What Do You Know About Money?
Questions and Answers
- 1.
Does Money grow on trees?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
We all wish!Rate this question:
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- 2.
Companies are there to help you?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
They are there to make money out of you!Rate this question:
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- 3.
Setting and sticking to a budget is good?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Keeping a track on your spending is always a good idea.Rate this question:
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- 4.
All debt is bad?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
We will all need to borrow money at some point in our life, a mortgage isn't a bad debt.Rate this question:
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- 5.
When you take out a loan the lower the interest rate the less you pay in total?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
When you take out a loan, the interest rate determines the additional amount you have to pay on top of the principal amount borrowed. A lower interest rate means that the additional amount you have to pay is reduced. As a result, the total amount you have to repay over the course of the loan is lower when the interest rate is lower. Therefore, the statement "the lower the interest rate the less you pay in total" is true.Rate this question:
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- 6.
What is Debt?Debt is where you borrow money from someone, so you now owe them money and have to pay it back?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Debt refers to the act of borrowing money from someone, resulting in an obligation to repay the borrowed amount. Therefore, the statement "Debt is where you borrow money from someone, so you now owe them money and have to pay it back" accurately describes the concept of debt. Hence, the correct answer is True.Rate this question:
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- 7.
One of the most dangerous things you can do with money is consistently spend more than your earn, and borrow to fill the gap?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
by setting a budget you can keep your spending under control.Rate this question:
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- 8.
Store cards will always give you the best rate of interest?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Store cards tend to have a higher interest rate.Rate this question:
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- 9.
You owe £3000 on a credit card with an interest rate of 17.9%, you repay the minimum of 2% on the card, how long will it take you to pay off the debt?
- A.
10 years
- B.
20 years
- C.
40 years
Correct Answer
C. 40 yearsExplanation
you pay back £6300 in interestRate this question:
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- 10.
What is the maximum rate of interest on a Norfolk Credit Union loan?
- A.
16.8% APR per month
- B.
26.8% APR per month
- C.
36.8% APR per month
Correct Answer
B. 26.8% APR per monthExplanation
YES! that's right! just 26.8% APR per month.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 20, 2023Quiz Edited by
ProProfs Editorial Team -
Dec 21, 2010Quiz Created by
NorfolkCreditUni
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