Final quiz

Sarah receives money from her late grandfather’s estate. This money is classified as:

a capital gain.

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a bequest.

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a donation.

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an inheritance.

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Which is not a reason for security features on Bank of England banknotes? To make them:

widely accepted.

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challenging to counterfeit.

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similar to foreign currencies.

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easily identifiable.

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How many different banknote denominations are considered legal tender in England and Wales?

Two.

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Three.

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Four.

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Five.

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Liam works as a freelance graphic designer. He has no guaranteed work and accepts projects from various agencies when they fit his schedule. This type of work is known as:

casual work.

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full-time work.

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part-time work.

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contract work.

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Emma is finalising her yearly tax return. To whom should she submit it when completed?

Bank of England.

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HM Revenue & Customs.

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National Savings and Investments.

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The Post Office.

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Which of the following is related to Pay As You Earn (PAYE)?

Savings interest.

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Capital gains tax.

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Income tax.

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Value added tax.

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What identifies the specific branch of a bank? Its:

personal identification number (PIN).

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account number.

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sort code.

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unique reference number.

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Oliver has just started his first job at a local café. He has both a current account and a savings account with the same bank. He wants to set aside £30 each month from his current account into his savings. What’s the most suitable method for this?

Bank transfer.

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Direct debit.

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Cash deposit.

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Standing order.

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Which characteristic of money allows individuals to purchase items of different values and receive change? Money is:

trusted by businesses and individuals.

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consistently valued over time.

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issued in various denominations.

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identifiable by its unique appearance.

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Zoe’s salary has been deposited into her bank account. This immediately means that her:

credit balance will decrease.

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credit balance will increase.

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mortgage payment will increase.

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credit card debt will decrease.

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Why is it beneficial to keep extra money in a savings account?

For easy access to daily expenses.

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To pay interest to the bank.

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To earn interest on your money.

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To support the financial institution's growth.

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Daniel is passionate about sustainability. What would be his primary consideration when selecting a savings product? The provider’s:

ethical investment policy.

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advertising strategies.

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branch locations.

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annual profits.

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Which of these best describes the concept of value for money?

Minimising opportunity costs.

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Always choosing the cheapest option available.

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Finding ways to avoid paying VAT.

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Getting a fair deal for the price paid.

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Cereal boxes are priced at £2.50 each, with a special offer of buy two, get one free. If Jessica purchases six boxes, how much will she pay?

£7.50.

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£10.00.

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£12.50.

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£15.00.

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Harry has received a financial windfall. He’s willing to accept a high level of risk for the potential of greater returns. Which option would be most suitable for him?

Current account with a high street bank.

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Fixed-rate bond with a building society.

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Premium bonds.

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Investment in a diverse stock portfolio.

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When investing in shares of a single company, what might you receive if the company is profitable?

Capital gains.

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Dividends

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Interest payments.

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Loyalty bonuses.

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The euro is legal tender in:

all European countries.

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any country that accepts it.

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France, Germany, Italy, Spain, and Greece only.

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countries within the eurozone.

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Sophie travels to Canada for a holiday. The exchange rate is CAD 1.75 = one pound sterling. Her return flights cost £600 and her expenses while there total CAD 1,050. What’s the total cost of her trip in pounds sterling?

£1,000.

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£1,200.

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£1,400.

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£1,600.

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Robert is working part-time at a local shop and has heard he might be eligible for Universal Credit. He’s now researching the details about Universal Credit. Answer the following three questions:

1. To be eligible for Universal Credit, you must be:

at least 25 years old.

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actively seeking work or on a low income.

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enrolled in higher education.

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D. under the age of 21.

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2. To claim Universal Credit, Robert must work less than how many hours on average each week?

14.

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16.

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20.

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24.

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3. To maintain his Universal Credit claim, Robert must attend regular appointments with a work coach. These appointments are typically:

weekly.

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fortnightly

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monthly.

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quarterly.

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Amelia is 18 and looking to open her first bank account for her apprenticeship wages. She wants easy access to her money but is aware that banks offer various account types. Answer the following three questions:

1. Which account type would offer Amelia convenient access and is suitable for regular transactions?

Current account.

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Fixed-term savings account.

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ISA.

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Notice account.

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2. Amelia also wants a secure place for her extra money where it can potentially grow. She should consider opening a:

current account.

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growth bond.

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interest-bearing account.

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savings account.

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3. Amelia has some money from her 18th birthday that she can set aside for two years. Which account type would likely offer the best interest rate?

Easy access savings account.

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Fixed-rate bond.

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Regular saver account.

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Instant access ISA.

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Nathan is conscious about getting the best value when shopping for himself and his family. He knows there are various ways to find good deals. Answer the following three questions:

1. “Three for the price of two” is an example of a:

loyalty scheme.

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price match guarantee.

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promotional offer.

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seasonal sale.

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2. A clothing store is offering a 15% discount on all items. Nathan finds a jacket originally priced at £80. How much will it cost him at the sale price?

£64.

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£68.

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£72.

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£76.

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3. Which of these is a recognised method for ensuring the best value when making a purchase?

Always buy from the same retailer.

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Use credit cards for all purchases.

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Ignore product reviews.

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Compare prices across different sellers.

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Yasmin is planning a trip to Thailand and wants to understand the Thai Baht, the local currency. She aims to ensure she’s getting good value during her travels. Answer the following three questions:

1. The pound sterling equivalent of 1000 Thai Baht is determined by using:

conversion tables.

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currency calculators.

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exchange rates.

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financial indices.

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2. If one pound (£1) equals 45 Thai Baht (฿45), how much is a ฿900 note worth in pounds (£)?

£10.

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£15.

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£20.

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£25.

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3. When exchanging currency at a bureau de change, the service provider may charge a fee. This is commonly known as:

an administration fee.

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a handling charge.

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commission.

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exchange rate margin.

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