The Money Quiz: How Savvy are you?

GENERAL KNOWLEDGE: 1. What is the maximum amount that the Financial Services Compensation Scheme can protect in a savings account?

Correct! Wrong!

2. Under consumer regulations, how many days do you have to cancel a service that you bought online?

Correct! Wrong!

3. Section 75 of the Conumer Credit Act offers protection on services and goods worth between...

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4. Imagine you're going on holiday and need to exchange £500 into euros. The exchange rate is 1.17 euro to the £1. How many euros will you get for your money?

Correct! Wrong!

5. National Insurance contributions - what percentage is deducted from an employed (basic-rate) taxpayer's monthly pay?

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SAVINGS: 6. What is the cash ISA limit for the tax year 2017-18?

Correct! Wrong!

7. You have a lump sum of £1,000. You place your money in a one-year-fixed-rate bond with an AER of 1.6% and make no withdrawals. How much would you have in total in your account after one year?

Correct! Wrong!

8. If you're married or in a civil partnership, can your spouse or partner inherit your ISA savings when you die?

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9. Which of the following best describes 'peer-to-peer lending'?

Correct! Wrong!

CREDIT CARDS: 10. You have a credit card balance of £1,000 with an APR of 18.9%. You start to pay £20 a month on the card. How long do you think it would take you to clear your balance fully?

Correct! Wrong!

11. Based on the information above, approximately how much interest do you think you'll need to pay in total?

Correct! Wrong!

12. You are looking to transfer an existing credit card balance of £2,500 to a new credit card. The new credit card has an APR of 0% for the first 37 months but a transfer fee of 1.4%. How much will it cost to transfer the balance from your existing credit card to the new credit card?

Correct! Wrong!

INSURANCE: 13. Which do you think is the cheapest way to pay for car insurance?

Correct! Wrong!

14. Which of the following best describes the term 'excess'?

Correct! Wrong!

15. Which of the following best describes 'gap insurance'?

Correct! Wrong!

16. Which of the following best describes the value used to insure a property?

Correct! Wrong!

The Money Quiz: How Savvy are you?
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