What is the purpose of a budget?

To plan expenditure for a time period

What does 'credit' mean in financial terms?

Borrowed money that will eventually need to be paid back

What is an 'overdraft'?

When a bank balance goes below zero

What is a pension scheme?

A savings and investment plan to support you in later life

What does 'interest' mean?

The charge for the privilege of borrowing money

What is a current account?

A bank account for transactions without any required notice

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How much do you know about Personal Finance?

13 termsStudBud Administration1,861 plays

A #finance quiz to begin teaching on the subject of personal finance and #money management

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Questions 13

Answers

1
What is the average debt (not including a mortgage) of a UK adult?
£20,000
£3,743
£743
£5743
2
At what amount does your annual salary start getting taxed?
£11,500
£13,000
£12,570
£12,000
3
What is the purpose of a budget?
To earn rewards
To balance profit and loss
To plan expenditure for a time period
To earn money
4
Which of these is NOT a payment method?
Cheque
Debit Card
ISA
Credit Card
5
What does 'credit' mean in financial terms?
The total value of your house
The amount a bank is in debt to you
Free money given to you without needing to pay it back
Borrowed money that will eventually need to be paid back
6
What does 'APR' stand for?
Anti-Percentage Rate
Annual Percentage Rate
Average Percentage Rate
Actual Percentage Rate
7
What is an 'overdraft'?
An amount more than your mortgage balance
A draft of your annual account statement
The amount of money owed to you after tax
When a bank balance goes below zero
8
How long would it take to pay off £1000 worth of credit if you paid £25 a month at 18.9% APR?
5 years and 1 month
2 years and 1 month
4 years and 1 month
3 years and 1 month
9
Who is the richest person in the world?
Elon Musk
Jeff Bezos
Mark Zuckerberg
Bill Gates
10
What is a pension scheme?
A pyramid scheme
A type of credit plan
A savings and investment plan to support you in later life
A type of bank loan
11
What does 'interest' mean?
The discount on borrowing money
The charge for the privilege of borrowing money
The likelihood of borrowing money
The amount of money borrowed
12
What is a current account?
A type of credit account
A bank account for transactions without any required notice
A savings account
An account without an overdraft facility
13
Which of these is NOT a type of credit product?
Mortgage
Loan
Direct Debit
Credit Card

How much do you know about Personal Finance? Flashcards | StudBud