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Mega Quiz!

Total questions: 43

Worksheet time: 23mins

Name
Class
Date
1.

What is the main benefit of an ISA?

a)
Guaranteed high returns on investments.
b)
Access to government grants for savings.
c)
No restrictions on withdrawal of funds.
d)
Tax-free growth on savings and investments.
2.

Which of these is usually included with a premium current account?

a)
Travel insurance
b)
Mobile phone insurance
c)
Home insurance
d)
Car breakdown cover
3.

Which of these carries the most investment risk?

​ ​ ​

a)

FTSE100 Stocks and Shares

b)
Savings Account
c)

Gold and other previous metals.

d)

Subprime mortgage bonds.

4.

Which two of these are services that are offered by a pawnbroker?

a)

Buying items, and selling pawned items.

b)

Loans secured by personal property

c)
Selling insurance policies
d)
Renting out items for short-term use
5.

What is the monthly payment called that is paid towards and insurance policy?

a)
coverage fee
b)
co-payment
c)
premium
d)
deductible
6.

A discussion that takes place between two people negotiating the price of an item is called...

a)
auctioning
b)

pleading

c)
trading
d)

haggling

7.

What are the four functions of money?

a)

The four functions of money are: medium of XXLchange, unit of account, store of value, and standard of deferred payment.

b)

The four functions of money are: credit exchange, onion of account, store of value, and weasel tender.

c)

The four functions of money are: medium of exchange, unit of account, store of value, and legal tender.

d)

The four functions of money are: medium of X-men, unit of account, store of value, and Cyclops of deferred payment.

8.

How might religion influence someone's attitude towards borrowing money?

a)
All religions promote the idea that debt is a sin.
b)
Religion encourages excessive borrowing without concern for repayment.
c)

Religion can influence attitudes towards borrowing by promoting values of debt avoidance or responsible borrowing.

d)
Religion has no impact on financial decisions regarding borrowing.
9.

Which of these life events costs the most money based on current averages?

a)

Raising a child to the age of 18

b)
Planning a wedding
c)
Purchasing a home
d)
Buying a new car
10.

Which of these is a financial plan which tracks future spending and income?

a)
Investment portfolio
b)
Savings account
c)
Budget
d)
Expense report
11.

How long approximately did Nick Leeson spend in prison?

a)
6.5 years
b)
5 years
c)
7 years
d)
4 years
12.

Which bank collapsed first during the 2008 Financial Crisis?

a)
Bear Stearns
b)
Washington Mutual
c)
Lehman Brothers
d)
Citigroup
13.

What is a standing order?

a)
A standing order is a regular payment arrangement set up with a bank to transfer a fixed amount to a designated account.
b)
A standing order is a loan agreement with a bank.
c)
A standing order is a type of investment account.
d)
A standing order is a one-time payment made to a vendor.
14.

What is a direct debit?

a)
A direct debit is a loan agreement between a bank and a customer.
b)
A direct debit is an arrangement that allows a company to withdraw money from a customer's bank account on a regular basis.
c)
A direct debit is a type of credit card transaction.
d)
A direct debit is a one-time payment made by a customer.
15.

True or False: Taking out a credit card and paying it regularly can improve your credit score.

a)
False
b)
Only if you have a loan
c)
True
d)
It has no effect on your credit score
16.

The amount of money that YOU have to pay upon making an insurance claim is called the...

(a)  

17.

The current rate of tax for PAYE employment is...

a)
The current basic rate of tax for PAYE employment is 15%.
b)
The current basic rate of tax for PAYE employment is 25%.
c)
The current basic rate of tax for PAYE employment is 20%.
d)

The current basic rate of tax for PAYE employment is 300%.

18.

The current state pension age is...

a)
65 years old in the UK
b)
70 years old in the UK
c)
60 years old in the UK
d)
66 years old in the UK
19.

What is the difference between a pawnbroker and a prawnbroker?

a)

A prawnbroker sells seafood; a pawnbroker sells jewelry and other valuables.

b)
A pawnbroker only deals with real estate; a prawnbroker handles personal loans.
c)
A pawnbroker is a type of bank; a prawnbroker is a fish market.
d)

A pawnbroker provides loans secured by personal property; 'prawnbroker' is the name of the next James Bond villiain

20.

How much is the current state pension per year?

a)
£10,600
b)
£9,750
c)

£11,500

d)
£8,500
21.

What is the Bank of England?

a)
The national treasury of the UK.
b)
The central bank of the United Kingdom.
c)
A private investment bank in London.
d)
A commercial bank for personal loans.
22.

Which of these methods of communication would (on average) be the most time effective?

a)
Email communication
b)
Face-to-face communication
c)

Telephone

d)
Social media posts
23.

True or False: It is not always possible to speak to a company or business face-to-face

a)
True
b)
Only large companies offer face-to-face communication
c)
It is always possible to speak face-to-face
d)
False
24.

What is a credit union?

a)
A credit union is a member-owned financial cooperative that offers savings and loan services.
b)
A credit union is a government-owned bank that provides only checking accounts.
c)
A credit union is a type of insurance company that offers loans to members.
d)
A credit union is a for-profit financial institution that charges high fees.
25.

Which of these is a price comparison website?

a)
Amazon
b)
eBay
c)

Comparethemarket

d)
Walmart
26.

Which of these is the correct definition of bankruptcy?

a)

Bankruptcy is when your bank account is empty

b)
Bankruptcy is a type of investment strategy.
c)
Bankruptcy is a method of increasing one's wealth.
d)
Bankruptcy is a legal status of an individual or entity that cannot repay their outstanding debts.
27.

What is an IVA?

a)
An Individual Voluntary Arrangement (IVA) is a formal debt solution that allows individuals to repay their debts over time.
b)
A legal document for business partnerships.
c)
A government program for housing assistance.
d)

A type of investment account for individuals.

Investment Value Account (IVA)

28.

What is the difference between a bank and a building society?

a)
Banks are owned by the government, while building societies are private companies.
b)
Building societies offer a wider range of financial services than banks.
c)
Banks primarily focus on community projects, whereas building societies focus on international investments.
d)
The main difference is that banks are profit-driven institutions offering a wide range of financial services, while building societies are member-owned and focus on savings and mortgages.
29.

How many sugars do I have in my coffee?

a)

Six sugars

b)
Two sugars
c)
One sugar
d)
Three sugars
30.

Which Marvel character featured heavily in our "Getting to Know You" lesson?

a)
Spider-Man
b)
Hulk
c)

Wolverine

d)
Iron Man
31.

Who are the Financial Conduct Authority?

a)

A government agency that manages tax collection in the UK.

The Financial Collection Agency (FCA)

b)
An international organization that sets global financial standards.
c)
A private company that offers financial consulting services.
d)
The Financial Conduct Authority (FCA) is a regulatory body in the UK that oversees financial markets and firms.
32.

Which of these services does the Citizens Advice Bureau NOT offer?

a)
Housing support services
b)
Direct legal representation
c)
Free financial advice
d)
Employment guidance
33.

Which would be the best complaint avenue if you feel you have been missold a financial product?

a)

Your Mum

b)
Contact the financial institution or the Financial Ombudsman Service.
c)
Contact a random financial advisor.
d)

Start ranting in the nearest branch of NatWest.

34.

What is the main benefit of a workplace pension?

a)
The main benefit of a workplace pension is that it provides a systematic way to save for retirement, often with employer contributions.
b)
It provides health insurance benefits during employment.
c)
It allows employees to take unlimited vacations.
d)
It guarantees a fixed income after retirement.
35.

What is the retirement age for a workplace pension?

a)
Typically between 60 to 67 years of age.
b)
70 to 75 years of age.
c)
55 to 60 years of age.
d)

Always 66 years old.

36.

Which of these is an example of a cashback app?

a)
Zelle
b)
Venmo
c)

Quidco

d)
PayPal
37.

Which of these is an example of a "round up" app?

a)
Mint
b)
Robinhood
c)
Stash
d)
Acorns
38.

Where can you use Euros as legal tender in the UK?

a)

Cash Converters

b)

You can use Euros at most UK airports.

c)
Only banks in the UK accept Euros.
d)
Euros are accepted everywhere in the UK.
39.

What is the main disadvantage of spending Euros in a UK airport?

a)
Higher prices for goods and services.
b)
Limited availability of Euro currency exchange.
c)
No acceptance of Euros at all.
d)
Unfavorable exchange rates and additional fees.
40.

At what age can you start to pay into the state pension?

a)
18 years old
b)
21 years old
c)
14 years old
d)
16 years old
41.

What does the 'P' stand for in APR?

(a)  

42.

Which of these items costs the most on average in a UK supermarket?

a)

Monster Energy Drinks

b)
Packaged snacks
c)
Frozen pizza
d)
Fresh meat (beef)
43.

Which (on average) has the highest rate of interest? A personal loan or an overdraft?

a)

An overdraft never has interest

b)

They're both the same

c)

An overdraft

d)
A personal loan

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