Money Management and Budgeting quiz!

Question 1

What is meant by depreciation?

Accepted Answer

A reduction in the value of an asset over time

Question 2

The 2021 National Minimum wage for 18-20 year old is…

Accepted Answer

£6.56

Question 3

What is an ISA?

Accepted Answer

A Savings account

Question 4

If you saved £10 per month for 5 years, how much would you have saved in total?

Accepted Answer

£600

Question 5

A document showing money coming in and going out of your account is ...

Accepted Answer

A statement

Question 6

HIGHER OR LOWER? 40% OF 22-29 year olds in the UK have NO savings at all.

Accepted Answer

Higher

Question 7

What does a variable interest rate do?

Accepted Answer

Fluctuates

Question 8

Three quarters of electricity customers are potentially overpaying for energy.

Accepted Answer

True

Question 9

How much does it cost to boil a full kettle of water?

Accepted Answer

2p

Question 10

Your savings are normally 'locked away' in…

Accepted Answer

A fixed rate savings bond

Question 11

What symbol would you find next to a website's URL that shows it is secure?

Accepted Answer

Padlock

Question 12

The 2021 National Minimum wage for 16-17 year old is…

Accepted Answer

£4.62 per hour

Question 13

Sending money to friends, family & traders using a mobile phone app is called…

Accepted Answer

Peer to Peer

Question 14

Which method of payment carries the most risk when buying online?

Accepted Answer

Bank Transfer

Question 15

Ethical investors typically AVOID investments in…

Accepted Answer

Alchol

Question 16

Which of these would you NOT find in a digital wallet?

Accepted Answer

Drivers Licence

Questions 16