Induction Quiz for AAT Level 1

Which of the following is a basic financial term that means the money you earn from working or investing?

• Expense

• Income

• Liability

• Asset

• 32

• 42

• 52

• 62

Which of the following is NOT a coin currently in circulation in the UK?

• 1p

• 2p

• 3p

• 50p

If you have £5 and you spend £2.75, how much do you have left?

• £2.15

• £2.25

• £2.35

• £2.45

Which of the following best describes a 'budget'?

• A list of your favourite foods

• A plan for how to spend and save your money

• A type of bank account

• A receipt from a shop

If a product costs £12 and there is a 25% discount, what is the new price?

• £9.00

• £9.50

• £10.00

• £10.50

Which of the following is an example of an 'asset'?

• A loan you owe to the bank

• Your mobile phone

• Your monthly rent payment

• A bill for electricity

What is the freezing point of water in degrees Celsius?

• 0°C

• 32°C

• 100°C

• -10°C