GWC N5 Economics Personal Economics

GWC N5 Economics Personal Economics

9th Grade

10 Qs

quiz-placeholder

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GWC N5 Economics Personal Economics

GWC N5 Economics Personal Economics

Assessment

Quiz

Other

9th Grade

Medium

Created by

Victoria Kemp

Used 17+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Other than a mortgage, identify 2 methods of borrowing available to individuals. (2)

Credit card

Hire purchase

ISA

Premium bonds

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Identify 2 types of savings account offered by financial organisations. (2)

Current account

Cash ISAs (Individual Savings Accounts)

Regular savings account

Overdraft

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an advantage of a credit card? (1)

Purchases can be paid for at a later date

More secure if there is a problem with a retailer and they are unable to fulfil the order

Can pay off in instalments

Money is received into a person's bank account as soon as it has been approved

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a disadvantage of a bank loan? (1)

Only once the final payment is made does a person who the item purchased

A person pays back more than they have borrowed

Can be difficult for bank loans to be approved depending on your financial circumstances

Encourages unaffordable spending

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Identify 2 different types of financial institutions that lend to individuals. (2)

Pay day loan companies e.g. Sunny

Building society e.g. Nationwide

Department stores

Friends & family

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a piece of advice that a potential borrower might find useful before taking out a loan? (1)

Do not borrow more than you can repay/make sure you can keep up with repayments

Compare rates of interest before borrowing

Complete a personal income and expenditure statement/cash budget to calculate affordability

Do not borrow if your job is insecure

Exaggerate your income to borrow more

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are THREE likely effects of an increase in interest rates on an individual? (3)

The value of savings will increase

People are likely to save more

Cost of mortgage repayments/borrowing will rise

First time buyers will be more able to afford a mortgage

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