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Financial Quotient Test

 

Question 1Which of this is a long term financial goal?

  •  
    Saving for a holiday abroad.
  •  
    Investing for retirement
  •  
    Saving to buy a car
  •  
    Saving to buy a high end mobile
 

Question 2Why do successful people set financial goals?

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    Goal setting measures progress towards targets and milestones.
  •  
    Goal setting gives a sense of direction.
  •  
    It gives you an opportunity to show off.
  •  
    Both 1&2.
 

Question 3I should invest in stocks by:

  •  
    Taking a personal loan.
  •  
    Use money from the emergency fund
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    Borrow from relatives and friends
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    Investing that which you can afford to lose.
 

Question 4I should buy life insurance for:

  •  
    Tax benefit
  •  
    Savings benefit
  •  
    Investment benefit
  •  
    Protection of my family.
 

Question 5For tax assessment, income of minor child has to be clubbed with the income of higher earning parent

  •  
    True
  •  
    False
 

Question 6Which investment offers higher interest?

  •  
    PPF
  •  
    Fixed Deposit
  •  
    NSC
  •  
    Mutual Fund
 

Question 7Which of this loan product doesn’t require security/collateral?

  •  
    Home Loan
  •  
    Car Loan
  •  
    Personal Loan
  •  
    Loan against property
 

Question 8What happens if you file ITR with wrong form?

  •  
    Return is processed
  •  
    You will have to file revised returns
  •  
    You may have to file revised return
  •  
    You don’t get tax refund
 

Question 9If you start smoking after buying term insurance

  •  
    Declare this to the insurer.
  •  
    Don’t declare this to the insurer.
 

Question 10You can’t take a loan against:

  •  
    Fixed Deposit
  •  
    Endowment life insurance Plan
  •  
    Term Life Plan
 

Question 11Is interest on fixed deposit taxed?

  •  
    Yes
  •  
    No
 

Question 12What is Risk Profile?

  •  
    Ability to bear risk
  •  
    Willingness to bear risk
  •  
    Both 1&2
  •  
    Only 1 is correct
 

Question 13Which of the following doesn’t enjoy tax benefits?

  •  
    Home Loan
  •  
    Term Life Plan
  •  
    Health Insurance Premiums
  •  
    Car Loan
 

Question 14What is a network hospital?

  •  
    The hospital where you are treated
  •  
    Insurer has tie-up with this hospital.
  •  
    The insurer owns the hospital.
  •  
    Any nearby hospital.
 

Question 15Who is a Third Party Administrator?

  •  
    The manager of a bank
  •  
    The insurance agent
  •  
    The doctor who treats you
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    The mediator between the insurer and the hospital.
 

Question 16Pension payouts from pension plans taxed?

  •  
    Yes
  •  
    No
 

Question 17Life insurance plan with no survival benefit

  •  
    Endowment life insurance plan
  •  
    Whole Life Insurance
  •  
    Money Back plan
  •  
    Term life plan
 

Question 18Which death not covered under term insurance?

  •  
    Accidental Death
  •  
    Death due to disease
  •  
    Death due to dangerous sports
  •  
    Death while abroad.
 

Question 19Is term insurance claim settled for death outside India?

  •  
    Yes
  •  
    No
 

Question 20Which of this is a bad loan?

  •  
    Home Loan
  •  
    Education Loan
  •  
    Personal Loan
  •  
    Car loan to buy a car you need.
 
 

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