Managing Personal Finances crew week 1

• Personal Development
• Special Education

List all the places you could receive money from on a weekly basis.

List all the things you could spend money on during an average week.

How can you check how much money you have in your bank account?

1. ATM/cashpoint
2. Visiting your bank/building society branch
3. Logging on to online banking
4. Mobile banking app

What is the term used to describe your bank account if the balance drops below £0?

1. Under-balance
2. Over-balance
3. Overdraft
4. Bank draft

Which of the following forms of borrowing do you think has the highest risk associated with it?

1. Loan shark
2. Mortgage
3. Credit card
4. Payday loan

What does the term Annual Percentage Rate (APR) mean in relation to a credit card?

1. The minimum you must repay
2. The annual income that you must use to repay credit card debts
3. The interest rate you pay for borrowing
4. The amount you can borrow without paying interest

Why is your credit rating important?

1. Your rating is needed to get a loan
2. It can impact on the interest rate
3. You need a good rating to get a mortgage
4. It lasts for six years