Unit 518- Managing personal finance

Question 1

What happens if your spending is less than your income?

Accepted Answer

You have a cash surplus

Question 2

How can you reduce your debt?

Accepted Answer

Cut down on spending, Stop creating more debt

Question 3

Poor personal finance management will make it easy to get a mortgage in the future

Accepted Answer

False

Question 4

Give a disadvantage of borrowing

Accepted Answer

You can end up in arrears, You can get into debt

Question 5

Managing personal finance is important to have a balanced lifestyle

Accepted Answer

True

Question 6

Identify the source of income

Accepted Answer

Job seekers allowance, Wages

Question 7

What financial services are offered by banks and building societies?

Accepted Answer

Mortgage, Bank account

Question 8

What happens if your spending exceeds your income?

Accepted Answer

you have a cash deficit

Question 9

Identify an advantage to saving money

Accepted Answer

You can take advantage of cash offers, You can take advantage of special offers

Question 10

Identify sources of expenditure

Accepted Answer

Rent, Telephone bill

Questions 10