What Do You Know About Money?

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| By NorfolkCreditUni

NorfolkCreditUni

Community Contributor

Quizzes Created: 1 | Total Attempts: 475

| Attempts: 475

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1/10 Questions

Does Money grow on trees?
- True
- False

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.

2.

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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3.

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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1
4.

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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1
5.

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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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.

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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8.

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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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?
- 10 years
- 20 years
- 40 years
Correct Answer

A. 40 years

Explanation

you pay back £6300 in interest

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10.

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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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

What Do You Know About Money?

Does Money grow on trees?

Quiz Preview

Companies are there to help you?

Setting and sticking to a budget is good?

All debt is bad?

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

What is Debt?Debt is where you borrow money from someone, so you now owe them money and have to pay it back?

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

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

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?

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