Competition Rules for the Preliminary Round 1. The quiz is open to students of Forms three and four. Teams will consist of two registered students who must represent his or her school for the duration of the quiz. 3. Students will be provided with the paper and stationery needed to write the exam. 4. ‘The exams will consist of forty multiple choice questions, 30 from a ‘General’ section and 10 from a ‘Tie-breaker section’. (NEW) 5, Students will have 60 minutes to complete all 40 questions (NEW). 6. The scores from the tie-breaker section will only be considered in the event of a tie. (NEW) 7. Bach question will be allotted two (2) points unless otherwise stated on the paper. 8. Team members are permitted collaborate with each other to complete the exam. 9, An invigilator will be provided at each venue in order to ensure the smooth running of the quiz. 10, The quiz will start at 2:00 p.m. 11. Each venue will be supervised by G.U.T. Credit Union staff/representatives. 12, Students must wear school uniforms and must be accompanied by at least one (1) teacher. 13. Non-compliance with any of the above rules will lead to disqualification.Study Guide for G.U.T. Co-operative Credit Union’s National Secondary Schools’ Financial Literacy Quiz This study guide provides a lst of topics relating to financial literacy that willbe covered. Please note that the information is meant to be a guide, and nota comprehensive list of questions. Understanding financial literacy © Definition © Aspects + Importance Budgeting * Definition * Benefits * Related terms: needs, wants, revenue, expenditure etc + Computation questions Saving and Investing * Definitions * Saving options * Savings accounts © Debit cards * Mutual Funds + Reasons for investing + Risk/dangers of investing ‘+ Investing options e * ECHMB- Eastern Caribbean Home Mortgage Bank Debt/Lending * Definition of related terms + Types of debt . * Types of loans * Computation questions7 w” Insurance * Definition of related terms Reasons for insurance * Types of insurance Entrepreneurship ‘© Definition of related terms * Preparing your business plan «Risks and challenges Credit Union Movement * History of the Credit Union movement * History of GUTCCU and its operations. + Purpose and structure of credit unions + Caribbean Confederation of Credit Unions + World Council of Credit Unions (WOCCU) Accounting and Economics ‘* Definition of retated terms * Understanding the influences on the economy ‘© Computation questions Financial regulatory authorities + Definition of related terms + History/purpose of the agencies * GARFIN, ECCB, Security and Exchange Commission, Federal Reserve, Caribbean Development Bank; Currencies ‘* Definition of related terms + Local, regional and intemationat currencies Financial instruments * Definition of related terms * Types * Uses