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WorksheetsQuiz 3 Interest Rates and Bank Statements
Total questions: 20
Worksheet time: 24mins
Interest is...(choose 2!)
A reward for saving
A fee for saving
A reward for borrowing
A fee for borrowing
The formula for calculating simple interest is P x R x T. What does the P stand for?
Principle
Pound
Pay
Price
The formula for calculating simple interest is P x R x T. What does the R stand for?
Recession
Rate
Receipt
Ratio
The formula for calculating simple interest is P x R x T. What does the T stand for?
Tax
Time
Tariff
Target
Using the SIMPLE INTEREST FORMULA (PxRxT), calculate the interest if £1,000 was kept in a savings account for two years at 2% interest.
£20
£40
£60
£80
Why do banks pay their customers interest on their savings? (Choose more than 1!)
It attracts people to save with them
They can use your money to lend it to borrowers
They want to keep their customers happy
Which of the following pieces of information would you find on a bank statement? (Choose 2!)
Name
Address
Date of birth
Your parent's names
What do we call it when you go in to "minus" in your bank account and you owe the bank some money?
Overdraft
Mortgage
Credit card
Debit card
When you see "payments" on your bank statement, that means the money is...
Coming out
Going in
When you see "receipts" on your bank statement, that means the money is...
Coming out
Going in
What do we call the money at the start of each month that you have leftover from the end of the previous month?
Balance
Debt
Credit
Debit
If you see a direct debit payment coming out of your account, what could this be for? (Choose 2!)
Phone bill
Netflix
Filling your car with petrol
Weekly grocery shop
Using the SIMPLE INTEREST FORMULA (PxRxT), calculate the interest if £1,000 was kept in a savings account for five years at 3% interest.
£30
£50
£120
£150
It is important to manage your money carefully so you don't spend more than you can afford.
True
False
What can you use an ATM for? (Choose 2!)
To withdraw money
To check your balance
To pay in money
To pay bills
When you go to the ATM to withdraw money, what number do you enter first?
PIN
NIP
IPN
INP
Which of the following banks would you choose to start your savings account with?
Barclays - 2%
HSBC - 3.5%
Lloyds - 3%
Natwest - 1.5%
Barclays 2%
HSBC 3.5%
Lloyds 3%
Natwest 1.5%
Which of the following banks would you choose to start a credit card with?
Barclays - 20%
HSBC - 22.5%
Lloyds - 18.5%
Natwest - 19.5%
Barclays 20%
HSBC 22.5%
Lloyds 18.5%
Natwest 19.5%
Using the SIMPLE INTEREST FORMULA (PxRxT), calculate the interest if £5,000 was kept in a savings account for two years at 3% interest.
£30
£50
£300
£150
Using the SIMPLE INTEREST FORMULA (PxRxT), calculate the interest if £2,000 was kept in a savings account for four years at 2.5% interest.
£200
£50
£100
£150
