Week 2: Savings & Budgeting

MCQ
1. When will the Deposits Insurance Scheme kick into action?
a) When i am setting up a new deposits account for insurance finances
b) When i am bankrupt and require funds
c) When a bank experiences failure
d) When i want to liquidate the value of my insurance into a deposit
2. To apply for Supplementary Retirement Scheme (SRS), what can i contribute
in?
a) stocks
b) unit trusts
c) fixed deposits
d) structured deposits
e) insurance
f) all of the above
3. Which of the following are true about the different forms of two-factor
authentication?
a) The hardware token can only be used locally.
b) The hardware token is a phone application.
c) One possible form is through SMS where you will receive a One Time
Passwork
d) Through an SMS one-time password, you can digitally sign a transaction.
4. The difference between Credit Cards, Debit Cards and Stored Value Facilities
is:
i. Their source of funds
ii. Their usage in terms of exchanging money for goods and services
iii. Their limit
a)
b)
c)
d)
e)

(i) only
(i) and (iii)
(i) and (ii)
(i) and (iii)
All of the above

5. Which of the following are true for the CPF scheme?

The Special & Medisave Account has a higher interest rate per annum
than the Ordinary Account.
Interest rates for each category of accounts are adjusted only yearly.
CPF members aged 55 and above will earn an additional 1% on the first
$30,000 of their combined balances.
a)
b)
c)
d)
e)

(i) only
(i) and (iii)
(ii) only
(ii) and (iii)
All of the above

6. Endowment plans:
a) Require the policy holder to contribute a certain sum of money for a
lifetime
b) Funds would not be touched by insurance companies
c) Funds would be used for investment to generate returns
d) Are guaranteed to give returns