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WorksheetsUnit 3 Personal and Business Finance A
Total questions: 30
Worksheet time: 15mins
Give a feature of a premium account
Withdraw more money than usual
Free Holidays
Exclusive rewards
Exclusive Premium Branch
Describe the role of the Financial Ombudsman Service
Help settle disputes between consumers
Help guide your finance
Help organise your money
Benefits of a pre-paid card
Can't go into debt
Pay before hand
Buy now pay later available
Requires no credit check
Which is not a function of money
Legal Tender
Means of exchange
Unit of account
Measure of a commodity
In which life stage may a student loan be most important?
Childhood
Adolescence
Young Adult
Middle Age
In which life stage will you most likely be making regular mortgage payments?
Childhood
Adolescence
Young Adult
Middle Age
In which life stage will you need encouragement to start saving money?
Childhood
Adolescence
Young Adult
Middle Age
Which of these is not a common principle of planning personal finance?
Generate income and savings
Counter the effects of inflation
Maintain a good credit rating
Avoid solvency
'Payment is transferred directly from one bank account to another' describes which method of payment
Electronic Transfer
Credit Card
Direct Debit
Standing Order
'Issued by financial institutions allowing customers to delay payments for goods and services' describes which method of payment
Electronic Transfer
Credit Card
Direct Debit
Standing Order
'An agreement made with a bank to transfer a fixed sum of money to a third part account on a set date and regular basis' describes which method of payment
Electronic Transfer
Credit Card
Direct Debit
Standing Order
'An agreement made with a bank allowing a third party to withdraw money from an account on a set day to pay for goods and services each month' describes which method of payment
Electronic Transfer
Credit Card
Direct Debit
Standing Order
What is an advantage of an overdraft
You can use money you do not have
It has a high interest rate
You can have it posted
You earn interest on the balance
Which current account is most appropriate for someone with a low credit rating?
Standard
Packaged, premium
Basic
Student
Which current account is most appropriate for receiving regular payments and bills?
Standard
Packaged, premium
Basic
Student
Which is not a type of borrowing
Mortgage
Debit Card
Payday Loan
Credit Card
Why should you plan expenditure?
Payback loans
Control pension
To control costs
Pay mortgage
Which is not a feature of a current account
An overdraft limit
Rate of interest paid on positive balances
Standing orders automatically created
Charges on unauthorised overdrafts
Which of the following is a type of saving and investment
Credit Cards
Premium Bonds
Payday Loans
Bit Coin
Which is not a type of saving and investment
Shares
ISA
Deposit and savings account
Personal Loan
Which of the following is a 'reward' of saving money
Can be exciting
Interest payments
No guarantee of return
inflation can reduce the spending power of money saved
Which type of insurance is a legal requirement?
Car
Travel
Pet
Home
Which is not a type of insurance
Health
Home and contents
Pet
Job
Which type of borrowing has the highest interest rate?
Loan
Overdraft
Mortgage
Payday Loan
'Convenient as can be used at any time and place' is an advantage of which method of payment
Store Card
Contactless Card
Mobile Banking
Pre-paid Card
'A system that allows the transfer of payments directly from one bank account to another' describes which method of payment
Mobile Banking
BACS
Store Card
Contactless Card
'Often only accepted for relatively small transactions' is a disadvantage of which method of payment?
Pre-paid Card
Store Card
Contactless Card
Charge Card
'Time delay of the transaction' is a disadvantage of which method of payment?
Cheque
Debit Card
Cash
BACS
'An easy way to make regular payments that vary in amount i.e. utility bills' is an advantage of which method of payment?
Standing Order
Direct Debit
Cheque
Electronic Transfer
'Allows you to use an item immediately but pay for it in installments' is a description of which method of payment
Payday Loan
Credit Card
Hire Purchase
Personal Loan
