WorksheetsLIBF Level 1 Quiz
Total questions: 72
Worksheet time: 36mins
What is the term for a unique, eight-digit number associated with a bank account?
Account holder
Account number
Account security
Available balance
What does APR stand for in financial terms?
Annual Payment Rate
Annual Percentage Rate
Annual Profit Rate
Annual Purchase Rate
What is the purpose of account security?
To increase interest rates
To make it hard for fraudsters to access a bank account
To provide loans to account holders
To calculate available balance
What is an app in the context of electronic devices?
A physical device
A type of insurance
An application for a smartphone or tablet
A bank account feature
What is an auction?
A type of bank account
A place to withdraw money
A process where people bid for items
A method of calculating interest
What is a bank?
A place to store and manage money electronically
An organisation that looks after people's money and lends to borrowers
A list of all the debits and credits in a bank account
A form of physical money
What is a bank account?
A list of all the debits and credits in a bank account
A form of physical money
An account to store and manage money electronically
A weekly amount of money for retired people
What is a bank statement?
A form of physical money
A list of all the debits and credits in a bank account
A weekly amount of money for retired people
An organisation that looks after people's money
What is the purpose of budgeting?
To swap items before the invention of money
To plan ahead to avoid running out of money
To offer money for an item in an auction
To access the services of a bank
What is a building society?
A form of house insurance
An organisation that takes deposits and lends money like a bank
A physical location to access bank services
A machine used to process payments
What is a cardholder?
A person who issues credit cards
A person who manages a bank
The person that a debit or credit card belongs to
A person who sells cash converters
What is the primary function of a cash converter?
To exchange foreign currency
To buy items from people who need cash urgently
To provide loans to businesses
To sell gold jewelry
What is a Cash Individual Savings Account (ISA)?
A checking account with no interest
A savings account with tax-free benefits up to a maximum sum per year
A business account for large transactions
A loan account with high interest rates
What is the role of a cashier?
To manage online transactions
To deal with cash and accept deposits in a bank branch
To approve loans for customers
To sell insurance policies
What is a cheque used for?
To withdraw cash from an ATM
To pay a specific amount of money from one bank account to another
To apply for a loan
To purchase foreign currency
What is the purpose of a chip and PIN?
To track spending habits
To provide a type of security for debit or credit card transactions
To increase credit limits
To offer discounts on purchases
What is comprehensive car insurance?
Insurance that only covers third-party injuries
A voluntary type of car insurance that covers injury and damage to the driver's own car
Insurance that covers only theft
A mandatory insurance for all drivers
What is a contactless card?
A card that requires a signature for transactions
A card that allows payment by holding it near a card reader
A card that can only be used online
A card that requires a PIN for every transaction
What is a credit card?
A card used to make payments directly from a bank account
A form of borrowing via a plastic card with a set credit limit
A card that offers financial services to members
A card used to deposit money into a bank account
What is a debit card?
A card used to borrow money from a credit card company
A card used to make payments out of a bank account
A card that offers financial services to members
A card used to deposit money into a bank account
What does depreciation refer to?
An increase in the value of goods over time
A decrease in the value of goods over time
A method of depositing money into a bank account
A type of financial service offered by credit unions
What is a direct debit?
An instruction to a bank to let a company collect money from a current account
A method of depositing cash or cheques without a member of staff
A guarantee for getting money back from a mistaken debit
A form of borrowing via a plastic card
What is a dividend?
The income received from doing a job
A weekly payment for students over the age of 16
The investment income earned by an investor who owns shares in a company
An amount of money taken out of a bank account
What is an electronic balance?
A device used to weigh objects electronically
An amount of money being stored electronically
A type of electronic payment system
A method of electronic communication
Who is an employer?
A person who works for someone else
A person who is self-employed
A person or organization that employs other people
A person who carries out instructions in a will
What is essential spending?
Spending on luxury items
Spending on items for which a person must pay
Spending on non-essential items
Spending on entertainment
What does the Financial Services Compensation Scheme (FSCS) do?
Provides loans to small businesses
Protects people's money held in an account
Offers insurance for personal property
Manages retirement funds
What is a garage sale?
A sale held in a commercial store
A sale that takes place at a person's home
A sale organized by a community center
A sale conducted online
What is gross income?
Income after deductions
Income before deductions
Income from investments only
Income from government benefits only
What does health insurance cover?
Car repairs
Private health treatment
Home renovations
Education fees
What is identity fraud?
Using someone else's name for a job
Getting hold of another person's bank details to spend money
Pretending to be someone else in a play
Borrowing a friend's credit card with permission
What is income tax used for?
Building private homes
Funding public services like education and health care
Buying government vehicles
Paying government employees' bonuses
What is an instant-access account?
A fixed deposit account with high interest
A savings account with immediate withdrawal options
A loan account with no interest
A credit account with limited access
What is the role of an insurance broker?
To pay premiums to insurance companies
To find a good insurance product for a customer in exchange for a fee
To collect taxes on insurance premiums
To provide interest-free credit
What does the term "intestacy" refer to?
Writing a will
Dying without writing a will
Investing money
Borrowing money
What is "interest-free credit"?
A loan with no repayment period
A deal where no interest is added to the amount borrowed
A savings account with high interest
A type of insurance policy
What is "Jobseeker's Allowance (JSA)"?
A benefit for people who are working
A government benefit paid to adults who are not working
A type of insurance premium
A loan given to job seekers
What is the definition of "life assurance"?
A loan given to borrowers
Assurance cover that pays out a lump sum to people left behind if you die
A type of investment
A savings account with interest
What is long-term budgeting?
Planning spending over a short period of time
Spending money without a plan
Planning spending over a relatively long period of time
Spending money only on essential items
What is a loyalty card?
A card that gives discounts on all purchases
A plastic card that gives you points when you spend money
A card that allows unlimited spending
A card that charges extra fees for purchases
What is a mini-statement?
A full bank statement showing all transactions
A form of bank statement showing only the last few transactions
A statement showing future transactions
A statement showing only deposits
What is National Insurance (NI)?
A payment made to private insurance companies
A payment to the government out of earnings
A payment for car insurance
A payment for home insurance
What is the National Lottery?
A savings account with high interest
A form of gambling with a ticket and six numbers
A government tax on luxury items
A type of insurance policy
What is net income?
Income before any deductions
A person's income after deductions
Income from investments only
Income from a second job
What is an online auction?
A physical auction held in a marketplace
An auction that takes place on the internet
A type of bank account
A method of phishing
What is an overdraft?
A type of insurance
A feature that lets people borrow money when their account balance is below zero
A method of online shopping
A type of password
What is a password?
A type of loan
A string of letters and numbers used to access accounts online
A form of insurance
A type of phishing
What does PAYE stand for?
Pay as you earn
Pay after you earn
Pay annually your earnings
Pay as you exit
What is a payday lender?
A bank that offers large loans
A lender that offers small payday loans
A type of insurance company
A method of phishing
What is a personal identification number (PIN)?
A type of loan
A four-digit code associated with a bank account
A form of insurance
A method of phishing
What is phishing?
A type of loan
A method where a fraudster poses as someone you trust to obtain private details
A form of insurance
A type of online auction
What is a regular payment made to an insurance company in exchange for the insurer taking on certain risks?
Premium
Rent
Salary
Service charge
What is a form of saving backed by the government, offering cash prizes instead of interest?
Savings account
Premium Bond
Security number
Self-employment
What is the term for putting things in order of importance, especially in spending?
Reporting
Recycling
Prioritising
Selling
What is the income made by an investor who buys property and then receives regular payment from another person for the use of the property?
Salary
Rent
Premium
Savings
What is the word used to describe earnings when a person earns a yearly rate?
Savings
Rent
Salary
Premium
What is a bank account in which people store the money they do not need immediately, and the money grows by earning interest?
Security account
Savings account
Premium Bond
Rent account
What is a three-digit number on a debit or credit card, located on the signature strip on the back of the card?
Security number
Savings number
Rent number
Premium number
What is the term for exchanging items or services for money?
Saving
Selling
Renting
Reporting
What is a small part of a company that an investor buys, which pays dividends if the company makes a profit?
Shift work
Share
Sort code
Standing order
What is the term for working part of the day, known as a 'shift', for an employer open more than eight hours a day?
Short-term budgeting
Shopping around
Shift work
Spending
What is the process of comparing similar items in different shops to get the best value for money?
Stock market
Shopping around
Storing money
Student Investor Challenge
What is a six-digit number associated with a bank account that identifies the bank and branch?
Sort code
Store card
Standing order
Testament
What is the term for a credit card that can only be used in one store, often with higher interest rates?
Store card
Standing order
Share
Shift work
What is the safest place to store money in large amounts?
Stock market
Store card
Bank account
Shopping around
What is the legal minimum of car insurance that covers injury and damage to third parties?
Term assurance
Third-party car insurance
Testament
Transaction
What is travel insurance?
A mandatory insurance for all travelers
A voluntary insurance covering loss of property and medical costs during travel
An insurance that covers only flight cancellations
A type of insurance that covers car rentals
What is an unauthorised overdraft?
A loan taken with permission from the bank
An overdraft used without the bank's permission, often with additional fees
A type of savings account
A credit card with no limit
What does Universal Credit provide?
A benefit for high-income individuals
A government benefit for people on a low income to help with living costs
A scholarship for students
A loan for buying a house
What is the Variable Annual Percentage Rate (APR)?
A fixed interest rate on a loan
An interest rate that can change each month on a loan
A rate that applies only to savings accounts
A penalty fee for late payments
What is a will?
A document that outlines a person's wishes for their estate after they die
A contract for employment
A type of insurance policy
A loan agreement
What is a zero-hours contract?
A contract with guaranteed full-time hours
An agreement with no minimum working hours required
A contract for freelance work
A permanent employment contract
