Bank Statement Quiz

What does the balance on a bank statement indicate?

• The total number of transactions

• The running total of how much is in the account

• The number of direct debits

• The number of standing orders

What does 'balance brought forward' mean?

• The amount of money transferred to another account

• The amount of money at the start of the statement period

• The total number of transactions

• The amount of money at the end of the statement period

What does 'CHQ' stand for on a bank statement?

• Charge

• Cheque

• Credit

• Cash

What does 'paid in/paid out' refer to?

• The total balance in the account

• The value of each transaction

• The number of transactions

• The number of direct debits

How is the APR expressed?

• As a monthly rate

• As a daily rate

• As an annual percentage

• As a fixed amount

What does the example suggest about the relationship between APR and total repayment?

• Higher APR leads to lower repayment

• Higher APR leads to higher repayment

• APR does not affect repayment

• APR only affects the loan term

What is the significance of the APR in financial decisions?

• It determines the loan term

• It affects the total cost of borrowing

• It sets the monthly payment

• It decides the loan amount

What is the purpose of a credit score?

• To indicate your likelihood of being a safe, profitable customer.

• To determine your favorite movie.

• To measure your physical fitness.

• To assess your cooking skills.

Which of the following is a commonly used credit reference agency in the UK?

• Equifax

• CreditKarma

• FICO

• CreditWise

What kind of records do credit reference agencies compile?

• Medical records

• Court records

• Fitness records

• Art collections