What's covered
Key facts
An ATM is a cash machine that dispenses cash from a bank account.
Apps and spreadsheets make it easier to track a budget over time.
A deficit means spending more than you earn over a period.
Interest expressed as a percentage of a year is called the annual rate.
A games console for a bedroom is a "want"; a winter coat, basic groceries and home heating are "needs."
A bank or building society account is a safe place to keep money for short-term saving.
An automatic monthly transfer to a savings account helps a person stick to a long-term saving goal.
A bank statement is a document that records money flowing in and out of a bank account in a given period.
A budget is a written plan for income and expenditure over a period.
A weekly spending diary helps a teenager spot wasteful spending that can be cut.
Sample questions
A taste of the 78 questions in this topic — answers marked. Sign up to practise the full set with spaced repetition.
Which type of account is mainly designed to earn interest?
- •Cash machine receipt
- •Current account
- ✓Savings account
- •Standing order
Which is the first step in making a personal budget?
- •Borrow as much as possible from a bank
- ✓List all sources of income for the period
- •Spend all the money on day one
- •Throw away the receipts from the month
Which is an example of expenditure for a teenager?
- •Being given a present
- ✓Buying a takeaway pizza
- •Earning money at a Saturday job
- •Receiving pocket money
Who pays interest on a personal loan?
- •Other customers at the same bank
- •The bank that lends the money
- ✓The person borrowing the money
- •The shop that sells the goods
Which is an example of a basic need?
- •A designer trainer set
- ✓Drinking water
- •The newest mobile phone
- •Tickets to a concert
Where is a safe place to keep money for short-term saving?
- ✓A bank or building society account
- •Buried in a friend's back garden
- •Hidden under a paving stone
- •Loose in a school locker
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