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WorksheetsChapters 1-6 Twomey
Total questions: 57
Worksheet time: 44mins
Net Cash = Total (a) - Total Expenditure
There are how many categories of expenditure in a budget?
2
3
4
5
Which ONE of the following is an example of FIXED INCOME?
Lotto win
Benefits in kind
Salary
Interest on savings
Net Cash + Opening Cash = (a) Cash
A BUDGET is a financial document showing the planned income and expenditure for a future time.
True
False
When calculating TOTAL EXPENDITURE in a budget, you must add how many subtotals?
1
2
3
4
Which type of expenditure is the following: cinema tickets
Fixed
Irregular
Discretionary
Buying goods or services without planning to is known as I_____________ B__________________
(a)
Which of the following is NOT a Benefit in Kind?
Company Car
Free parking space
Subsidised canteen meals
Overtime
A pension is an example of.........
Regular income
Irregular income
Which of the following is TRUE
Credit Unions are an example of a commercial bank
Credit Unions are an example of a charity
Credit Unions are an example of a financial cooperative
Credit Unions issue credit cards such as Visa and Mastercard
True
False
Jamie's annual insurance premium is €480 which is due in January and is payable monthly. How much will Jamie pay in January?
(a)
When shareholders receive a percentage of the profits of a company, this is known as a D (a)
Commercial Banks and Credit Unions are financial Providers. What is the other main financial provider in Ireland?
(a)
If John lodges €250 for 3 years and receives 1.5% interest. Calculate the SIMPLE INTEREST that John will earn after 3 years.
(a)
A (a) account earns interest on your savings.
A debit card is linked to the money in a (a) account.
When a person's salary is paid directly into their current account this is known as (a) ?
INCOME is money received by an individual, household, business or government.
True
False
A LOAN is a source of IRREGULAR income.
True
False
Which of the following is a source of REGULAR income for a student?
Birthday money
State Pension
Child Benefit
Grant
A bonus of €350 received by an employee at Christmas is an example of a BIK (Benefit in Kind).
True
False
Jobseeker's Benefit and Jobseeker's Allowance are examples of Social Welfare payments paid by the Department of Finance.
True
False
What is another word for a wage?
(a)
A TAX REFUND is an example of which ONE of the following?
Regular income
Irregular income
A Bonus
A State Benefit
All spending can be categorised as either NEEDS or WANTS.
True
False
The FINANCIAL LIFE CYCLE shows the different NEEDS and WANTS of a person at different stages in their lives.
True
False
A (a) is money borrowed from a financial institution that must be repaid with interest.
INCOME is (a) received by a person or household.
(a) Allowance is a payment made by the government to people who are unemployed and looking for work.
A (a) is a sum of money that does not have to be repaid, generally given by the government or the EU (European Union).
A ____________ in ________________ is a non money form of income.
(a)
Jane has €10. She has a choice of buying either a cinema ticket or phone credit. Both cost €10 each. She buys the phone credit. What is the OPPORTUNITY COST of her decision?
€10
Phone Credit
Cinema Ticket
None of the above
A basic Netflix subscription is €7.99 monthly. This is an example of which type of expenditure?
Fixed
Irregular
Discretionary
Which of the following is NOT an example of IRREGULAR expenditure?
Groceries
Light and Heat
Fuel (petrol or diesel)
Rent
The F (a) cost of an item is the amount of money that is paid for the item.
Payment for goods and services that we WANT but do not NEED is (a) expenditure.
in a budget; OPENING CASH is the money an individual has at the START of a given period.
True
False
If the CLOSING CASH at the end of a month is negative -(€500), this is known as a Budget (a) ?
In a budget, if the planned Income is greater than the planned expenditure this is known as a S (a)
The CLOSING CASH for one month is the (a) CASH for the next month.
ACB stands for what?
(a)
The LEFT side of a CASH BOOK is known as the (a) side.
The right side of a CASH BOOK is known as the (a) side.
A/C is an abbreviation for what word?
(a)
in a CASH BOOK, the letters CR is an abbreviation for what word?
(a)
In an ACB (Analysed Cash Book) the end of the month shows a Bal b/d on the right side. This is
Good
Bad
In a CASH BOOK, the DR Bank total is €500, the CR \Bank total is €600. The Bal c/d will be placed on the (a) side.
Which of the following financial documents is used to record ACTUAL income and expenditure?
Budget
Analysed Cash Book
Money going OUT is shown on the (a) side of a cash book.
Which of the following is NOT an example of a COMMERCIAL BANK?
AIB
Bank of Ireland
An Post
KBC Bank
When opening a CURRENT ACCOUNT you do NOT need to show which of the following?
Proof of Identity (passport or drivers licence)
Proof of Address (electricity bill)
Proof of PPSN (government document showing PPSN)
Proof of Income (wage slip)
Proof of Qualifications (school/college certificates)
A DEBIT CARD can be used to withdraw money from a DEPOSIT ACCOUNT.
True
False
An OVERDRAFT is linked to which type of account?
Current
Deposit
Savings
Investment
An internet connection is required for Online Banking.
True
False
Which of the following are NOT examples of CREDIT CARDS?
Diners Club
Visa
Tesco Club Card
MasterCard
