Other than a mortgage, identify 2 methods of borrowing available to individuals. (2)
GWC N5 Economics Personal Economics

Quiz
•
Other
•
9th Grade
•
Medium
Victoria Kemp
Used 17+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
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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