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Finance Assessment Unit 1

Total questions: 35

Worksheet time: 11mins

Name
Class
Date
1.

Choose the most accurate definition of "money".

a)

Money is anything generally accepted in payment for goods or services or in the repayment of debts.

b)

Money is anything recognized in trading and transaction for goods.

c)

Money is legal currency that is released by banks to satisfy the financial needs of the people.

2.

a basic rate tax payer can earn how much interest from savings before they pay tax?

a)

£100

b)

£500

c)

£1000

d)

£10000

3.

You work for a big business. Which document will you receive at the end of the tax year?

a)

P45

b)

P60

4.
The system under which employees pay tax is known as Pay As You:
a)
Earn.
b)
Go.
c)
Save.
d)
Work.
5.
A decrease in income tax is likely to have which of the following effects?
a)
People are likely to borrow more.
b)
People are likely to make spending cuts.
c)
People are likely to save more.
d)
Work is likely to become less attractive.
6.
Which of the following groups of people is likely to have the most irregular income pattern?
a)
Children.
b)
The employed.
c)
The retired.
d)
The self-employed.
7.
Emily and Ed rent a one-bedroomed flat in Swansea. They both work at a distribution centre at the nearby business park, each earning £20,000 a year. They chose the flat because it is within walking distance of the business park, so they can manage without a car. The flat is also in a run-down area so the rent is cheaper than for similar flats elsewhere in the city. Saving money is a priority for Emily and Ed because they want to buy a home of their own within the next year, preferably a two-bedroomed house with a small garden. Their savings outside their ISA were given a boost by Emily selling a portfolio of shares that she had acquired over the years and on which she had made a profit of just over £15,000. They have now saved up just enough money for a 10% deposit and to pay the legal costs involved.
At what rate does Ed pay income tax on his earnings?
a)
Additional rate.
b)
Basic rate.
c)
Higher rate.
d)
Starting rate.
8.

Which of the following would be entitled to the National Minimum Wage?

a)

A self-employed hairdresser, age 25

b)

An employed admin assistant, age 21

c)

A paper delivery boy, age 15

9.
An important characteristic of money is that it must be:
a)
available in one amount only.
b)
easily recognisable.
c)
indestructible.
d)
inflation proof.
10.
In the UK, which of the following amounts in coins is not legal tender?
a)
20p in 1p coins.
b)
30p in 2p coins.
c)
£4 in 5p coins.
d)
£5 in 10p coins.
11.
Which of the following statements regarding overdrafts is true? They:
a)
are directly linked to credit cards.
b)
are ideal for long-term financing.
c)
are intended for temporary lending.
d)
have fixed monthly repayments.
12.
Regular monthly payments for variable amounts are best paid by:
a)
debit card.
b)
direct debit.
c)
online transfer.
d)
standing order.
13.
Which of the following should attract savers? A high:
a)
AER.
b)
APR.
c)
ARR.
d)
EAR.
14.
Megan is 30 years old. She has one child, Maisie, who is five years old. Megan has not worked since Maisie was born and is now returning to work as a receptionist at a local hotel. She will be working Monday to Thursday each week from 10am until 3pm. On her return to work, Megan receives a letter from her local HM Revenue & Customs office to notify her of her personal allowance for the current tax year. A personal allowance is the amount of:
a)
money that Megan can earn that is not taxed.
b)
money that Megan must pay as National Insurance.
c)
tax credit Megan will receive for Maisie.
d)
tax Megan must pay each year.
15.
Sian is interested in moving her savings account to a credit union, recommended by her friend Carwyn. Sian feels that her bank is not giving the personal service that she would expect. Which of the following is true of credit unions?
a)
Anyone is eligible to join a credit union.
b)
They always have a nationwide branch network.
c)
They are easily accessible as they are based in a local area.
d)
They comply with Sharia law.
16.

Which of the following is a security feature used on bank notes?

a)

Durability.

b)

Hologram.

c)

Recognisability.

d)

Shape.

17.

Dino is completing his annual tax return. Who should he send it to when it is completed?

a)

Bank of England.

b)

HM Revenue & Customs.

c)

National Savings and Investments.

d)

The Post Office.

18.

During the 2024/25 tax year, John's earnings are £4,670. How much income tax, if any, will John pay?

a)

£0.

b)

£467.

c)

£934.

d)

£1,100.

19.
1: what is the minimum wage for under 18s?
a)
a   £3.90
b)

b   £10.20

c)

c   £6.40

d)
d   £4.50
20.
Barter is an inefficient way of trading because it requires:
a)
A) a double coincidence of wants
b)
B)one of the traders to have a surplus
c)
C) a market place big enough for lots of goods to be traded
21.
How many hours are you allowed to work per week?
a)
32 hours
b)
40 hours
c)
48 hours
d)
56 hours
22.
2. What is the definition of a standing order?
a)
Instructions to pay the same amount of money to another account on a regular basis.
b)
Instructions to pay a different amount of money to another account on a regular basis.
c)
Instructions to pay an amount to another account for a one time payment.
d)
An instruction to someone while you are standing up.
23.

When people use NS&I products they are lending money to

a)

the European government.

b)

the tax authority.

c)

the UK government.

24.
Which of the following does inflation measure?
a)
Economic growth.
b)
Interest rates.
c)
The cost of borrowing.
d)
The rate of increase in prices.
25.

When interest rates fall, this is bad news for people with:

a)

credit cards.

b)

mortgages.

c)

overdrafts.

d)

savings.

26.
Daniel is a physics teacher aged 28. He lives in a rented flat in Manchester with his girlfriend Laura, whois a nurse aged 25. They plan to buy a place of their own, get married and start a family.They have already saved £10,000 towards a deposit and other house-buying costs, and are putting a side at least £500 per month with a building society. They have been offered a fixed-rate mortgage for 4 years at 2.5% APR. Laura has read that the UK economy is nearing its peak and that interest rates are historically low. The mortgage Daniel and Laura have chosen means that during the next year, if interest rates:
a)
go up, they will pay less.
b)
go up, they will pay more.
c)
go down, they will pay less.
d)
go down, they will pay the same.
27.

A standing order is good for

a)

moving money to savings

b)

paying mortgages

c)

paying gas bills

d)

paying for food

28.

A notice savings account :

a)

requires you to say in advance that you want to take money out

b)

you can take money out any time

c)

gives you a good interest rate because your money is in there for longer

d)

is offered by most banks

29.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
30.
An expense that only occurs because you are choosing to spend money like eating out or buying clothes is a(n) ___________ expense.
a)
fixed
b)
discretionary
c)
variable
d)
intermittent
31.
The amount of money you have left to spend on after taxes is called your ____________.
a)
income
b)
net pay
c)
taxes
d)
monies
32.
 During a thunderstorm, lighting strikes a large tree in the Torres family’s backyard. The tree needs to be removed. The cost to remove the tree is $500. If the Torres family income is $4,500 per month, is there enough money budgeted in the allotted emergency fund? Explain. 
a)
Yes, there is $18,000 in the emergency fund.
b)
Yes, there is $4,500 in the emergency fund.
c)
No, there is only $180 in the emergency fund.
d)
No, there is only $90 in the emergency fund.
33.

Why is it important to have a diversified portfolio when saving for retirement?

a)

To ensure you have enough money to buy a house

b)

To minimize risk and maximize returns

c)

To focus solely on high-risk investments

d)

To avoid saving too much money

34.

Which type of bank account provides the user with a range of additional benefits such as holiday insurance and car breakdown cover?

a)

Standard bank account

b)

Packaged premium account

c)

Basic account

d)

Student account

35.

What 3 things must any currency/money be able to do?

a)

A unit of account

b)

A store of value

c)

A medium of exchange

d)

The thing you used to have before a wife and kids

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