Your Personal Finances

How many denominations of coins are there in the UK?

• 6

• 7

• 8

• 9

When money is stored in a bank or building society, why is there an electronic balance available?

• Because paper is too expensive

• Printing on paper takes too much time for bank staff.

• So customers have a record of deposits they have made.

• To save on postage costs.

Which of the following is a feature of money?

• It can't be transferred from one account to another online.

• It is accepted as payment for certain products only

• It is always worth the same amount.

• You can withdraw money online.

Molly is aged 15. How many hours is she legally allowed to work, if any?

• None.

• No more than two hours on a school day.

• No more than eight hours per day

• She can only work if she is an actor.

What term is used to describe the earnings of a person who is paid a yearly rate?

• Interest

• PAYE

• Salary

• Wages

The amount of money someone can earn before they have to pay tax is known as:

• income tax

• National Insurance

• pay as you earn.

• personal allowance

Tom's elderly aunt has just died and left him some money. This is known as:

• a beneficiary

• a will

• an estate

• an inheritance.

Jobseeker's Allowance cannot be claimed by someone who is:

• over state pension age.

• over the age of 18.

• under state pension age

• under the age of 21.

Which of the following is the most appropriate place to store large amounts of money?

• In a bank account.

• In a jar in the kitchen.

• In a locked box.

• Under the bed.

Which type of account should a person use for storing and managing the money they use everyday?

• Credit card account.

• Current account.

• Loan account.

• Savings account.