debit Card
• Credit card
• Cheque book
• Passbook

Q11: Online banking is also called

• Home banking
• Office banking
• Self banking
• Net banking

Q12: What can you do with online banking?

• Send money to someone
• Open a bank account
• Get details of all the transactions
• All of these

Q13: Disha wants to repay her loan. How can she do it without going to the bank?

• Open bank account
• Close account
• Withdraw from ATM
• Online transfer

Q14: Indu booked her railway ticket from the website and paid using online banking. What type of transaction is it?

• Cash Payment
• Cheque payment
• Credit
• Digital transaction

Q15: Which of the following are ways to conduct a digital transaction?

• Digital Wallet
• UPI Payment
• Credit Card
• All of these

Q16: Net banking is done on a computer through a

• Relative
• Friend
• Cashier
• Bank website

Q17: We can use to do mobile banking on a smartphone.

• Gaming app
• Weather app
• Passbook
• Mobile banking app

Q18: What can we use net banking for?

• Checking bank statement
• Transferring funds
• Paying bills
• All of these

Q19: Jaya used her friend's laptop to log into her bank account. What should she do before giving the laptop back?

• Close the laptop
• Stay logged in
• Close the website
• Log out of her bank account

Q20: Pragathi downloaded the bank app on her mobile. What should she not share with anyone?

• Password
• MPIN
• OTP
• All of these

Q21: What is an easy and quick way to make online payments?

• Cheque payment
• Cash on delivery
• Going to the bank
• Digital wallets

Q22: Which among these is NOT a digital wallet?

• MobiKwik
• Paytm
• PhonePe
• Internet explorer

Q23: A is a square, black and white code that you can scan with the camera and use.

• Password
• OTP
• User ID
• QR Code

Q24: On a bank holiday, which of these methods cannot be used by Shahab for money transfer?

• BHIM app
• Google pay
• Amazon pay
• Deposit at the bank branch

Q25: Sam opened a new shop. Which of these methods can he use to receive payments into his account?

• Movie ticket
• Library card
• Gift card
• QR code

Q26: Regular payment made by the employer to the employee is

• Appraisal
• Debt
• Loan
• Salary

Q27: Deductions should be paid from the

• Net Salary
• Earnings
• Basic Salary
• Gross salary

Q28: The government collects from the citizens.

• Loan
• Deductions
• Conveyance
• Tax

Q29: Karthik has joined a new company. His salary is Rs. 3 lakhs per year. This is his salary.

• Monthly
• Basic
• Net
• Gross

Q30: Simon's company calculated the income tax and paid on behalf of him. This is called

• House rent allowance
• Interest
• NPS
• TDS

Q31: The amount put aside without being spent is

• Bill
• Tax
• Deductions
• Savings

Q32: Money put aside for a big expense many years from now is savings.

• Goal
• Emergency
• Short term
• Long term

Q33: Which saving option would you choose to buy an expensive bike you have always wanted?

• Long term savings
• Emergency savings
• None of these
• Goal savings

Q34: Rajesh wants to save Rs. 6000 every year for his old age. How much should he save every month?

• 100
• 50
• 6000
• 500

Q35: 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?

• Fixed Deposit
• Salary Account
• None of these
• Piggy Bank

Q36: Money borrowed from bank or a person is called

• Tax
• Gift
• Interest
• Loan

Q37: What is the benefit of paying money regularly for an insurance plan?

• It provides free entertainment.
• It covers travel expenses.
• It increases monthly savings.
• It helps us manage emergency situations.

Q38: The extra amount we pay for borrowing money is

• Loan
• Hidden charges
• Processing charges
• Interest

Q39: Rita wants to complete her higher education from a good university. Which loan should she apply for?

• Home loan
• Personal loan
• Auto loan
• Education loan

Q40: Priya wants to purchase a bike. Which loan should she apply for?

• Home loan
• Personal loan
• Education loan
• Auto loan

Q41: Knowledge and awareness of laws is called

• Digital literacy
• Financial literacy
• English literacy
• Legal literacy

Q42: RTI means

• Road Transport Institute
• Right to Insurance
• Right to Inform
• Right to Information

Q43: Online portal set up by the government to make any government related complaints is

• Place grievances portal
• Public informing portal
• Public information portal
• Public grievances portal

Q44: Sudha just delivered a baby. For how long Is she entitled to take a maternity leave as an employee?

• 2 months
• 5 months
• One year
• 26 weeks

Q45: Paul just got hired and received his employment letter. He is supposed to read it carefully and sign as it is a

• Certificate
• Marks card
• Poster
• Legal binding document

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