Y9 PSHE Finance terms quiz

What does HMRC stand for?

• High Money Rate Corporation

• Huge Monetary Resource Company

• Her Majesty's Revenue and Customs

• Her Majesty's Royal Coins

What is the definition of 'Inflation'?

• The decrease in the value of money

• The increase in the price of everyday goods

• The total cost of borrowing money over a year

• The interest rate set by the Bank of England

What does 'Bankrupt' mean?

• When you have a good credit history

• When you have a surplus of money

• When you are unable to pay your debts and your assets may be taken from you

• When you consolidate all your loans

What is 'Third party insurance'?

• Life insurance

• Car insurance which only covers any damage to another car

• Insurance that covers medical expenses

• Insurance that covers any damage to your own car

What does 'Net Income' refer to?

• The sum of money earnt after tax has been taken off

• The total amount of money that you invest

• The total interest earnt on a savings account over the year

• The sum of money earnt before tax has been taken off

What is a 'Sort code'?

• The six digit code on your bank statement and bank card which identifies the branch of the bank where you hold your account

• A security feature for online banking

• The code used to unlock a bank vault

• A code that sorts your financial documents

What is 'Gross Income'?

• The amount of money earned before any deductions are made

• The amount of money left after all expenses have been paid

• The total amount of interest earned from savings

• The amount of money earned after taxes have been deducted

What does APR stand for?

• Annual Percentage Rate

• Automated Payment Reminder

• Adjusted Principal Remaining

• Annual Payable Rent

What is 'Equity' in terms of homeownership?

• The initial deposit paid on a home

• The total value of the home

• The portion of the home's value owned outright by the homeowner, representing the difference between the home's value and the outstanding balance of all liens on the property

• The interest rate on a mortgage

Paying regular payments to a company so that in the event of an accident or loss, the costs incurred will be paid for

• Insurance

• Inflation

• Income

• Overdraft