Why is financial literacy important?

so you can make better decisions in life with your money

The Charge For The Privilege Of Borrowing Money

A written plan for spending, saving, and investing the money you earn

The individual's pay after all deductions have been made

is a loan from the bank that helps someone buy a house

What is Currency Conversion?

Changing one countries currency to another.

A benefit of a mobile payment system is that it;

Allows customers to make payments on their smartphones

Allows You To Purchase Now And Pay Back Later

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New Financial Literacy UK

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Questions 17

Answers

1
It is important to consider saving money for what reasons?
It is good to be aware of budgets and costs
Save my money in an ISA - tax free savings account to buy large items
All of the above
I can save part of my disposable income in a savings account for security
2
What pitfalls are there when taking out a payday loan?
No credit checks are done
Easy to take out large sums of money
All of the above
High interest rates
3
Cash is always the best method of payment!
False
True
4
Why is financial literacy important?
so you can get a good grade
so you can make better decisions in life with your money
to get a new job
because your teacher says it is
5
What is interest?
Taxes That Are Paid By People 21 And Over
The Amount Of Money You Get Back At The End Of The Year
The Curiosity Of Knowing Something
The Charge For The Privilege Of Borrowing Money
6
A debit card allows you to pay for goods and services. If you do not pay your balance, you will be charged interest.
True
False
7
In the UK when you work your income is taxed what is the current rate of tax if you earn £25,000?
40%
5%
20%
17%
8
UK citizens make national insurance contributions for what purpose?
maternity pay
state pensions
all of the above
sick pay
9
What is a budget?
A written plan for spending, saving, and investing the money you earn
A bank account
An expense list
A collection of investments
10
What is Net Income?
When you get a net and try to catch money swimming
The individual's pay after all deductions have been made
The individual's pay before deductions
The pay after no deductions have been made
11
What is a Mortgage?
is a loan from your bank account, that lets you buy a car.
is a loan that your uncle gives you
is a loan from the bank that helps someone buy a house
is a loan that you never have to pay back
12
Which is not a method of payment?
credit card
tax
cash
debit card
13
How much money can you earn before you have to pay tax in the UK?
£12,570
£10,000
£5,570
£25,000
14
What is Currency Conversion?
Changing one countries currency to another.
Converting Currency from different countries
15
If 1 UK Pound = $.58 Canadian, How many UK Pounds is $67 Canadian?
38.86 Pounds
35.75 Pounds
37.5 Pounds
41 Pounds
16
A benefit of a mobile payment system is that it;
Allows customers to make payments on their smartphones
Allows businesses to greet their guests at any location
Lowers up front investment in technology for businesses
Provides an online reputation for business
17
What is credit?
Allows You To Purchase Now And Pay Back Later
Allows You To Make Purchases Using Your Checking Account
Allows You To Stress Out
Allows You To Buy Anything You Want. Free Money!

New Financial Literacy UK Flashcards | StudBud