Personal finance quiz — 20 money questions with answers.

Who it's for: Ages 13 and up: a life skills lesson, a youth group, or adults starting to manage their own money. No currency is assumed.

Use them in a life skills lesson, a workshop, or a staff wellbeing session. Amounts have no currency, so they work anywhere. Every question has one correct answer except questions 5 and 20, which have more than one. All twenty fit in one Quizoma quiz.

The 20 personal finance questions with answers

Correct answers are marked with a tick. The same questions, with the same answers, are in the CSV file, in the same order.

Budgeting

1. What is a budget?
   A. A tax · B. A plan for your income and spending ✓ · C. A kind of bank account · D. A type of loan
2. Someone earns 30,000 a month and spends 25,000. How much is left to save?
   A. 30,000 · B. 5,000 ✓ · C. 55,000 · D. 25,000
3. Which of these is a need rather than a want?
   A. A cinema ticket · B. A new phone case · C. Food ✓ · D. A video game
4. Which of these is a fixed cost?
   A. Monthly rent ✓ · B. A holiday · C. Gifts · D. Eating out
5. Which of these are good budgeting habits? (more than one answer)
   A. Saving a set amount as soon as you are paid ✓ · B. Ignoring small purchases · C. Tracking what you spend ✓ · D. Spending before checking your balance

Saving

6. What is an emergency fund?
   A. A loan from a bank · B. Money set aside for a holiday · C. Savings kept for unexpected costs ✓ · D. A credit card
7. If you save 500 a week, how much will you have after 10 weeks?
   A. 50,000 · B. 5,000 ✓ · C. 500 · D. 1,000
8. What is inflation?
   A. The interest a bank pays · B. Prices falling over time · C. Prices rising over time ✓ · D. A tax on savings
9. Prices rise 10% a year and your savings earn 5% a year. What happens to what your savings can buy?
   A. It stays the same · B. It falls ✓ · C. It doubles · D. It rises
10. What is spreading your savings across different places to lower risk called?
    A. Depreciation · B. An overdraft · C. Inflation · D. Diversification ✓

Interest & borrowing

11. What is the interest on a loan?
    A. The cost of borrowing the money ✓ · B. A fee for using a cash machine · C. A government tax · D. Money the bank gives you for free
12. How much interest does 1,000 earn in one year at 10% simple interest?
    A. 1,000 · B. 100 ✓ · C. 1,100 · D. 10
13. With compound interest, what is interest paid on?
    A. Only the original amount · B. Nothing until the account is closed · C. The original amount plus the interest already earned ✓ · D. Only new deposits
14. What does 1,000 grow to at 10% compound interest for 2 years?
    A. 1,200 · B. 1,100 · C. 1,020 · D. 1,210 ✓
15. Which of these usually costs the most over time?
    A. Paying only the minimum on a credit card each month ✓ · B. Paying a credit card bill in full · C. Paying with a debit card · D. Paying with cash

Banking safety

16. What will a real bank never ask you for?
    A. A visit to a branch · B. Your new address · C. Your PIN or one-time password ✓ · D. Feedback on its app
17. What does OTP stand for?
    A. Online Transfer Payment · B. Open Transaction Process · C. Official Token PIN · D. One-Time Password ✓
18. A text message says your account is blocked and asks you to click a link. What should you do?
    A. Reply with your details · B. Contact the bank on the number printed on your card ✓ · C. Click the link quickly · D. Forward it to your friends
19. Which of these is a safe habit at a cash machine?
    A. Covering the keypad when you type your PIN ✓ · B. Letting a stranger help you · C. Telling a friend your PIN · D. Writing your PIN on your card
20. Which of these are warning signs of a scam? (more than one answer)
    A. A receipt from a shop · B. A promise of guaranteed high returns ✓ · C. Pressure to act immediately ✓ · D. A statement you asked your bank for

Some wrong options are the usual traps. 1,100 in question 12 is the total, not the interest; 1,200 in question 14 forgets that interest earns interest; and paying only the minimum in question 15 is how a small debt becomes a large one. Quizoma's results show the accuracy of every question, so you will see which idea needs another conversation.

Students can use the same set to revise on their own: import it, switch on Show Score and Retake, and it becomes a practice test they can take until every answer sticks.

How to use this template

1. Download the file: quizoma-template-personal-finance-quiz.csv.
2. Open Quizoma Studio in your browser (or the Android app) and choose Import from file.
3. Pick the .csv. Quizoma shows every question for review before anything is saved, so you can fix a wording, drop a question or add your own.
4. Save, then share the 6-character quiz code or QR with your class. Participants answer at quizoma.com/take in any browser.

Timing and points are set on the quiz when you import, not in the file. If you would rather not import at all, you can type the questions into the online quiz maker directly.

What is in the file

One row per question: the question, then the options, then a final correct column holding the number of the right option. Where more than one option is right, the numbers are joined with a |. The first lines look like this:

question,option1,option2,option3,option4,correct
What is a budget?,A tax,A plan for your income and spending,A kind of bank account,A type of loan,2
What is an emergency fund?,A loan from a bank,Money set aside for a holiday,Savings kept for unexpected costs,A credit card,3

Open it in any spreadsheet to edit, and save it as CSV again before importing — an .xlsx file is not read. The same format is described on the templates page.