Canadian Financial Literacy Quiz – These questions were asked as part of the Canadian Financial Capability Survey (CFCS).


The 2009 study included 8,319 individuals aged 18 to 64.

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At the end of the Canadian Financial Literacy Quiz you will be given your score, the list of answers and the average score of the people who took the original test.

More quizes: Bankruptcy Canada Financial Facts Quiz and 3 Question Financial Literacy Quiz.

1. If the inflation rate is 5% and the interest rate you get on your savings is 3%, will your
savings have at least as much buying power in a year’s time?


2. A credit report is…?


3. Who insures your stocks in the stock market?


4. True or false. By using unit pricing at the grocery store, you can easily compare the cost
of any brand and any package size.


5. If each of the following persons had the same amount of take home pay, who would
need the greatest amount of life insurance?


6. If you had a savings account at a bank, which of the following statements would be
correct concerning the interest that you would earn on this account?


7. Inflation can cause difficulty in many ways. Which group would have the greatest
problem during periods of high inflation that lasts several years?


8. Lindsay has saved $12,000 for her university expenses by working part-time. Her plan is
to start university next year and she needs all of the money she saved. Which of the
following is the safest place for her university money?


9. Which of the following types of investment would best protect the purchasing power of
a family’s savings in the event of a sudden increase in inflation?


10. Under which of the following circumstances would it be financially beneficial to borrow
money to buy something now and repay it with future income?


11. Which of the following statements is not correct about most ATM (Automated Teller
Machine) cards?


12. Which of the following can hurt your credit rating?


13. What can affect the amount of interest that you would pay on a loan?


14. Which of the following will help lower the cost of a house?


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