Worksheets1st Summer Revision Ch 1-11
Total questions: 103
Worksheet time: 52mins
Name
Class
Date
1.
Name:
4 lines
2.
Target
4 lines
3.
Child Benefit is an example of
a)
Regular Income
b)
Irregular Income
4.
Mortgage is an example of
a)
Fixed Expenditure
b)
Irregular Expenditure
c)
Discretionary Expenditure
5.
A Budget is a financial plan that shows
a)
Expected income
b)
Expected expenditure
c)
Expected income and expenditure for a time in the past
d)
Expected income and expenditure for a time in the future
6.
A transaction is a financial event that is recorded as an entry in an account e.g. wages going in
a)
True
b)
False
7.
There are 3 types of Financial Institutions operating in Ireland
a)
True
b)
False
8.
Deposit account is a non interest account
a)
True
b)
False
9.
Collateral is
a)
a person who will pay back your loan if you can't
b)
security for lender if you can't make repayments e.g. deeds of a house
10.
Fee paid for insurance is the
a)
Premium
b)
Policy
c)
Proposal Form
11.
A loading on my insurance increases the premium
a)
True
b)
False
12.
An __________________ is someone who calculates compensation for insurance
a)
Assessor
b)
Actuary
13.
Insurers calculate premium based on risk
a)
True
b)
False
14.
Loadings on insurance decrease the premium
a)
True
b)
False
15.
Having a house alarm decreases home insurance premium
a)
True
b)
False
16.
The Insured is the
a)
person taking out insurance
b)
Insurance company supplying the insurance
17.
Car insurance is not compulsory
a)
True
b)
False
18.
Exclusion Clause are items listed on your insurance policy that are not covered under the policy
a)
True
b)
False
19.
Discount on your premium increases your premium
a)
True
b)
False
20.
When making a claim for damage done to my house which is insured I complete a
a)
Claim form
b)
Policy
c)
Proposal form
21.
Average Clause is sum insured/market value x damage
a)
True
b)
False
22.
Policy Excess is the amount of a loss not covered by the insurance company and is outlined in the insurance policy
a)
True
b)
False
23.
Having penalty points decreases your car insurance premium
a)
True
b)
False
24.
A ______________ is the application form for insurance
a)
Premium
b)
Policy
c)
Proposal Form
25.
Document containing the details of insurance agreement
a)
Premium
b)
Policy
c)
Proposal Form
26.
____________________ insurance covers the car you crashed into and your own car
a)
Comprehensive Insurance
b)
Third Party Fire and Theft
27.
________________ is taken out for a certain period of time, pays out lump sum if the insured person dies during the agreed period
a)
Endowment Assurance
b)
Term Assurance
c)
Whole-life Assurance
28.
Which insurance is required by law
a)
Life Assurance
b)
Car Insurance
c)
House Insurance
29.
Principal states you must have an personal interest in item being insured
a)
Principle of Contribution
b)
Utmost Good Faith
c)
Principle of Subrogation
d)
Principle of Insurable Interest
e)
Principle of Indemnity
30.
Principal states you cannot make a profit from insurance
a)
Principle of Contribution
b)
Utmost Good Faith
c)
Principle of Subrogation
d)
Principle of Insurable Interest
e)
Principle of Indemnity
31.
Principal states if insure an item with company A for €10,000 and insure same item again with company B for €10000- company A and B will divide the compensation paid out between them
a)
Principle of Contribution
b)
Utmost Good Faith
c)
Principle of Subrogation
d)
Principle of Insurable Interest
e)
Principle of Indemnity
32.
Principal states the insurance company has a right to recover amount of compensation paid to an insured person
a)
Principle of Contribution
b)
Utmost Good Faith
c)
Principle of Subrogation
d)
Principle of Insurable Interest
e)
Principle of Indemnity
33.
Principal states I must tell the truth when applying for insurance
a)
Principle of Contribution
b)
Utmost Good Faith
c)
Principle of Subrogation
d)
Principle of Insurable Interest
e)
Principle of Indemnity
34.
Principal states if insure an item with company A for €10,000 and insure same item again with company B for €10000- how much compensation will I receive ?
a)
€10,000
b)
€5,000
c)
€20,000
d)
35.
It's
a)
Basic + loading
b)
Basic - loading
36.
Discount is calculated on
a)
Basic
b)
Basic + Loading
c)
Basic - Loading
37.
No Claims Bonus is calculated on
a)
Basic
b)
Basic + Loading
c)
Basic + loading - discount
38.
7% of €650 means
a)
650 x 7 /100
b)
650 x 100 /7
39.
Discount is an addition on my insurance premium
a)
True
b)
False
40.
Document containing the details of insurance agreement
a)
Premium
b)
Policy
c)
Proposal Form
41.
____________________ proves that an insurance policy exists between the insurer and the insured.
a)
Policy
b)
Proposal Form
c)
Certificate of Insurance
42.
____________________ insurance covers the car you crashed into and your own car
a)
Comprehensive Insurance
b)
Third Party Fire and Theft
43.
____________________ insurance covers the car you crashed into.
a)
Comprehensive Insurance
b)
Third Party Fire and Theft
44.
______________ type of life assurance that pays put when you reach a certain age.
a)
Endowment Assurance
b)
Term Assurance
c)
Whole-life Assurance
45.
________________ is taken out for a certain period of time, pays out lump sum if the insured person dies during the agreed period
a)
Endowment Assurance
b)
Term Assurance
c)
Whole-life Assurance
46.
If I have penalty points on my car licence will my premium
a)
increase
b)
decrease
47.
Which insurance is required by law
a)
Life Assurance
b)
Car Insurance
c)
House Insurance
48.
List 3 different details required to complete an application form for car insurance
4 lines
49.
Guarantor
a)
a person who will pay back your loan if you can't
b)
security for lender if you can't make repayments e.g. deeds of a house
50.
Midterm Loan is
a)
less than a year
b)
over 5 years
c)
1-5 years
51.
Which loan is suitable for a car
a)
Mid-term
b)
Long-term
52.
Which loan is suitable for purchase of a house
a)
Mid-term
b)
Long-term
53.
A sum of money borrowed from a financial institution is a (a)
54.
DIRT is charged on the interest on a loan
a)
True
b)
False
55.
A mortgage is used to buy a car
a)
True
b)
False
56.
____________ is a reward given by a financial institution for saving money with them
a)
Benefit in kind
b)
Wage
c)
interest
57.
Interest rates that remain the same for a set period of time
a)
Variable
b)
Fixed
58.
DIRT is a govenment tax on interest earned on a deposit account
a)
True
b)
False
59.
Dividend is not subject to DIRT
a)
True
b)
False
60.
Fixed interest rates can fall or rise
a)
True
b)
False
61.
Simple interest is calculated as a percentage of the original amount put into savings account
a)
True
b)
False
62.
Commerical Banks, Credit Unions, Post Offices and Insurance Company are the main financial institutions
a)
True
b)
False
63.
A current account is a non interest account that allows the account holder to withdraw money at any time
a)
True
b)
False
64.
wages paid directly into my bank account are
a)
standing order
b)
direct debit
c)
paypath
65.
A credit card is used to make payments to retailers - when authorized the bank transfer the money from your current account to the the retailers account
a)
True
b)
False
66.
ATM is
a)
Automatic Teller Machine
b)
Automated Teller Machine
67.
CVV number (Card Verification Value) is on the __________ of the card
a)
front
b)
back
68.
A cheque is a written instruction to the bank to pay an amout of money to the person named on the cheque
a)
True
b)
False
69.
A standing order is an instruction to the bank to pay a fixed amount/set amount from an account at regular intervals e.g. monthly rent
a)
True
b)
False
70.
A direct debit is an instruction to the bank to pay a fixed amount/set amount from an account at regular intervals e.g. monthly rent
a)
True
b)
False
71.
ESB bill would be paid by
a)
Standing order
b)
Direct Debit
72.
Which is safer to accept as payment
a)
My personal cheque
b)
Bank Draft
73.
A loan is a sum of money borrowed from a financial institution that has to be paid back ___________ within a given time period
a)
with interest
b)
without interest
74.
Current Account holders receive a _____________ at regualr intervals showing all the transactions in and out of their account
a)
Bank Account
b)
Bank Statement
75.
An Post is a
a)
Co - operative Financial Institution
b)
Building Society
c)
State Sponsored Body
76.
Change euro to foreign currency we use the
a)
Buy rate
b)
Sell rate
77.
Cash transactions are recorded in a bank account
a)
True
b)
False
78.
Bank transactions are recorded in a bank account
a)
True
b)
False
79.
Debit (DR) is money going ___________ of account
a)
in
b)
out
80.
Balance brought down B/D goes on the
a)
Bigger side of money
b)
Smaller side of money
81.
Cinema ticket for €15 goes on the
a)
Debit
b)
Credit
82.
Budgeting is making sure expected income is enough to cover planned income
a)
True
b)
False
83.
Budgeting is making sure expected income is enough to cover planned expenditure
a)
True
b)
False
84.
Fixed Expenditure is
a)
Holidays
b)
Mortgage
c)
Groceries
85.
Irregular Expenditure is
a)
Holidays
b)
Mortgage
c)
Groceries
86.
Opening cash goes
a)
1 place
b)
2 places
c)
3 places
87.
Child benefit is an example of
a)
Income
b)
Expenditure
88.
Surplus Budget is
a)
Positive
b)
Negative
89.
Closing cash is any money an individual or household plans to have left over at the end of a given period
a)
True
b)
False
90.
Closing cash is
a)
net cash - opening cash
b)
net cash + opening cash
91.
net cash is
a)
total income + total expenditure
b)
total income - total expenditure
92.
Total Expenditure is
a)
Fixed expenditure + Irregular Expenditure - Discretionary Expenditure
b)
Fixed expenditure - Irregular Expenditure - Discretionary Expenditure
c)
Fixed expenditure + Irregular Expenditure + Discretionary Expenditure
93.
Deficit Budget is
a)
Positive
b)
Negative
94.
Groceries is an example of
a)
Fixed Expenditure
b)
Irregular Expenditure
c)
Discretionary Expenditure
95.
Car Tax is an example of
a)
Fixed Expenditure
b)
Irregular Expenditure
c)
Discretionary Expenditure
96.
Lucas has a choice between going to a concert with his friends or buying a phone - Lucas decides to go to the concert - cost is €20 What is the opportunity cost?
a)
Phone
b)
concert
c)
€20
97.
Lucas has a choice between going to a concert with his friends or buying a phone - Lucas decides to go to the concert - cost is €20 What is the financial cost?
a)
Phone
b)
concert
c)
€20
98.
A Bonus is an example of
a)
Regular Income
b)
Irregular Income
99.
A state pension is an example of
a)
Regular Income
b)
Irregular Income
100.
A sum of money received from the eg Government and doesn't have to be paid back is
a)
Loan
b)
Grant
101.
A share of profits from a company
a)
Grant
b)
Loan
c)
Wage
d)
dividend
102.
Non- money income in return for work is called a
a)
Grant
b)
BIK
c)
Salary
103.
a holiday is a
a)
need
b)
want
100 %
