Interactive Assessment
Financial Literacy Self-Assessment
Discover Your Financial Knowledge Level
Prepared by NovaRock Advisory – AMFI ARN-344268
📊 How This Assessment Works
Answer questions across 5 key financial areas. Each section evaluates your understanding from basic to advanced concepts. At the end, you'll receive a personalized score, skill gap analysis, and recommended learning resources tailored to your level.
📋 Assessment Areas
- Budgeting & Money Management (5 questions)
- Investing & Wealth Creation (5 questions)
- Insurance & Risk Management (5 questions)
- Tax Planning & Optimization (5 questions)
- Retirement & Long-term Planning (5 questions)
Total Questions: 25 | Time: 15-20 minutes | Scoring: Each correct answer = 4 points
Section 1: Budgeting & Money Management
Questions 1-5: Test Your Budgeting Knowledge
Q1. What is the 50/30/20 budgeting rule?
Q2. An emergency fund should ideally cover how many months of expenses?
Q3. Which of these is considered a "need" rather than a "want"?
Q4. What is the best way to track your daily expenses?
Q5. Which debt repayment strategy focuses on paying off smallest debts first?
Section 2: Investing & Wealth Creation
Questions 6-10: Test Your Investment Knowledge
Q6. What does SIP stand for in mutual fund investing?
Q7. Which investment is generally considered the LEAST risky?
Q8. What is asset allocation?
Q9. What is the power of compounding?
Q10. What is diversification in investing?
Section 3: Insurance & Risk Management
Questions 11-15: Test Your Insurance Knowledge
Q11. What is term insurance?
Q12. What is the ideal life insurance cover amount?
Q13. What is a deductible in health insurance?
Q14. Which insurance should be purchased first?
Q15. What is a nominee in insurance?
Section 4: Tax Planning & Optimization
Questions 16-20: Test Your Tax Knowledge
Q16. What is the maximum deduction under Section 80C?
Q17. Which investment qualifies for 80C deduction?
Q18. What is the new tax regime's basic exemption limit (FY 2024-25)?
Q19. What is the lock-in period for ELSS funds?
Q20. What is HRA?
Section 5: Retirement & Long-term Planning
Questions 21-25: Test Your Retirement Planning Knowledge
Q21. At what age should you start retirement planning?
Q22. What is NPS?
Q23. How much of your pre-retirement income should your retirement corpus replace?
Q24. What is the additional tax benefit for NPS under Section 80CCD(1B)?
Q25. What is the 4% withdrawal rule in retirement planning?
Your Financial Literacy Score
0/100
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