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Level 1 Award in Managing Personal Finance
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1. Most employed people receive their money as:
a) lottery tickets
b) wages or salary
c) Jobseeker's Allowance
d) shares
2. If your income comes from a state pension, it is most likely to be received by which of the following methods?
a) Cash
b) Bank transfer
c) Cheque
d) PayPal
3. Which of the following items is considered to be an essential expenditure?
a) A televison
b) Designer clothes
c) Food
d) A holiday
4. Which of the following items is a mandatory expense?
a) Internet connection
b) Contents insurance
c) TV Licence
d) Mobile phone top-up
5. Which of the following will NOT help you to keep control of your finances?
a) shredding unopened bank statements
b) recording income and expenditure on a spreadsheet
c) checking your account online
d) checking your credit card statements
6. You have decided to try and save money on your household bill. Which of the following could you do without?
a) Food
b) Mortgage/rent
c) A satellite TV
d) Gas bills
7. You pay your rent of exactly £750 per month directly from your bank account. This is an example of:
a) a deposit.
b) a standing order.
c) a Direct Debit.
d) a refund.
8. If you were saving up for a new car, you should look for a bank account that has:
a) internet banking.
b) no interest rates.
c) instant access.
d) high interest rates.
9. What is one of the advantages of borrowing money from a bank?
a) It is interest free
b) You can buy now, pay later
c) You never have to pay it back
d) The debt is cancelled if you lose your job
10. You need to borrow some money for house repairs. Which offers the best deal?
a) a credit card with an APR of 19% (percent)
b) a short term internet loan with an APR of 2689%
c) a bank loan with an APR of 13.4%
d) a door step loan from an unlicensed money lender at £100 a month
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