Q.1
Which of the following expenses is not an essential one?
  • Rental payments or mortgage for your home
  • Gym membership payments
  • Utility bills (gas / water / electricity etc.)
  • Maintenance for your car (petrol / tax / repairs)
Q.2
Which of these is a benefit of saving some of your income regularly?
  • You will have money to cover the cost of any emergencies
  • It helps to prepare for your retirement
  • It helps you to get a mortgage
  • All of the above
Q.3
Which of the following is not a source of income?
  • Wages
  • Interest on loan
  • Benefits
  • Interest on savings
Q.4
To work out a budget, you need to add up all your income and then remove what?
  • Your savings
  • Your tax
  • Your bills
  • Your expenses
Q.5
Debt is bad and saving is good. If you owe money which of these is the best option?
  • Take out a loan so that you can pay off your debt
  • Pay off the debt first then start saving
  • Start saving so that you can pay off the debt
  • All of the above
Q.6
Before calculating a budget for yourself, you should gather bank statements, wage slips and bills from the last…
  • Few days
  • Few weeks
  • Few months
  • Few years
Q.7
If we need a loan then we have to pay back more than we borrow. A loan of £10,000 over five years would typically cost us how much extra money?
  • About £500
  • About £1,000
  • About £2,000
  • About £5,000
Q.8
If your essential monthly expenditure is £800, what will your disposable income be if your monthly hours, paid at £10.50 an hour, drop from 120 to 80?
  • £40
  • £120
  • £240
  • £460
Q.9
After you have made a budget, how often should you revisit and if necessary update it?
  • It depends
  • Every week
  • Every month
  • Every year
Q.10
Janine has £300 income per week. Her rent is £150, her bills £50, her food costs £70 and her weekly night out costs £Which of these needs to be cut back?
  • Her night out
  • Her food
  • Her rent
  • Her bills
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