WorksheetsES L1 Q3 PT2
Total questions: 15
Worksheet time: 8mins
What is meant by the term income?
money received, especially on a regular basis, for work or through investments.
buying cars
purchasing new clothes
purchasing furniture
Which four of the following are examples of income?
Wages
Rent payment received from tenant
Weekly/monthly allowance
A loan
Credit card payment
What is meant by the term expenditure?
Money you spend
Money you earn
Money you invest
Money you save
Which four of the following are examples of expenditure?
Purchasing clothes
Paying insurance premiums
Payment for water and electricity
Receiving a bonus from work
Paying a loan
What is a surplus?
extra money
additional stuff
more than before
good bank
nice car
Which three of the following are beneficial ways of using surplus funds?
Invest in stocks and shares
Pay off any debts
Make an investment
Go on another holiday
Buy a 2nd car
List four ways in which you can make a payment
Cash
Credit card
Debit card
Lease
Which two of the following are benefits of using a debit/credit card?
Secure as you do not have to carry cash
Covered by payment protection
No requirement for a bank account
Cheaper to make payment
Why is it important to inform your bank if you lose your debit or credit card?
To block your card
To replace your card
To avoid theft
To buy a car
To get a cheque book
You would like to buy a mobile phone to use on a regular basis. List 2 options available to you.
Pay as you go
Contract
cheque
credit card
What is meant by debt?
Debt is when you owe money to the bank
Debt is when you owe money to an organization
Debt is when the bank gives you interest
Debt is when you don't have money in the bank
Which two of the following are potential consequences of failing to repay debt?
Receive rewards from your bank
Repossession of property
Imprisonment
Receive further loans or credit
What should you do if you are struggling to repay debt?
Contact your bank and discuss your problems to identify potential solutions.
Sell stuff to pay off debt.
Look for other ways of income.
Buy a car.
Buy the new iPhone.
What should you always do when taking any form of credit?
Make sure you can repaying the credit.
Make sure you know the consequences of not paying the debt.
Make sure the agreement is the same as what you discussed and agreed.
Don't read the consequences.
Sign without reading the consequences.
List two ways you can get information on financial products and services
bank website
Local bank
financial advisor
The Police Station
The Military Navy Base
