Test your personal finance knowledge Personal Finance MCQ Exam Personal Finance MCQ Exam 1. What is a budget? A plan for managing income and expenses A loan from the bank A savings account 2. What does EMI stand for? Easy Monthly Installment Equated Monthly Installment Equal Money Income 3. Which is the safest form of investment? Shares Mutual Funds Fixed Deposit 4. What is an emergency fund? Money kept for shopping Money set aside for unexpected expenses Loan from relatives 5. What does ‘debt’ mean? Money that you owe Money that you save Money that you invest 6. SIP in mutual funds means: Systematic Investment Planning Systematic Investment Plan Small Investment Portfolio 7. Which document is most important for income tax filing? Aadhaar card Bank statement PAN card 8. What is diversification in investing? Spreading investments across assets Putting all money in one stock Investing only in gold 9. Which type of insurance covers medical expenses? Life insurance Health insurance Car insurance 10. What is the first step in personal financial planning? Setting financial goals Taking loans Spending freely Submit Download Your Certificate Download Certificate