Worksheetssavings and borrowing
Total questions: 27
Worksheet time: 17mins
The type of account you use to save money
Deposit
Credit
Debit
Current
The reward for saving and the cost of borrowing
investment
interest
capital
profit
A bank overdraft is an example of a _________________ loan
long-term
short-term
medium-term
eternal
The reward for buying shares in a company
interest
Divided
Dividend
shares
Best source of finance for buying a car is
bank overdraft
mortgage
credit card
medium term loan
The true rate of interest earned on savings is called
APR
AER
ABC
True or false - with hire purchase you do not own the item you buy until the final instalment is paid
True
False
A mortgage is an example of at
Short term source of finance
Medium term source of finance
Long term source of finance
When you lease(rent) something you will
eventually own the item
never own the item
An organisation that will help you if. you are having trouble repaying your debts is
AIB
PTSB
MABS
APR
What is "interest" when talking about savings or loans? Tick all correct answers
The money paid to you by the bank for the money you save with them
The amount of money you borrow from the bank
Whether the bank's adverts are entertaining or not
The amount of money you are charged by the bank for borrowing money
None of the above
If an interest rate is quoted as 6.5%, what is this as a decimal?
65.0
6.5
0.65
0.065
0.0065
If you take out a loan, what level of interest rate should you look for?
As high as possible
Somewhere in the middle
The lowest you can find
It doesn't matter; it makes no difference
To earn as much interest as possible on your money, you should open a __________ account that ________ interest and has the ______________ interest rate.
loan; pays; middle
loan; charges; lowest
savings; charges; prettiest
savings; pays; highest
What is an unsecured loan?
A loan where you lose the paperwork
A personal loan taken out without providing security
A loan you don't have to re-pay
There is no such thing
What is a secured loan?
The same as an unsecured loan
Money you lock in a safe
A loan with worse interest rates than an unsecured loan
A loan taken out against an asset you own, for example a house
What is APR?
Nothing to do with savings or loans
Annual Percentage Rate of interest, a way of comparing different financial products
Alluvial Parsnip Ratio
The amount you wish to borrow from a bank
What is APR? Tick all that apply
A way of comparing different loans or savings accounts
Average Personal Religions
None of the answers here
Annual Percentage Rate
You need a loan for £500 for 2 years. you shop around for the best interest rates, and find suitable loans at 4.5%, 6.7% and 12.9% APR. Which loan rate should you choose?
The loan at 12.9% because it is the best value
The loan at 4.5% because it is the cheapest
The loan at 6.7% because it is in the middle
It doesn't matter because I will pay the same amount overall
