Personal Finance Quiz for Yr 12

What is personal budgeting?

• The process of creating a plan to spend your money

• A method to save money

• A way to invest in stocks

• None of the above

What is income tax?

• Tax on the money you earn

• Tax on your savings

• Tax on your investments

• None of the above

What are common sources of income?

• Salary, investments, and rental income

• Only salary

• Only investments

• None of the above

What information can you find on a payslip?

• Your earnings and deductions

• Your tax code

• Your bank details

• Both A and B

What is the purpose of savings?

• To prepare for future expenses

• To spend immediately

• To invest in stocks

• None of the above

What is compound interest?

• Interest on the initial principal and also on the accumulated interest

• Interest only on the principal

• A type of tax

• None of the above

What is a credit card?

• A card that allows you to borrow money

• A card for cash withdrawals

• A type of debit card

• None of the above

What does a credit score represent?

• Your creditworthiness

• Your income level

• Your savings amount

• None of the above

What is HMRC?

• Her Majesty's Revenue and Customs

• A type of tax

• A financial institution

• None of the above

What is cryptocurrency?

• Digital or virtual currency

• A type of stock

• A form of cash

• None of the above