What Do You Know About Money?

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| By NorfolkCreditUni
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NorfolkCreditUni
Community Contributor
Quizzes Created: 1 | Total Attempts: 534
| Attempts: 547
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  • 1/10 Questions

    Does Money grow on trees?

    • True
    • False
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About This Quiz

Explore key financial concepts with the 'What do you know about money? ' quiz. Assess your understanding of debt, budgeting, loans, and company motives. This quiz is ideal for learners looking to improve their financial literacy and decision-making skills.

What Do You Know About Money? - Quiz

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  • 2. 

    Setting and sticking to a budget is good? 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Keeping a track on your spending is always a good idea.

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  • 3. 

    One of the most dangerous things you can do with money is consistently spend more than your earn, and borrow to fill the gap?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    by setting a budget you can keep your spending under control.

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  • 4. 

    Store cards will always give you the best rate of interest?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Store cards tend to have a higher interest rate.

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  • 5. 

    All debt is bad?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    We will all need to borrow money at some point in our life, a mortgage isn't a bad debt.

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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?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 7. 

    When you take out a loan the lower the interest rate the less you pay in total?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 8. 

    Companies are there to help you?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    They are there to make money out of you!

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  • 9. 

    What is the maximum rate of interest on a Norfolk Credit Union loan?

    • 16.8% APR per month

    • 26.8% APR per month

    • 36.8% APR per month

    Correct Answer
    A. 26.8% APR per month
    Explanation
    YES! that's right! just 26.8% APR per month.

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  • 10. 

    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?

    • 10 years

    • 20 years

    • 40 years

    Correct Answer
    A. 40 years
    Explanation
    you pay back £6300 in interest

    Rate this question:

Quiz Review Timeline (Updated): Sep 24, 2024 +

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

  • Current Version
  • Sep 24, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 21, 2010
    Quiz Created by
    NorfolkCreditUni
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