University of Manchester Money Quiz

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| By Katieurnevitch

Katieurnevitch

Community Contributor

Quizzes Created: 1 | Total Attempts: 100

Questions: 13 | Attempts: 100 | Updated: Feb 6, 2024

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University Of Manchester Money Quiz - Quiz

Click on the 'start' button below to taken the University of Manchester's financial quiz and see how much you know about money matters!

Questions and Answers

1.

It is free to use the vast majority of banks' cash machines no matter who you bank with.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
While banks do not charge to use their cash machines, many pubs and convenience stores do - try to plan ahead and withdraw from a bank wherever possible.

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2.

Going to a major supermarket is always the cheapest way of shopping.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
It is often cheaper to shop around. Try to use budget supermarkets such as Aldi and Lidl, use comparison websites such as My Supermarket and shop locally where possible.

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3.

A contract phone tends to be better value than a pay as you go phone as the calls tend to be cheaper.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Contract mobiles often do not offer the best deal. Whilst call charges at first glance may appear cheaper, this is often only for certain networks and you have to pay a monthly charge. Even if calls are slightly more expensive on pay as you go phones, there is no monthly charge and most importantly you won't be faced with a huge bill that you can't pay.

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4.

It is ok to have more than 1 student bank account.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
It shouldn't be possible to open more than 1 student account but if you do manage it, it is unlikely that you will get away with it for long. Once the bank becomes aware of this, one of the accounts will be turned into an ordinary account and any free overdraft facility will be quickly removed and turned into a loan and you will start to receive hefty repayment demands.

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5.

You need some extra cash while out and about. What's the cheapest way of getting it?
- A.
  
  Withdraw some money from a cash machine using a debit card
- B.
  
  Withdraw some money from a cash machine using a credit card
- C.
  
  They're both the same
Correct Answer
A. Withdraw some money from a cash machine using a debit card

Explanation
Using your debit card will be cheaper than your credit card, which will charge you a fee for making the withdrawal.

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6.

Credit cards which ask you to only repay a small amount of your balance every month (e.g. 2%) offer the best deal.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Whilst this may appear tempting, remember that the longer it takes for you to pay off your credit card balance, the more interest will be added onto your balance and therefore the longer it will take to pay off and the more expensive it will be.

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7.

Which is the worst pound for pound deal on boxes of cereals?
- A.
  
  Buy 2 get 1 free
- B.
  
  Get 40% extra free
- C.
  
  Get 33% off the price
Correct Answer
B. Get 40% extra free

Explanation
Supermarkets use a variety of tactics to try and encourage customers to spend more money by offering special deals. Before making your purchase try to check the cost per 100 grams as special offers may not always be the cheapest. Also don't purchase more food than you will actually need (unless it has a long expiry date!).

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8.

Which type of card allows you to both withdraw funds from cash machines and pay in shops or online?
- A.
  
  Debit card
- B.
  
  Cash card
- C.
  
  Store card
Correct Answer
A. Debit card

Explanation
Debit cards can be used to withdraw cash and also pay for goods and services in stores or online using funds from your bank account. Cash cards can normally only be used to withdraw cash. Store cards are a type of credit card specific to a particular store and charge interest sometimes as high as 30%.

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9.

Can your student ID card can be used to obtain discounts at shops, bars, restaurants and the cinema?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

Explanation
As a student you are entitled to many discounts such as those listed above. If in doubt - ask the retailer!

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10.

You have completed a student budget planner and discover you have a shortfall in your income and expenditure, should you:
- A.
  
  Consider taking on a part time job to supplement your income
- B.
  
  Review your spending to see if you can make savings or budget better
- C.
  
  Both of the above
Correct Answer
C. Both of the above

Explanation
You should consider completing a budget planner at the outset of your studies. Information on the University's website will help you. Try to plan how much you spend each week. During the first few weeks of your studies keep receipts and calculate how much you are actually spending. If you find you are overspending on your budget, look to make cutbacks or consider getting a part time job. The University's Careers Service can offer help and advice on getting part time work alongside your studies.

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11.

Your next student loan instalment is due in a week, but you need some money to tide you over until then. What is the best way to get some emergency cash?
- A.
  
  Dip into your student overdraft.
- B.
  
  Try and cut down on non-essentials & economise your spending, ask your parents/family to lend you some money.
- C.
  
  Borrow some money from a payday loan company.
Correct Answer
B. Try and cut down on non-essentials & economise your spending, ask your parents/family to lend you some money.

Explanation
Although most student accounts have free overdrafts up to a certain limit, it is not reccommended to use your overdraft as a source of extra cash. Making and sticking to a budget is the tried and test way to keep your control of your expenditure.
Payday loans may seem tempting and a quick and easy solution to money problems, but interest rates are often as high as 6000% APR!!!

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12.

You can use your student ID card online to get student discounts.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
You must have an NUS Extra card as most shops require you to enter the card number in order to receive your student discount.

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13.

Supermarket fruit & veg is always the cheapest.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Local fruit & veg stalls are often cheaper & of higher quality, and you will often get a lot more for your money with less packaging as well!

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Feb 06, 2024

Quiz Edited by
ProProfs Editorial Team
May 29, 2012

Quiz Created by
Katieurnevitch

University Of Manchester Money Quiz

It is free to use the vast majority of banks' cash machines no matter who you bank with.

Going to a major supermarket is always the cheapest way of shopping.

A contract phone tends to be better value than a pay as you go phone as the calls tend to be cheaper.

It is ok to have more than 1 student bank account.

You need some extra cash while out and about. What's the cheapest way of getting it?

Credit cards which ask you to only repay a small amount of your balance every month (e.g. 2%) offer the best deal.

Which is the worst pound for pound deal on boxes of cereals?

Which type of card allows you to both withdraw funds from cash machines and pay in shops or online?

Can your student ID card can be used to obtain discounts at shops, bars, restaurants and the cinema?

You have completed a student budget planner and discover you have a shortfall in your income and expenditure, should you:

Your next student loan instalment is due in a week, but you need some money to tide you over until then. What is the best way to get some emergency cash?

You can use your student ID card online to get student discounts.

Supermarket fruit & veg is always the cheapest.