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WorksheetsTopic 5a Saving
Total questions: 10
Worksheet time: 6mins
Name
Class
Date
1.
A savings account can give income to a saver through:
a)
Interest
b)
Fees
c)
Prizes
2.
A Notice account is good for somebody who
a)
Does not need access to their money straightaway
b)
Someone who needs their money immediately
3.
A notice account
a)
Gives a better rate of interest
b)
gives tax free interest
4.
A Cash ISA account
a)
offers tax free interest
b)
charges tax on interest earned
5.
What is likely to happen if we don't save any money?
a)
We will not be able to do some of the things we want to do in the future.
b)
We will be able to do everything we want to do in the future.
c)
We will earn more money in total.
6.
An instant access account ____________ (1)__________________ A notice account ______________ (2) ________________________
a)
1) Lets you withdraw the money at any time, but has a relatively low interest rate. (2) has relatively high interest rate, but you must tell the bank in advance before withdrawing the money.
b)
(1) has a relatively high interest rate, but you must tell the bank in advance before withdrawing the money. (2) lets you withdraw the money at any time, but has a relatively low interest rate.
7.
Why do we use AERs?
a)
So that savers can compare the interest on different savings accounts.
b)
So that savers don't have to pay tax on their savings.
c)
So that savers can see what the interest would be in it was paid monthly.
d)
So that borrowers can see how much interest they would pay on a loan.
8.
You deposit £400 in a savings account, and leave it there for a year. The AER is 5%. How much will be in your account at the end of the first year?
a)
420
b)
405
c)
4200
d)
4.2
9.
You are looking for a tax-free savings account that lets you withdraw the money at any time. You should choose:
a)
A Cash ISA.
b)
An instant access account
c)
A notice account
10.
Chloe deposits £100 in a savings account and leaves it for a year. At 2% interest, how much would she have by the end of year?
a)
102
b)
1.2
c)
120
d)
102.2
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