Financial Empowerment Score (Advanced)

by Hemanth Gorur October 19, 2020

Welcome to your personal 'Financial Empowerment Score (Advanced)' test!

Financial empowerment and independent decision making start with financial awareness. Thousands of women like you have gained the confidence to take independent financial decisions by knowing more about their personal finance quotient with our FES Advanced test.

If you have already tried our FES (Basic) test, take this advanced quiz to get a comprehensive Financial Empowerment Score and find out just how strong your personal finance quotient is!

1. A 25-year old working woman earning Rs. 50,000/- p.m. shouldDeselect Answer

save Rs. 25,000/- and invest Rs. 25,000/-

ensure expenses don’t cross one-third of her salary

save all surplus for her marriage

none of the above

2. A common rule of thumb for financial planning isDeselect Answer

150 minus your weight

200 minus your weight

100 minus your weight

none of the above

3. A loan guarantor is responsible for loan repaymentDeselect Answer

only if principal borrower defaults

only if principal borrower dies

in all cases

in no way

4. A person running a Sole Proprietorship must file taxes asDeselect Answer

an individual

a company

either A or B

need not file taxes

5. A Sovereign Gold Bond pays interest ofDeselect Answer

2.5%

10%

6. Age eligibility for availing NPS at Point of Presence - Service Provider isDeselect Answer

18-65 years

20-65 years

18-60 years

20-60 years

7. An amount invested in a Post Office KVP deposit doubles inDeselect Answer

120 months

124 months

128 months

132 months

8. Bank deposits are insured byDeselect Answer

RBI

IRDAI

DICGC

Government of India

9. Benefits under PMJDY includeDeselect Answer

Life insurance cover of Rs. 30,000

Accident insurance cover of Rs. 1 lakh

both A and B

neither A nor B

10. Between a homemaker, her earning husband, and two kids, who should buy life insurance?Deselect Answer

the homemaker

her husband

her kids

all the above

11. Bite-sized insurance premium rates are in the range ofDeselect Answer

Rs. 4,000-20,000 per year

Rs. 2,000-3,000 per month

Rs. 100-200 per day

none of the above

12. Can a divorcee get a share in her husband’s self-acquired property?Deselect Answer

Yes

Only if she has contributed to its purchase

Only if her ex-husband names her in his will

13. Cash flows from a bond investment includes, apart from face value,Deselect Answer

coupon payments

accrued interest

both A and B

neither A nor B

14. CIBIL score is considered good when it is overDeselect Answer

500

600

700

800

15. Coins are issued byDeselect Answer

Public sector banks

RBI

Government of India

Bank ATMs

16. Gold jewelry kept in bank lockersDeselect Answer

is safe

earns interest

both A and B

neither A nor B

17. If interest rates in the market rise, bond pricesDeselect Answer

rise

drop

stay unchanged

can't say

18. In investment, diversification is used toDeselect Answer

optimize cash flows

spread the risk

both A and B

neither A nor B

19. Income tax Surcharge is charged onDeselect Answer

Income tax payable

Taxable income

Declared income

Total income

20. Life insurance meansDeselect Answer

protection against death

insurance for life

financial security

coverage for family

21. Loan available on a Post Office RD account is up toDeselect Answer

50% of maturity amount

75% of maturity amount

75% of balance

50% of balance

22. Loan moratorium involvesDeselect Answer

EMI waiver & interest payment

EMI deferral & interest payment

EMI waiver only

Interest payment only

23. Lower limit for transaction amount via RTGS isDeselect Answer

Rs. 50,000

Rs. 1 lakh

Rs. 2 lakhs

No limit

24. Performance of your investments should be benchmarked againstDeselect Answer

stated investment objectives

industry objectives

both A and B

neither A nor B

25. Retirement planning startsDeselect Answer

in the 30s

in the 40s

in the 50s

at retirement

26. RLLR stands forDeselect Answer

Registrar of Lawsuits & Legal Reconciliation

Registrar for Limited Liability Registration

Repo Linked Lending Rate

Real estate Linked Liabilities Regulations

27. Rs. 1 lakh kept at 6% p.a. quarterly compounding for 5 years will grow toDeselect Answer

Rs. 1.3 lakhs

Rs. 1.33 lakhs

Rs. 1.34 lakhs

Rs. 1.36 lakhs

28. Rs. 750 invested in a 5-year RD at 6% p.a. would yield a maturity amount ofDeselect Answer

Rs. 45,000

Rs. 47,700

Rs. 50,200

Rs. 52,000

29. Size of your investment is not a factor to consider for diversificationDeselect Answer

true

false

sometimes

can't say

30. Standalone Own Damage car insurance can be boughtDeselect Answer

only if you drive your own car

only if you have Third Party car insurance

only if you plan to lease your car to someone

none of the above

31. Surcharge when total income exceeds Rs. 50 lakhs isDeselect Answer

10%

15%

25%

32. Tax exemption for home loan interest can be claimed underDeselect Answer

Section 80C

Section 80CCC

Section 24

Section 80TTA

33. Tax exemption for savings account interest can be claimed underDeselect Answer

Section 80C

Section 80CCC

Section 24

Section 80TTA

34. Tax rebate for income tax bracket of Rs. 2.5-5 lakhs is available underDeselect Answer

Section 80C

Section 80D

Section 80DDB

Section 87A

35. The best investment allocation for a working woman in her thirties isDeselect Answer

10% equity, 40% MF, 10% gold, 40% real estate

20% equity, 40% MF, 10% gold, 30% fixed deposits

50% MF, 20% bonds, 30% fixed deposits

10% equity, 20% MF, 10% gold, 30% bonds, 30% real estate

36. The best investment allocation for a young, risk-averse fashion designer isDeselect Answer

10% equity, 40% MF, 10% gold, 40% real estate

20% equity, 40% MF, 10% gold, 30% fixed deposits

50% MF, 20% bonds, 30% fixed deposits

10% equity, 20% MF, 10% gold, 30% bonds, 30% real estate

37. The Capital Gains tax on 100 shares bought at Rs. 2,000/- per share in July 2017 and sold in June 2019 on the BSE at Rs. 4,900/- per share is (highest price per share as on 31st Jan 2018 being Rs. 3,800/-)Deselect Answer

Rs. 10,000

Rs. 5,000

Rs. 2,000

Rs. 1,000

38. The Capital Gains tax on a land bought at Rs. 28,100/- (CII=117) and sold 14 years later at Rs. 5 lakhs (CII=289) isDeselect Answer

Rs. 94,380

Rs. 89,563

Rs. 39,329

Rs. 20,171

39. The EMI for a Rs. 50 lakhs loan taken for 20 years at 8% would beDeselect Answer

Rs. 41,822

Rs. 43,391

Rs. 44,986

none of the above

40. The interest rates charged on credit cards areDeselect Answer

10-20%

20-30%

30-40%

none of the above

41. The only Post Office scheme that does not enjoy a EEE tax status isDeselect Answer

NPS

PPF

SSY

42. The proportion of monthly income to be invested isDeselect Answer

10%

20%

30%

depends on income vs expenses

43. The Sukanya Samriddhi Yojana enjoys aDeselect Answer

ETE tax status

EEE tax status

EET tax status

none of the above

44. The total interest for a Rs. 50 lakhs loan taken for 20 years at 8% would beDeselect Answer

Rs. 50 lakhs

Rs. 50.3 lakhs

Rs. 50.7 lakhs

Rs. 51.2 lakhs

45. Time Value of Money tells us thatDeselect Answer

Inflation can erode our gains

Money now is worth more than money later

both A and B

neither A nor B

46. Deselect Answer

bank account + registered mobile number + debit card

bank account + registered mobile number

bank account + registered mobile number + PAN card

JanDhan account + registered mobile number + debit card

47. Unified Payments Interface ensures security throughDeselect Answer

single click 2-Factor Authentication

WAP protocol

both A and B

neither A nor B

48. Upper limit for transaction amount via IMPS isDeselect Answer

Rs. 50,000

Rs. 1 lakh

Rs. 2 lakhs

No limit

49. Upper limit for transaction amount via NEFT isDeselect Answer

Rs. 50,000

Rs. 1 lakh

Rs. 2 lakhs

No limit

50. Who can claim tax benefit for home loan EMIs paid on property owned jointly?Deselect Answer

co-owners

whoever pays the EMIs

both A and B

either A or B

51 out of 10

Your email id

Your full name

I accept the Community Policy of HerMoneyTalks

Time is Up!

244 / 243

Hemanth Gorur

A published author and startup mentor, Hemanth Gorur is an ex-IBMer and IIM Calcutta alumnus with over 22 years of experience in the corporate world in business planning, strategy, and marketing. Certified in Advanced Finance by AIMA, he is also a columnist on leading publications like Financial Express, Hindu Business Line, Rediff.com, YourStory, etc. Hemanth is co-founder of Hermoneytalks.com and Director of Hubwords.

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Financial Empowerment Score (Advanced)

Hemanth Gorur

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KNOW YOUR FINANCIAL QUOTIENT

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Blog Post

Financial Empowerment Score (Advanced)

Hemanth Gorur

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KNOW YOUR FINANCIAL QUOTIENT

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GET PERSONALIZED ADVICE

CATEGORIES

BECOME A STARTUP DIVA