Looking to learn financial basics, taxation tips, and win exciting prizes?

The Institute of Chartered Accountants of India (ICAI) brings you the Vitiyagyan Mela Quiz 2024 in collaboration with MyGov. This free online quiz is your chance to test your knowledge and gain valuable insights into personal finance and taxation.

10 Vitiyagyan Mela Quiz 2024 with answers 

1-What is the key advantage of having a diversified investment portfolio?

A) It guarantees high returns
B) It reduces the risk of losses
C) It simplifies management
D) It has higher expenses

Correct Answer: B) It reduces the risk of losses

2-What is the key benefit of investing in Sukanya Samriddhi Yojana (SSY) for a girl child?

A) It provides higher interest rates with no tax benefits
B) Tax exemption under Section 80C and tax-free maturity
C) It is a short-term investment with quick returns
D) There is no mandatory investment period

Correct Answer: B) Tax exemption under Section 80C and tax-free maturity

3-What is the beginning step in creating a budget?

A) Determining your wants
B) Calculating your total income
C) Estimating future expenses
D) Setting retirement goals

Correct Answer: B) Calculating your total income

4-Which of the following is a popular tax-saving investment that also serves as a retirement savings plan in India?

A) Fixed Deposit (FD)
B) National Savings Certificate (NSC)
C) Equity-Linked Savings Scheme (ELSS)
D) Recurring Deposit (RD)

Correct Answer: C) Equity-Linked Savings Scheme (ELSS)

5-When planning for retirement, which of the following strategies is crucial for ensuring a smooth succession and minimising tax liabilities for your heirs?

A) Investing solely in stocks with high returns
B) Avoiding all variants of insurance policies
C) Creating a comprehensive estate plan, including wills and trusts
D) Relying wholly on social security benefits

Correct Answer: C) Creating a comprehensive estate plan, including wills and trusts

6-If your monthly income is Rs. 45,000 and your expenses are Rs. 30,000, what is your net cash flow?

A) Rs. 15,000 positive
B) Rs. 15,000 negative
C) Rs. 45,000 positive
D) Rs. 30,000 negative

Correct Answer: B) Rs. 15,000 negative

7-Which of the following factors has the largest impact on your credit score?

A) Your length of credit history
B) The types of credit used
C) Your payment history
D) Your new credit inquiries

Correct Answer: C) Your payment history

8-Which of these is not true about life insurance becoming an important component of financial planning?

A) It provides tax benefits
B) It helps build a savings habit
C) It offers financial protection to dependents
D) It is a compulsory requirement

Correct Answer: A) It provides tax benefits

9-Why is having a habit to save beneficial?

A) It limits your spending power permanently
B) It creates opportunities for investment
C) It decreases your ability to handle emergencies
D) It forces you to live only on monthly salary

Correct Answer: B) It creates opportunities for investment

10-How can a taxpayer verify their filed ITR on the e-filing portal?

A) By sending a signed ITR-V form to CPC, Bengaluru
B) Through e-verification using Aadhaar OTP
C) Through net banking
D) All of the above methods

Correct Answer: B) Through e-verification using Aadhaar OTP