BB level 1 questions

what is a credit card?

• A card that allows you to borrow money from the bank for purchases

• card that lets you buy anything you want without paying

• a card that is used to buy things using your own bank accounts money

• Cards that allow you to make only big purchases

• What is a common warning sign of a potential financial scam?

• • Guaranteed high returns with no risk

• Transparent communication about risks

•  Verified credentials of the advisor

• Government oversight and regulation

Which of the following is a common type of investment?

• Buying designer clothes

• Putting money in a piggy bank

• Purchasing stocks

• Spending all allowance on snacks

• If an individual in Singapore has an earned income of $40,000 and qualifies for an Earned Income Relief of $1,500, what is their taxable income?

• • $37,000

• $38,500

• $39,000

• • $41,500

• how old minimum do you have to be so that you are eligible for credit cards?

• 18

• 19

• 20

• 21

• How can individuals protect themselves from financial scams?

• • give away personal information

• Avoid conducting any research before investing

• By being skeptical of offers that sound too good to be true

• • Share financial information freely online

• If you take a loan of $10 000 from a bank at an interest rate of 12% per annum for 4 years, based on simple interest calculate the total amount you have to pay the bank.

• $4800

• $9600 

• $14 800

• $24 800

• Calculate the Goods and Services Tax (GST) amount payable for a purchase of $200 if GST rate in Singapore is 9%

• • $14

• • $17

• $18

• •  $19

• what's the difference between credit/debit cards?

• Options

• debits cards have you paying the bank at a later date

• they are both the same

• Debit uses the banks money credit uses your own money

• Credit cards use the banks money while debit uses ur own

• What should you do if you receive an unsolicited email asking for your bank account details?

• Reply with your information to verify your identity

• Ignore the email and delete it immediately

• • Forward the email to all your contacts

• Share your details to claim a prize mentioned in the email