Financial Choices (3 of 3) - Managing Debt

1. According to the Office for National Statistics (ONS), what was the average salary across the UK in 2020?
1
- £18,900
- £26,700
- £38,600
- £47,500
2. Which of the following best describes the Universal Credit benefit?
1
- It could provide mentoring and a grant to help you start your own business.
- Is a benefit payment to help with living costs and is paid monthly. You may be able to get it if you’re on a low income or out of work.
- Is a tax-free benefit for disabled people who need help with getting around outdoors, and/or personal care indoors
- Is available if you are unable to work due to illness and/or disability.
3. On a payslip, which of these items is likely to appear as a deduction?
1
- Salary
- Car allowance
- Bonus
- Tax paid
4. Which of the following could ALL be considered an essential spend?
1
- Heating, rent & medical bills
- Rent, coffee & holiday flights
- Weekly food shop, birthday presents & cigarettes
- Takeaways, heating and petrol
5. According to the UCAS ‘Spend Student Lifestyle 2020’ Report, how much does the average student spend per week?
1
- £147
- £197
- £247
- £427
6. Which of the following is the best description of a credit score?
1
- A resource that will bring future economic benefit
- An obligation to transfer economic benefit
- The monetary charge for borrowing money
- The representation of ability of a person to fulfil their commitments
7. Which of the two debt payment methods does the following describe; ‘Paying off your debt with the highest interest rate first, then the next highest etc’
1
- Avalanche method
- Snowball method
8. What is the minimum gambling age in the UK (excluding low stake activities)?
1
- 13
- 16
- 18
- 21
9. What are the approximate odds of winning the National Lottery?
1
- 1 in a million
- 1 in 10 million
- 1 in 25 million
- 1 in 45 million
10. Which of the following would likely be considered ‘good debt’ rather than ‘bad debt’?
1
- Borrowing to go on holiday
- Borrowing to acquire a car to get to work
- Borrowing to help a friend out of their financial difficulties
11. What is the potential conviction for ‘money muling’?
1
- Community service
- Difficulty with employment, applying for credit and potential dismissal from higher education and professional bodies
- 5 years in prison plus b
- 14 years in prison plus b
12. Generally speaking, at what age can you first start work in most circumstances, subject to restrictions such as not during school hours and not exceeding 12 hours during term time?
1
- 12
- 13
- 16
- 18

Global Citizenship for PSHE in Schools

Financial Choices (3 of 3) – Managing Debt Quiz

1. According to the Office for National Statistics (ONS), what was the average salary across the UK in 2020?

2. Which of the following best describes the Universal Credit benefit?

3. On a payslip, which of these items is likely to appear as a deduction?

4. Which of the following could ALL be considered an essential spend?

5. According to the UCAS ‘Spend Student Lifestyle 2020’ Report, how much does the average student spend per week?

6. Which of the following is the best description of a credit score?

7. Which of the two debt payment methods does the following describe; ‘Paying off your debt with the highest interest rate first, then the next highest etc’

8. What is the minimum gambling age in the UK (excluding low stake activities)?

9. What are the approximate odds of winning the National Lottery?

10. Which of the following would likely be considered ‘good debt’ rather than ‘bad debt’?

11. What is the potential conviction for ‘money muling’?

12. Generally speaking, at what age can you first start work in most circumstances, subject to restrictions such as not during school hours and not exceeding 12 hours during term time?