12jwrig
Quiz by , created more than 1 year ago

A quick test on your knowledge of business and ifs content

12
0
0
12jwrig
Created by 12jwrig over 8 years ago
Close

Business studies test

Business studies test

Question 1 of 10

1

An account typically used for day to day finances is known as a:

Select one of the following:

  • Deposit account

  • Savings account

  • Current account

  • Share account

Explanation

Question 2 of 10

1

Saving accounts are primarily offered by building societies.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 10

1

Tick all the borrowings that are classed as good debt.

Select one or more of the following:

  • Buy a property

  • Buy a smart phone

  • Buy food

  • Pay for a holiday

Explanation

Question 4 of 10

1

Fill the blank spaces to complete the text.

Josie needs to buy a train ticket to London, She decides to purchase a ticket face-to-face to avoid charges. However if she would of decided to purchase the ticket she might have been charged with the hidden cost of delivery.

Johnny, Josie's brother is starting high school and has been given a sum of £150 from his Grandma as a celebration gift. Josie is trying to educate Johnny on Value for money which means getting the goods for the money . On the majority of goods Value added tax (VAT) is charged at she informs johnny of this too.

Explanation

Question 5 of 10

1

Which of the following is the best short term borrowing solution for a person needing to get their car repaired?

Select one of the following:

  • Overdraft

  • Personal Loan

  • Store card

  • Mortgage

Explanation

Question 6 of 10

1

Excessive borrowing has the greatest negative impact on a solid foundation for economic growth.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 10

1

Steve's boiler has broken down. The repair company has been unable to fix the problem and has advised him that he needs to have a new one installed. It has quoted him £2,000. Steve has looked online and found that the majority of companies charge around £2,000. He feels this is a fair price. The repair company has also said that it has an insurance scheme he can join where, if he pays £20 a month, they will come out and sort any problems with the boiler for as long as he remains a member of the scheme. Steve thinks it is a good idea but, as he is already on a tight budget, he is unsure where he can find the extra £20 a month to pay for it. Steve's main expenditure items are his mortgage payments, household bills, car running costs and gym membership.

Which of the following items of expenditure could Steve give up to raise funds to join the boiler insurance scheme?

Select one of the following:

  • Car insurance

  • Council tax

  • Road tax

  • Gym membership

Explanation

Question 8 of 10

1

Steve's boiler has broken down. The repair company has been unable to fix the problem and has advised him that he needs to have a new one installed. It has quoted him £2,000. Steve has looked online and found that the majority of companies charge around £2,000. He feels this is a fair price. The repair company has also said that it has an insurance scheme he can join where, if he pays £20 a month, they will come out and sort any problems with the boiler for as long as he remains a member of the scheme. Steve thinks it is a good idea but, as he is already on a tight budget, he is unsure where he can find the extra £20 a month to pay for it. Steve's main expenditure items are his mortgage payments, household bills, car running costs and gym membership.

Which of the following would be the ideal solution for paying off Steve's new boiler?

Select one of the following:

  • Overdraft

  • Payday loan

  • Personal loan

  • Emergency fund

Explanation

Question 9 of 10

1

Steve's boiler has broken down. The repair company has been unable to fix the problem and has advised him that he needs to have a new one installed. It has quoted him £2,000. Steve has looked online and found that the majority of companies charge around £2,000. He feels this is a fair price. The repair company has also said that it has an insurance scheme he can join where, if he pays £20 a month, they will come out and sort any problems with the boiler for as long as he remains a member of the scheme. Steve thinks it is a good idea but, as he is already on a tight budget, he is unsure where he can find the extra £20 a month to pay for it. Steve's main expenditure items are his mortgage payments, household bills, car running costs and gym membership.

If Steve decided to borrow, his best course of action if interest rates rise in the near future will be to cut back:

Select one of the following:

  • on his discretionary spending

  • his working hours

  • on his mandatory spending

  • on his loan repayments

Explanation

Question 10 of 10

1

Steve's boiler has broken down. The repair company has been unable to fix the problem and has advised him that he needs to have a new one installed. It has quoted him £2,000. Steve has looked online and found that the majority of companies charge around £2,000. He feels this is a fair price. The repair company has also said that it has an insurance scheme he can join where, if he pays £20 a month, they will come out and sort any problems with the boiler for as long as he remains a member of the scheme. Steve thinks it is a good idea but, as he is already on a tight budget, he is unsure where he can find the extra £20 a month to pay for it. Steve's main expenditure items are his mortgage payments, household bills, car running costs and gym membership.

If Steve decided to borrow to fund his boiler purchase, which of the following products would take the most out of his monthly budget?

Select one of the following:

  • Credit card

  • Payday loan

  • Overdraft

  • Personal loan

Explanation

Previous
Next