Finance Revision Mega Quiz!

SECTION 1: PERSONAL FINANCE

Which of these is a benefit of an overdraft?

• Higher interest rates on loans.
• Limited access to credit cards.
• Access to additional funds when needed.
• Mandatory monthly fees for maintenance.

Which of these is a benefit of a personal loan?

• Limited repayment flexibility.
• High interest rates compared to credit cards.
• Quick access to funds for various needs.
• Strict eligibility criteria for approval.

Why might an overdraft lead to further debt?

• Due to fees, interest, and a cycle of borrowing.

• Because an overdraft always ruins your credit score.

• Because overdrafts have mandatory high fees.

• An overdraft is a personal loan.

Which of these is a disadvantage of a payday loan?

• Borrower has to give collateral that is never returned.

• High interest rates leading to potential debt cycle.
• Low interest rates compared to traditional loans.
• Flexible repayment terms that benefit borrowers.

Which of these is NOT one of the four functions of money?

• Unit of Account

• Exchange for Goods and Services

• Store of Value

• Leverage of Capital

Put the topics listed into the correct category.

HINT: There are 5 correct topics per category.

Groups:

(a) Personal Finance

,

(b) Business Finance

,

(c) Films about Music

,

(d) Console Games

• Profit & Loss

• Rocket Man

• Pensions

• EA Sports FC

• Need for Speed

• Stardew Valley

• Starfield

• Citizens Advice Bureau

• Cash Flow Forecasting

• Variable Costs

• Cash ISA

• Current Accounts

• Two Point Hospital

• Break Even

• Bohemian Rhapsody

• Depreciation

• Mortgages

• Sing

• The Jazz Singer

• Almost Famous

Which of these is the correct definition of peer-to-peer lending?

• Peer-to-peer lending is a government program for small businesses.
• Peer-to-peer lending involves borrowing from a financial institution only.
• Peer-to-peer lending is a method of borrowing and lending money directly between individuals without intermediaries.
• Peer-to-peer lending is a type of bank loan with high interest rates.

Which of these events would NOT be covered by travel insurance?

• Trip cancellations due to illness
• Lost luggage during travel
• Emergency medical evacuation
• Pre-existing medical conditions

When taking out a personal​ (a)   consumers should check the​ (b)   rate and the repayment​ (c)   before signing the loan​ (d)  

• loan
• interest
• terms
• agreement.
• holiday
• capital
• mortgage
• critical

Which is the correct definition of The Bank of England?

• The Bank of England is the central bank of the United Kingdom.
• The Bank of England is responsible for issuing currency in the United States.
• The Bank of England is the central bank of the European Union.
• The Bank of England is a private commercial bank.