Personal Finance Management Quiz

How can saving and borrowing help us manage our finances?

• By increasing our expenses

• By helping us plan and control our finances

• By making us spend more

• By reducing our income

Why are interest payments important in personal finances?

• They decrease the amount of money we owe

• They play a role in managing our financial obligations

• They have no impact on our finances

• They only affect businesses

Why might you need to save or borrow money?

• To buy a new video game

• To plan for future expenses

• To waste on unnecessary items

• To avoid having any savings

What are interest rates and why are they important?

• They are fees for using a bank's restroom

• They determine how much extra money you earn or pay on savings or loans

• They are discounts on groceries

• They are irrelevant to financial planning

Who can you save money with and where can you borrow money from?

• Only from friends and family

• From banks and credit unions

• From online shopping websites

• From your local grocery store

What are payday loans and loan sharks?

• Types of fish found in the ocean

• Short-term loans with high interest rates

• Discounts offered during sales

• Safe and secure ways to invest money

What is the monthly income of Sunil?

• £1000

• £2000

• £2500

• £3000

What is the APR on Sunil's credit card?

• 8%

• 12%

• 18%

• 20%

Which option would not incur a charge if Sunil pays off the full amount within the month?

• Buying on credit card

• Paying cash

• Taking a bank loan

• Borrowing from a friend

What is the total cost of the games console Andrew wants to buy?

• £80

• £200

• £5

• £29.9