What is a benefit of owning a home?

ability to build equity and credit history

Which of the following improves your credit score?

maintaining a low balance on multiple credit cards

What is the role of the Chancellor of the Exchequer in UK Politics?

Government's chief financial Minister

'Financial wellbeing' refers to a person being...

financially resilient, confident, empowered and secure.

You are applying for a mortgage. The lender is assessing your credit score. What does 'credit score' mean?

A prediction of your credit behavior. E.g. likey to pay a loan back on time

What are the 5 main components of personal finance?

Income, spending, saving, investing, protection

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Financial Literacy

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Questions 11

Answers

1
What is a benefit of owning a home?
ability to build equity and credit history
Absolute freedom to remodel the exterior of the house
easy to move from house to house
low maintenance costs
2
Who is the current Chancellor of the Exchequer (since 14 October 2022)?
Nadhim Zahawi
Kwasi Kwarteng
Philip Hammond
Jeremy Hunt
3
Which of the following is considered an 'open-ended loan'?
auto (car) loan
credit card
student loan
mortgage
4
Which of the following improves your credit score?
consolidating debt from multiple credit cards
having only one credit card
maxing out multiple credit cards
maintaining a low balance on multiple credit cards
5
What is the role of the Chancellor of the Exchequer in UK Politics?
Costs relating to energy efficiency
Foreign aid from the UK given to countries outside of the UK
Housing costs for private and business ownership
Government's chief financial Minister
6
Which of the following types of loans is used to purchase a house?
Home Equity
Unsecured Loan
Mortgage
Personal Loan
7
'Financial wellbeing' refers to a person being...
having the best bank account available at the time.
financially resilient, confident, empowered and secure.
in a position of having a positive credit score.
able to track one's spending.
8
You are applying for a mortgage. The lender is assessing your credit score. What does 'credit score' mean?
Ability to hold a conversation is a Financial Adviser at your Bank
Able to borrow a lot of money and pay it back within a quick time period
Income subtract (-) your bank account balance
A prediction of your credit behavior. E.g. likey to pay a loan back on time
9
Being 'financially literate' also means you can financially plan for the future.
False
True
10
What are the 5 main components of personal finance?
Planning, budgeting, saving, spending, re-investing
Income, knowledge, self-sufficient, independence, investing
Income, outgoings, advice, sharing, business.
Income, spending, saving, investing, protection
11
Which is the best piece of advice for improving a person's financial literacy?
Talk to a financial professional if needed
All of the above
Stay up-to-date with financial news from trusted sources and podcasts
Keep a budget

Financial Literacy Flashcards | StudBud