# Only 2% of Filipinos Gave All the Correct Answers in This Quiz About Money. Dare You Take It?

Three of 10 respondents got three of seven questions right
By Elyssa Christine Lopez |

This is actually an old quiz, part of a survey on financial literacy that the World Bank asked some 3,000 Filipino adults in 2014 in connection with a study on financial inclusion.

However, interest in it was revived recently when the Bangko Sentral ng Pilipinas (BSP) referred to it in a press statement issued May 28 ahead of the launch of nationwide financial literacy program with the Department of Education and BDO Foundation.

The program aims to equip the country’s public school teachers with basic knowledge and information on financial literacy to help them pass these on to their students. It’s also meant to help them manage their own finances to make sure they save enough and avoid getting into heavy debts, which is the lot of thousands of public school teachers.

Related story: Is Financial Literacy the Answer to Public School Teachers' Debt Woes?

In its press release, the BSP mentioned a World Bank study which found that only three out of 10 Filipino adults could answer three out of seven basic financial literacy-related questions. Only a measly two percent of the 3,000 Filipino adults surveyed can answer all questions correctly.

Below are the questions used by the World Bank to assess financial literacy. Find out if you are part of the two percent who can answer all questions correctly or the majority who need some coaching about money matters.

Question 1

Imagine that five brothers are given a gift of Php1,000. If the brothers have to divide the money equally, how much does each one get?

Question 2

Now, imagine that the five brothers have to wait for one year to get their part of the Php1,000, and inflation stays at 10 percent. In one year’s time will they be able to buy:

A) More with their share of money than they could today

ADVERTISEMENT - CONTINUE READING BELOW

B) The same amount

C) Less than they could buy today

D) It depends on the types of things that they want to buy

Question 3

Suppose you put Php100 into a savings account with a guaranteed interest rate of two percent per year. You don’t make any further payments into this account and you don’t withdraw any money. How much would be in the account at the end of the first year, once the interest payment is made?

Question 4

How much would be in the account at the end of five years? Would it be:

A) More than Php110

B) Exactly Php110

C) Less than Php110

D) It is impossible to tell from the information given

Question 5

Let’s assume that you saw a TV set of the same model on sale in two different shops. The initial retail price of it was Php1,000. One shop offered a discount of Php150, while the other one offered a 10-percent discount. Which one is a better bargain, a discount of Php150 or a discount of 10 percent?

A) A discount of Php150

B) They are the same

C) A 10-percent discount

Question 6

Which of the following statements best describes the primary purpose of insurance products?

A) To accumulate savings

B) To protect against risks

C) To make payments or send money

D) Other

Question 7

Suppose you have money to invest. Is it safer to buy stocks of just one company or to buy stocks of many companies?

A) Buy stocks of one company

B) Buy stocks of many companies

*****

Elyssa Lopez is a staff writer of Entrepreneur PH. Follow her on Twitter @elyssalopz

## The Secret Weapon 2 Famous Founders Deployed to Build Their Mega-Successful Companies

As Steve Jobs and Jeff Bezos found, success comes when you turn your business into a reflection of...

byNatasa Lekic | June 22, 2018 02:00:00

## This Pinoy Air Travel Company Just Launched New Flights from Manila to Clark and Puerto Galera

AirTrav is now open for bookings

byKhatrina Bonagua for FHM.com.ph | June 22, 2018 00:00:00

## Crazy Rich Asians of Davao? Ayala’s 70 Luxury Condos Priced Up to Php81-M Sold in Less Than 24 Hours

The president’s hometown is not just the nation’s new political capital but also a hot luxury...

byPauline Macaraeg | June 21, 2018 14:00:00

## Unsolicited Proposal to Build 11-Km Makati Subway Acknowledged by City Gov’t

Costing \$3.7 billion, the project still has to be negotiated by the LGU and proponent IRC Properties

byElyssa Christine Lopez | June 21, 2018 13:00:00

## PH Platform Helps Firms Access Over 2K Online Courses To Upskill Workers

STORM Learning carries courses covering various industries and sourced from around the world

byLorenzo Kyle Subido | June 21, 2018 10:00:00

## Apl.De.Ap Supports Scholarship Program to Teach Creative Artists to Become Savvy Entrepreneurs

The deadline for application for the initial batch of 40 scholars is on July 8

byElyssa Christine Lopez | June 21, 2018 09:00:00

## 6 Scientifically Proven Moves You Can Make to Boost Office Productivity

Who knew plants were anything more than a decorative touch?

byMoe Kittaneh | June 21, 2018 06:00:00

## Does Your Team Love Coming to Work? Follow These 7 Strategies to Make Sure

A good product or service is wonderful, but great talent is your life force

byJaleh Bisharat | June 21, 2018 02:00:00

## This Former Brand Marketer Now Sells "Demi-Fine" Jewelry in Online Shop

Modern Myth has delicate pieces in gold, sterling silver and semi-precious stones

bySteph Sison for Preview.ph | June 21, 2018 00:00:00

## DOTr On Track to Start Building PH’s First Subway by Dec 2018, Eyes Partial Operations in Q1 of 2022

Secretary Tugade said the target for partial completion was advanced by at least six months

byElyssa Christine Lopez | June 20, 2018 12:00:00

## PH Taxi-Hailing Startup Helps China’s Huawei Tap New Markets for Tablet PCs

The Chinese giant will develop similar products based on experience customizing the device for Micab

byRoel Landingin | June 20, 2018 09:00:00

## Boost Your Productivity 1,000 Percent By Practicing This One Habit Daily for One Year

Getting up an hour earlier and making good use of the time is the surest way to make every day far...

byJohn Rampton | June 20, 2018 06:00:00
Close