National Centre for Financial Education (NCFE) conducts a first of its kind National Financial Literarcy Assessment Test (NFLAT) to measure the level of financial literacy among school students. Through this test NCFE aims to encourage school students to obtain basic financial skills which are essential for their full participation in society.
Targeted towards school students of Class VIII to X, NCFE NFLAT would assess their knowledge on topics such as Money, Savings, Banking, Budgeting, Insurance, Investment, Retirement planning, etc. The test is conducted online across the country, both in English and Hindi.
Here are 5 tips to crack the NCFE NFLAT examination:
- Study the Pocket Money Book: NFLAT exam is a simple yet tricky exam with all multiple choice questions. The questions are all framed from NISM’s Pocket Money book. So make sure you go through it and understand the concepts clearly. Any gap in understanding concepts would lead to wrong answers.
- Beware of Negative Marking: Do not fall for tricky questions. All NFLAT questions carry 25% negative marks and let say, in case you get four 3-pointer questions incorrect, you lose the marks scored by answering three 1-pointer questions. So make sure that you select an answer only if you are 100% about it.
- Form a Study Group: Form a study group within your school. Try to have friends from all three classes i.e., Class VIII, IX and X so that there is diverse knowledge which can be shared and discussed. The study group will keep you motivated for exam as well as help clarify most of your concepts.
- Cover all topics: The exam does not have any optional questions and therefore, in case, you have skipped any topic, you may not be able to answer questions in these sections. Study all topics ranging from Money, Savings, Banking, Insurance, Investment, Retirement, Securities, etc.
- Take the PrepCafe NFLAT Mock Test: PrepCafe experts have developed a simulated NFLAT examination consisting of 75 questions of 100 marks, pulled out randomly from a question bank of 300 marks. Visit www.PrepCafe.in to take the NFLAT Mock Test and NFLAT sample questions.
Enjoy and Best of Luck for the exam.
NCFE-NFLAT was launched in the year 2013-14 by the NCFE which is setup as part of NISM, with support from all financial sector regulators i.e. RBI, SEBI, IRDA, PFRDA and FMC for implementation of the National Strategy for Financial Education (NSFE). For more details visit www.ncfe.org.in