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L3 Personal Finance - Recap

Total questions: 25

Worksheet time: 14mins

Name
Class
Date
1.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

2.

What is debt?

a)

Money you have borrowed and need to pay back

b)

Money you make from working at a job

c)

Money you make from the government

d)

Taxes that you pay when you buy something

3.
money earned
a)
salary
b)
income
c)
purchase
d)
spend
4.
a person's knowledge and work skills
a)
credit
b)
resources
c)
human capital
d)
savings
5.
the work a person does
a)
labor
b)
income
c)
salary
d)
resources
6.
the amount of money a person can earn by being self-employed or by doing a job for another person or business
a)
salary
b)
scarce
c)
interest
d)
lend
7.
another person gives you money that you will then need to pay back
a)
borrow
b)
purchase
c)
scarce
d)
labor
8.
paying for something with money that is borrowed and must be paid back, usually with interest
a)
credit
b)
income
c)
resources
d)
salary
9.
the money paid by the borrower to the lender for the use of the lender's money
a)
interest
b)
savings plan
c)
scarce
d)
purchase
10.
a plan that helps you save money regularly, so you can reach you goals
a)
credit
b)
savings plan
c)
borrow
d)
credit
11.

If a crop is destroyed by a disease, what will happen to the price of an item?

a)

the crop will be covered by insurance

b)

the item will be sold at a lower price

c)

the price will increase and the item will become scarce

12.

When you buy something you WANT, what should you consider before buying?

a)

where it will look best in my house

b)

will my friends like it as much as I do

c)

you might not have enough money for necessary spending (emergencies)

13.

Planned expensese are expenses that you know about. Which are examples of planned expenses?

a)

groceries

b)

car insurance

c)

utility bill (gas, water, and electric bill)

d)

all of the above

14.
Which of the following is an advantage of a debit card?
a)
You can accidentally wash it in the washing machine.
b)
You can buy expensive items.
c)
You can purchase items online.
d)
You can use it at restaurants.
15.

Which of the following is an example of a "need"?

a)

video game

b)

shelter

c)

designer clothes

d)

iphone

16.
Which of the following is an example of something you would use disposable income to pay for?
a)
Electric Bill
b)
Food
c)
Movie Tickets
d)
Rent
17.
The BEST place to store money in your home would be?
a)
In a lockable box
b)
Under the mattress
c)
Under the floorboards
d)
In your back pocket
e)
In a piggy bank
18.
Why is storing money in your house a bad idea?
a)
You can access it instantly
b)
You don't have to give notice to withdraw it.
c)
It could burn down or you forget about where you hid it.
19.
Savers earn interest. True or false?
a)
true
b)
false
20.
A bank sort code identifies what about a bank?
a)
The twitter feed
b)
The name and branch
c)
The telephone number
21.
An overdraft is . . .
a)
Short term loan for small amounts of money
b)
Long term loan for large amounts of money
c)
Short term loan for large amounts of money
d)
Long term loan for small amounts of money
22.
Depositing money into an account will increase the balance
a)
true
b)
false
23.
) If the bank goes bust what happens to our money?
a)
We lose everything
b)
We can get it back through a compensation scheme up to £85,000
24.
Savers have to pay tax on their interest received on their balances
a)
True, only if they are over 18 years of age taxpayer
b)
false
25.
A current account is used for what?
a)
Storing our money and everyday transactions
b)
Saving money
c)
Long term borrowing of money

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