stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Money management (Multiply) Flashcards | StudBud
Explore
/
Money management (Multiply)
Money management (Multiply)
23 terms
·
StudBud Administration
·
21 plays
Imported from external platform
Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
What is a fixed-rate loan?
A loan where the interest rate remains the same throughout the loan term
A loan where the interest rate can change during the loan period
A loan that has a variable interest rate
A loan that is paid off in full each month
2
What is the general recommendation for how much of your income should be saved?
10%
20%
50%
30%
3
Who sets the energy price cap in the UK?
Individual energy suppliers
Ofgem (the energy regulator)
The Energy and Utilities Commission
The UK Government
4
When was the energy price cap first introduced in the UK?
2019
2017
2015
2021
5
In which scenario could a customer save money under the energy price cap in the UK?
By using less energy than average
By using renewable energy only
By switching to a supplier with a cheaper fixed-rate tariff
By choosing a prepayment meter
6
What is the "50/30/20" rule of budgeting?
50% wants, 30% debt, 20% housing
50% needs, 30% wants, 20% savings
50% savings, 30% expenses, 20% debt repayment
50% housing, 30% savings, 20% entertainment
7
What does the energy price cap cover in the UK?
Only the cost of electricity
Only the cost of gas for households on standard tariffs
Both the cost of electricity and gas for households on default tariffs
The cost of solar power for homes
8
What is the energy price cap in the UK?
A limit on the cost of petrol and diesel
A cap on the maximum amount suppliers can charge for gas and electricity
A discount for low-income households
A limit on the amount you can consume each month
9
Which of the following is an effective way to save money on groceries?
Shop without a list
Buy organic products only
Use coupons and buy in bulk when possible
Shop online only
10
What does APR stand for when borrowing money?
Average Percentage Rate
Annual Payment Rate
Allowed Percentage Rate
Annual Percentage Rate
11
Which of the following does APR include?
The interest rate and any additional fees or costs associated with the loan
Only the principal amount borrowed
Only monthly payments for the loan
Only the interest rate on the loan
12
What is the difference between a paper planner & a budgeting app?
Apps automatically link to your bank account & track expenses in real-time
Budgeting apps cost more money
Budget planners are only used for tracking savings goals
Paper planners are more customizable
13
If you take out a loan with a 5% APR for one year and borrow £1,000, how much interest will you pay over the year?
£100
£5
£150
£50
14
Creating a budget helps you track your spending and saves you money.
False
True
15
Cutting unnecessary subscriptions is a good way to save money.
False
True
16
What is the purpose of the energy price cap in the UK?
To encourage people to use more renewable energy
To limit the profits of energy companies
To reduce the overall energy consumption
To protect consumers from excessive energy price hikes
17
What is the general recommendation for how much of your income should be saved?
20%
50%
10%
30%
18
What is a key advantage of using a digital budget planner?
You don’t need to worry about losing it
You don’t need to keep track of expenses manually
It helps you find coupons for shopping
You can change it without needing to erase anything
19
How often does Ofgem review and update the energy price cap?
Once a year
Every month
Every six month
Once every two years
20
Which of the following is most likely to have a fixed rate?
An auto loan with a long term
A credit card loan
A mortgage loan
A payday loan
21
What does it mean if a loan has a 0% APR?
The loan term is very short
The loan amount is limited
The monthly payments are fixed
No interest or fees are charged on the loan
22
Fixed-rate deals have a set price for energy over a specific period, while default tariffs can change.
True
False
23
What is the main purpose of round-up services?
To find the best deals on products
To automatically round up your purchases and save or invest the difference
To help you track your credit score
To help you avoid debt
