Finance Ipsative Assessment (lesson 1)

Full name and form

What is a budget?

• A plan for spending and saving money
• A type of bank account
• A loan from a bank
• A credit card statement

What does 'interest' refer to in terms of a bank account?

• The fee you pay to open a bank account
• The money you owe the bank
• The money the bank pays you for keeping money in your account
• The amount you can withdraw from your account

What is a savings account?

• An account for everyday transactions
• An account that pays interest on money saved
• An account used for paying bills
• An account used for borrowing money

What is the purpose of a credit card?

• To withdraw cash from an ATM
• To deposit money into a savings account
• To borrow money up to a certain limit for purchases
• To transfer money between bank accounts

Which of the following is an example of an expense?

• Receiving a salary
• Paying rent
• Earning interest on a savings account
• Depositing money into a bank account

What is a loan?

• Money you save for future use
• Money you borrow and must pay back with interest
• Money you receive as a gift
• Money you deposit into your account

What is an investment?

• Spending money on everyday items
• Keeping money in a checking account
• Using money to buy assets like stocks, bonds, or property to earn a return
• Paying off credit card debt

What does 'inflation' mean?

• A decrease in the general level of prices
• An increase in the general level of prices
• The interest rate on a loan
• What happens to a ballooon

What is a mortgage?

• A type of insurance policy
• A loan used to purchase a home
• An account for saving money
• A credit card for buying furniture