Game – Quiz -

Assessment Tool

Play and check your knowledge.

Choose among six different competency categories.

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The meaning of financial literacy

20 questions 🎯

1 / 20

Why is it important to value long-term financial security?

To become economically self-sufficient

To win a prize in economics

To avoid financial responsibility

To embrace the importance of financial well-being

2 / 20

Why is it important to be financially literate, according to the examples provided?

To accumulate as much debt as possible

To invest in high-risk stocks

To make informed financial decisions

To avoid saving money

3 / 20

What is the significance of recognizing the potential consequences of financial choices?

To win a calculus competition

To make informed financial decisions

To be able to open a successful business

To become rich through bitcoins

4 / 20

Which of the following is a soft skill related to financial literacy?

Public speaking

Resilience

Decision-making

Mediation

5 / 20

What is the primary goal of understanding the basic concepts of money management?

Becoming an expert in economics

Mastering a foreign language

Navigating finances effectively

Ignoring financial planning

6 / 20

What does financial literacy provide the keys to today's complex financial landscape?

Becoming a professional online trader

Managing finances with confidence

Opening a successful business with minimal effort

Avoiding financial decisions

7 / 20

What is the ultimate aim of developing positive attitudes and values in financial literacy?

Valuing procrastination

Valuing short-term security

Embracing continuous learning

Empowering individuals to take control of their financial futures

8 / 20

Why is it essential to embrace the notion of continuous learning?

To become economically independent

To improve financial autonomy

To earning more money through bitcoins

To avoid responsibility

9 / 20

Which skills are considered hard skills for financial literacy?

Statistics

Decision-making and communication

Numerical and financial skills

Budgeting skills

10 / 20

What are the fundamental aspects of financial literacy?

Advanced alculus skills

Basic numerical and financial skills

Proactivity

Mastering a foreign language

11 / 20

What is the primary goal of financial literacy for senior citizens?

Winning a prize in mathematics

Becoming experts in economics

Improving financial well-being

Ignoring money management

12 / 20

What is the aim of instilling a proactive mindset in seniors?

Becoming a professional trader

Taking control of their financial futures

Opening a business

Avoiding financial decisions

13 / 20

Which attitudes and values are important for financial well-being?

Valuing fast food

Embracing continuous learning

Avoiding financial responsibility

Disliking long-term security

14 / 20

What is the main purpose of budgeting in personal finance?

Increasing debt

Tracking income only

Planning how to spend money

Ignoring expenses

15 / 20

What is the goal of equipping citizens with practical and cognitive abilities?

Becoming professional traders

Managing finances effectively

Winning a mathematics prize

Becoming rich and famous

16 / 20

Which skills are considered soft skills for financial literacy?

Advanced mathematics

Communication and decision-making

Digital competencies

Public speaking

17 / 20

What kind of skills are required for financial literacy, according to the text?

Technical knowledge in economics

Numerical and financial skills

Statistics

Physics

18 / 20

Why is it important to make informed financial decisions?

To be able to live off online trading

To win a calculus competition

To improve financial well-being

To become extremely rich

19 / 20

What are some basic concepts of money management mentioned in the text?

Theory of Economics

Mathematics and statistics

Budgeting and saving

Online trading

20 / 20

What is financial literacy primarily about?

Understanding economic theory

Managing money wisely

Becoming a professional trader

Learning to invest in stocks

Your score is

The average score is 31%

Online payments

20 questions 🎯

1 / 20

What are the areas to which the main risks of online payments relate to?

Privacy and cyber security

Family quality time

Capability of operating a successful business

Personal growth

2 / 20

What is the key focus of the learning outcomes for seniors in the field of online payments?

Learning calculus

Business creation and growth

Grasping the ins and outs of various digital payment methods

Becoming famous online

3 / 20

What is the primary goal of cultivating specific attitudes and values in seniors regarding online payments?

Becoming professional traders online

Becoming an expert in gaming

Ensuring financial security and relevance in a digital financial realm

Opening a new business

4 / 20

What are some examples of hard skills required for online payments?

Mathematics

Coding

Foreign languages

Navigating digital payment platforms

5 / 20

In the context of 'online payments' for senior citizens, what ethos is to be embraced?

An ethos of playing video games

An ethos of continuous learning and adaptability

An ethos of uptaking risks

An ethos of learning hardcore statistics

6 / 20

What should seniors understand about common online payment scams and frauds?

They are opportunities to be grasped

They are harmless and should be ignored

Recognizing them helps ensure safe online financial behavior

They are ways to improve budgeting skills

7 / 20

Which of the following is considered a soft skill in the competence of online payments for seniors?

Online gaming

Critical thinking

Social media management

Learning to code

8 / 20

What is the primary reason for seniors to master online payments?

To become entrepreneurs

To develop advanced cooking skills

To access convenient financial services and manage finances safely in the digital age

To learn mathematics

9 / 20

What is the main focus of the competence ‘online payments’?

Online payments involve the knowledge and skills needed to securely and confidently make transactions over the internet

Online payments are always safe and secure

Online payments never require to share personal sensitive data and information

Online payments can be performed in the total absence of internet connection

10 / 20

Which of the following is NOT a part of the learning outcomes in the field of online payments?

Grasping the ins and outs of various digital payment methods

Recognizing potential risks

Learning how to budget

Understanding encryption and password protection

11 / 20

What should seniors understand when it comes to keeping their financial information secure during online transactions?

Secrecy

The technical aspects of using payment methods

[:en]To write all their sensitive info on a piece of paper[:el][:bg][:it][:]

[:en]How to use social media profiles[:el][:bg][:it][:]

12 / 20

Which of the following is a common online payment method?

Telepathic payments

Digital wallets

Online gardening

Payments

13 / 20

What is the main goal of inculcating proactive and vigilant attitudes toward online payments in seniors?

Supporting new business creation

Both their financial security and relevance in the digital financial realm

Learning how to trade online

Understanding bitcoins

14 / 20

What is one of the key soft skills required for mastering online payments?

Public speaking

Critical thinking

Detail orientedness

Decision making

15 / 20

What is the primary focus of developing attitudes and values in the context of 'online payments'?

Learning how to trade online

Being cautious in online financial transactions

Using digital devices professionally

Becoming an expert in online gaming

16 / 20

Why is it important for seniors to be aware of common online payment scams and frauds?

To become businessmen and women

To ensure they can use digital payment platforms safely

To trade in bitcoins

To create social media profiles

17 / 20

Which of the following is NOT a part of ‘online payments’ competence?

Recognizing potential risks

Making secure online transactions

Understanding online gaming

Learning to protect personal and financial information

18 / 20

What are the hard skills required in the competence of online payments for senior citizens?

Mathematics

Navigating digital payment platforms

Economics

Statistics

19 / 20

What is one of the learning outcomes related to online payments?

Understanding quantum physics

Grasping the ins and outs of various digital payment methods

Learning to bet online

Mastering entrepreneurship

20 / 20

What does "Online payments" expression primarily involve?

Starting an online business

Securely making online transactions

Booking online travel

Creating online profiles

Your score is

The average score is 50%

Banking operations and digital skills

20 questions 🎯

1 / 20

Which of the following is a recommended step to prevent unauthorized access to your bank accounts?

Share your passwords with family members

Keep your login credentials written on a sticky note near your computer

Enable two-factor authentication for added security

Use simple and easy-to-guess passwords

2 / 20

What is the purpose of a "debit card" in banking?

To borrow money from the bank

To access a line of credit

To make purchases using funds from your checking account

To earn reward points for future purchases

3 / 20

Which type of account typically earns the highest interest rate?

Checking account

Savings account

Money market account

Certificate of Deposit (CD)

4 / 20

What does a "joint account" mean in banking?

An account shared between multiple banks

An account shared between multiple account holders

An account with limited withdrawal options

An account with no overdraft protection

5 / 20

What is the purpose of a "grace period" on a credit card?

A period to pay off your balance without incurring interest

A period to report a lost card

A period to request a credit limit increase

A period to apply for a loan

6 / 20

What should you do if you suspect fraudulent activity on your bank account?

Ignore it, as it's probably a mistake

Wait for a few days to see if it happens again

Contact the bank immediately to report the suspicious activity

Share your account details on social media for help

7 / 20

What does "APR" stand for in credit card terms?

Annual Payment Rate

Account Payment Responsibility

Annual Percentage Rate

Automated Payment Reminder

8 / 20

Which of the following is a feature of biometric authentication in banking apps?

Using a unique password for login

Voice recognition or fingerprint scanning

Memorizing complex security questions

Displaying account information publicly

9 / 20

What is the purpose of a CVV/CVC code on a credit or debit card?

To identify the cardholder

To authenticate online transactions

To track spending habits

To verify the bank

10 / 20

What is a "payee" in terms of banking?

The bank employee handling your transactions

The person or company to whom you make a payment

The interest accrued on your account

The device used for online banking

11 / 20

Which of the following is NOT a typical characteristic of a phishing email?

Urgent or threatening language

Personalized greeting with your name

Requests for personal or financial information

Misspelled words and poor grammar

12 / 20

Which technology allows contactless payments with a smartphone?

RFID (Radio Frequency Identification)

GPS (Global Positioning System)

NFC (Near Field Communication)

OLED (Organic Light Emitting Diode)

13 / 20

What is a common precaution against identity theft when using public Wi-Fi for banking?

Using the same password for multiple accounts

Avoiding online banking on public Wi-Fi networks

Sharing personal information openly

Keeping passwords written in a notebook

14 / 20

What is the purpose of a "routing number" in banking?

To identify the account holder's address

To identify the specific bank branch

To verify the account balance

To identify the type of account

15 / 20

Which of the following is a benefit of using online banking services?

Limited access to account information

24/7 account access from anywhere with internet

Longer waiting times for transactions

Higher transaction fees

16 / 20

What does the term "FDIC" stand for in banking?

Financial Data and Information Consortium

Federal Department of Investment and Commerce

Federal Deposit Insurance Corporation

Financial Debt and Investment Center

17 / 20

Which of the following is NOT a typical function of mobile banking apps?

Bill payment

Fund transfer between accounts

Ordering food online

Checking account balance

18 / 20

What does "phishing" refer to in online banking?

A function to convert currency online

A fraudulent attempt to obtain sensitive information

An official bank notification

A type of digital currency

19 / 20

Which of the following is a secure way to create a strong online banking password?

Your pet’s name

A combination of your birthdate and name

A mix of uppercase, and lowercase letters, numbers, and symbols

Your favorite movie title

20 / 20

What does ATM stand for?

Automated Teller Machine

Automatic Transfer Money

Advanced Transaction Mechanism

Account Tracking Module

Your score is

The average score is 20%

/20

Budgeting and financial managment

20 questions 🎯

1 / 20

What type of account helps individuals save money for retirement with potential tax advantages?

Checking account

Savings account

Current account

IRA (Individual Retirement Account)

2 / 20

What's the primary advantage of diversifying your investments?

Maximizing short-term gains

Minimizing risk

Focusing on high-return investments

Avoiding taxes on investments

3 / 20

What does "asset allocation" mean in investment planning?

Spread the money across different assets

Allocate the money across a specific asset

Allocate the money to high-risk investments

Ignore investment distribution

4 / 20

Which insurance provides coverage for personal property damage or theft?

Health insurance

Life insurance

Home insurance

Auto insurance

5 / 20

What's the advantage of compound interest in savings?

Reduces the initial investment

Accelerates debt repayment

Increases savings growth over time

Doesn't affect savings growth

6 / 20

Which statement about loans and debts is generally true?

All debts have equal interest rates

High-interest debts should be paid off first

Loans don't affect credit scores

Paying only the minimum due is advisable

7 / 20

What's the main purpose of a will in financial planning?

Outline charitable donations

Distribute assets after death

Plan monthly expenses

Track investment growth

8 / 20

What is the purpose of reviewing and adjusting a budget regularly?

To track spending on vacations

To ensure all bills are paid

To stay prepared for financial emergencies

To maintain a fixed budget

9 / 20

How often should you review and adjust your budget?

Once a year

Only during financial crises

Quarterly

Never necessary

10 / 20

Which factor can impact insurance premiums?

Credit score

Annual income

Number of credit cards

Rent payment history

11 / 20

What does "ROI" stand for in finance?

Return on Investment

Revenue on Interest

Rate of Income

Risk of Investment

12 / 20

Which investment is generally safer during tough economic times?

Real estate

Stocks

Bonds

Cryptocurrencies

13 / 20

How can you improve your credit score?

Making late payments

Closing old credit accounts

Applying for multiple credit cards at once

Paying bills on time

14 / 20

What's the main purpose of a credit score?

Track income levels

Measure spending habits

Evaluate creditworthiness

Assess savings potential

15 / 20

What type of investment is typically considered risky?

Bonds

Stocks

Savings accounts

Real estate investment

16 / 20

What does an "emergency fund" help with?

Planned expenses

Saving for a vacation

Unexpected expenses

Donating to charity

17 / 20

Which of the following expenses is usually considered fixed?

Food costs

Entertainment

Rent or bank loan installment

Travel expenses

18 / 20

What percentage of your income is recommended to save for the future?

50-60%

5-10%

80-90%

20-30%

19 / 20

What is an essential step in creating a personal budget?

Tracking expenses

Create a personal bank account

Income sharing

Saving

20 / 20

What is the primary purpose of creating a personal budget?

Tracking daily expenses

Limiting all spending

Planning and managing finances

Future

Your score is

The average score is 0%

Retirement and pension

20 questions 🎯

1 / 20

In the context of retirement accounts, what are "catch-up contributions"?

Contributions made by employers

Additional contributions allowed for individuals aged 50 and older

Contributions made after retirement

Mandatory contributions for high-income earners

2 / 20

When are individuals required to start taking RMDs from their retirement accounts, such as a traditional IRA?

59½

70½ (for those born before July 1, 1949)

72 (for those born on or after July 1, 1949)

3 / 20

What are common payout options for a pension plan?

Lump sum payment

Annuity payments

Social Security credits

All of the above

4 / 20

At what age are individuals generally eligible for Medicare benefits?

5 / 20

What impact does early retirement typically have on Social Security benefits?

No impact

Increased benefits

Reduced benefits

Double benefits

6 / 20

How is the amount of Social Security benefits determined?

Based on the individual's total savings

Based on the individual's lifetime earnings

A fixed amount for everyone

Based on the individual's age at retirement

7 / 20

What does PEPP mean?

Personal European Pension Plan

pan-European personal pension product

Personal-European Privet Plan

pan-European privet product

8 / 20

What is longevity risk in the context of retirement planning?

The risk of outliving one's savings

The risk of early retirement

The risk of market volatility

The risk of inflation

9 / 20

What does it mean to be "vested" in a pension plan?

Eligible to receive benefits

Contributing to the plan

Receiving employer contributions only

Having a part-time employment status

10 / 20

At what age are individuals required to start taking RMDs from their traditional IRAs?

59½

70½ (for those born before July 1, 1949)

72 (for those born on or after July 1, 1949)

11 / 20

What is the penalty for early withdrawals from a traditional IRA before the age of 59½?

10%

15%

20%

12 / 20

What does the IRA stand for?

Individual Retirement Account

Internal Revenue Adjustment

Investment Return Assessment

Insurance and Retirement Agreement

13 / 20

At what age can individuals typically start receiving full Social Security benefits?

14 / 20

What is a defined benefit pension plan?

A retirement plan where benefits are based on employee contributions

A retirement plan that provides benefits in the form of a lump sum payment

A retirement plan where benefits are determined by a formula based on salary and years of service

A plan that allows employees to contribute to a tax-free savings account for retirement

15 / 20

What is a defined contribution retirement plan?

A retirement plan fully defined by the government’s policies

A retirement plan where the employee contributes a fixed amount each year

A retirement plan that provides a fixed monthly payment for life

A retirement plan accessible for relatives as well

16 / 20

What is Retirement?

The act of leaving a job and no longer working

The act of working for a longer period of time

The act of starting a new job after retirement

The act of taking a leave of absence

17 / 20

What is a 401(k) plan?

A retirement plan for government employees

A retirement plan for education employees

A retirement plan that allows employees to contribute a portion of their salary on a pre-tax basis

A retirement plan that ensures minimum amount of pension

18 / 20

When should you start planning for retirement?

In your 50s

In your 40s

As early as possible

Just before retirement age

19 / 20

What is a defined benefit pension plan?

A retirement plan where the benefits are based on the employee's contributions and investment returns

A retirement plan where the benefits are based on a formula determined by the employee's salary and years of service

A retirement plan that provides benefits in the form of a lump sum payment

A retirement plan that gives you lifelong payment

20 / 20

The SECURE Act increased the age for starting RMDs from 70½ to _____ for individuals who turn 70½ on or after January 1, 2020.

Your score is

The average score is 13%

Financial Security

20 questions 🎯

1 / 22

Why is estate planning important for financial security?

It only benefits the wealthy

It ensures fair distribution of assets after passing away

It has no impact on financial security

It leads to higher taxes

2 / 22

How does understanding your risk tolerance contribute to financial security?

It ensures aggressive investment strategies

It helps align investments with personal comfort levels

It eliminates the need for insurance

It guarantees high returns

3 / 22

Why is staying informed about the economy important for financial security?

It helps anticipate changes in interest rates

It allows for better investment decisions

It helps adjust financial strategies based on economic conditions

All of the above

4 / 22

What diversification means in the context of investments?

Putting all your money in one investment

Spreading investments across different asset classes

Investing only in stocks

Ignoring investment opportunities

5 / 22

Setting specific and measurable financial goals is important because?

It helps prioritize spending

It provides motivation for saving

It allows for better financial planning

All of the above

6 / 22

Reason for identity theft could be?

Regularly monitor bank statements

Using strong and unique passwords

Caution with personal information online

Sharing your personal information in fake websites

7 / 22

What factor can’t affect your credit score?

Payment history

Length of credit history

Types of credit used

Adding an authorized user to your credit card / Social status

8 / 22

Why is having adequate insurance important for financial security?

It provides money for unneeded expenses

It provides financial support in case of emergencies

It helps investing in small business

It gives you

9 / 22

At what age can individuals typically start withdrawing from their retirement accounts penalty-free?

59½

10 / 22

Why is budgeting important for financial security?

It helps track income and expenses

It ensures savings for future goals

It prevents overspending

All of the above

11 / 22

What does life insurance primarily provide coverage for?

Medical expenses

Funeral expenses

Income protection for beneficiaries

Household expenses

12 / 22

Which of the following is a long-term financial goal?

Buying a new smartphone

Going on a vacation next month

Saving for a down payment on a house

Buying new furniture for your house

13 / 22

What is the recommended size of an emergency fund?

One month's living expenses

Three to six months' living expenses

One year's living expenses

Two year’s living expenses

14 / 22

After determining your income, what is the next step in creating a budget?

Set spending limits

Track your expenses

Decide your savings goals

Adjust your spending to stay on budget

15 / 22

What is the primary advantage of diversifying your investment portfolio?

Higher potential returns

Lower risk through spreading investments across different assets

Faster short-term gains

Higher Transaction Cost

16 / 22

What type of insurance provides coverage for medical expenses?

Auto insurance

Life insurance

Health insuranc

Home insurance

17 / 22

Why is it important to save for the future?

To have money for emergencies

To buy unnecessary items

To spend money freely

To go on monthly trips

18 / 22

Why is it important to save for the future?

To have money for emergencies

To buy unnecessary items

To spend money freely

To go on monthly trips

19 / 22

Why is it important to have an emergency fund?

To buy luxury items

To be safe in case of unexpected circumstances

To spend money impulsively

To go on vacations

20 / 22

What is the first step in creating a budget?

Determine your income

Decide your savings goals

Track your expenses

Make adjustments

21 / 22

Which of the following is not a common budgeting method?

Zero-based budgeting

Envelope budgeting

Random budgeting

Actively based budgeting

22 / 22

What is the best investment strategy for long-term financial security?

Put all your money in a single stock

Diversify your investments

Invest only in real estate

Buying popular designer brands

Your score is

The average score is 0%

Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them. 2022-2-EL01-KA210-ADU-000093393

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