Money Make Sense - Borrowing Quiz

What was the total amount borrowed by UK consumers in November 2004?
1. One Million Pounds
2. One Billion Pounds
3. One Trillion Pounds
4. One Trillion Dollars
What is a Loan?
1. An amount of money given to you by a bank
2. An amount of money you borrow from a bank and repay
3. An agreement to spend more money than is currently in your account
4. A separate account for you to spend money from
What does APR stand for?
1. Annual Percentage Rate
2. Annual Protection Rate
3. Actual Percentage Rate
4. Average Percentage Rate
What is Payment Protection Insurance?
1. An insurance which guarantees your wages will still be paid
2. An insurance which protects the bills you pay
3. An insurance against redundancy
4. An insurance which provides amounts of repayment for a loan
An Overdraft is.....
1. An agreement with your bank to take out more money from your account than it currently contains
2. A type of bank account
3. A type of credit card
4. A type of loan
You receive a credit card statement....
1. Once a year
2. Once a month
3. Every two months
4. Once a year
The difference between a charge card and a credit card is...
1. They are provided by different companies
2. A charge card must be repaid in full within a given period
3. They are the same
4. Charge cards are more costly
Store cards can be used....
1. In the same places as credit cards
2. To withdraw money from cashpoints
3. As a form of payment at a certain shop
4. When buying over the phone
When buying goods on Hire Purchase....
1. You own the goods as soon as you buy them
2. You can pay off as much as you like
3. The lender owns the goods until you finish paying for them
4. There is no interest charge for the first 6 months
A mortgage can be used to buy
1. A house or flat
2. A car
3. Anything
4. A boat