19 Questions
According to the tips, what is the primary benefit of investing in cooperatives?
It provides tax-free earnings and allows participation in governance.
Which of the following is recommended for building up share capital in a cooperative?
Regularly add small amounts over time.
What is the advice regarding borrowing or availing loans?
Borrow only for productive and entrepreneurial purposes.
Which of the following is NOT recommended in the tips?
Spending more than you can earn and living on credit.
What is the purpose of making an inventory of your monies and investments, according to the tips?
To compare and analyze your financial situation over time.
What is the concept of 'living on interest' (LOI) as mentioned in the tips?
Spending only the interest earned on investments while keeping the principal intact.
According to the tips, what is the significance of donating and sharing with communities and churches?
It is an indicator that you are financially capable and independent.
What is the reason given for not gambling, according to the tips?
No specific reason is provided; the advice is simply 'do not gamble'.
Which of the following is NOT mentioned as a recommended financial practice in the tips?
Investing in real estate and rental properties.
Borrowing or availing of loans is strictly recommended for any purpose, according to the tips.
False
Investing in various forms, types, windows, and programs of your credit union is recommended in the tips.
True
Spending more than you can earn is considered simple mathematics and a safe financial practice, according to the tips.
False
Donating and sharing with communities and churches is considered a good luck charm and an indicator of financial capability, according to the tips.
True
The tips recommend that you should always gamble, as long as you are not pressured by peers or envious of your neighbor's winnings.
False
According to the tips, one can become rich overnight like a big tree from a small seed.
False
The tips recommend that individuals should spend 20% of their earnings and save the remaining 80%.
False
The tips suggest that individuals should invest in business to help their money multiply.
True
The tips advise against being lured by easy money and big dividend schemes when investing.
True
The tips do not mention investing in real estate as a way to ensure a future income.
False
Learn essential financial literacy tips shared by Alexander B. Raquepo, a cooperative leader and advocate. Topics covered include investing in cooperatives, building up share capital, opening savings accounts for family members, and borrowing wisely.
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