S2 Money Quick Quiz

You are setting up a savings account. But which one has the best interest rate?

• 0.90%

• 1.2%

• 2.4%

• 1.9%

Why is a salary payment method better than time rate for employees?

• You don’t have to pay as much income tax.

• Employees earn more the more hours they work.

• You get more money.

• They know exactly how much they will get every month and it’s guaranteed.

What is an overdraft?

• When the bank give you a % of what is in your bank account.

• This is a prearranged facility on a current account where you can take out more money than what is in your account. But you have to pay it back.

• It’s a lump sum of money paid into your account by employers as a thank you once a year.

• It is the amount you have to pay the government so that they can provide you with services such as the NHS.

What is a student bank account?

• A bank account used by High School pupils to save money.

• A bank account used by the general public to get their salary paid into.

• A bank account used by student of University/College to store any income and pay bills with. Just like a current account but with the bonus of a free overdraft.

• Anbank account the government has set up with a loan in to pay their student fees.

A standing order is when you set up what?

• A payment of the same amount and same frequency to a business for a service.

• A payment to your employer to pay the Government for their services such as the NHS.

• When you order something once from your favourite website and pay for it on your credit card.

• The date you give the bank to pay your interest into your account.