1) At least how old do you need to be to sign a contract to borrow money? a) 16 b) 17 c) 18 2) The special kind of loan people take out to buy their home is called a: a) big debt b) mortgage c) bankrupt 3) Gradi owes £300 on his credit card, which has an APR of 15.4%. If he repays £100 per month, it will take him three months to clear the debt. Is this statement true or false? a) True b) False 4) Which financial product is a type of credit agreement? Select one: a) Credit transfer b) Extended insurance policy c) Hire purchase 5) When banks lend money, they risk non-payment of the loan by the customer. Which of the following would mean that the risk of non-payment is lower? Select one: a) The customer has a poor credit history b) The loan is secured on a property c) The rate of inflation is high 6) Store cards sometimes offer customers discounts on their purchases but they are not good value if the customer takes a long time to pay off the debt. Is this statement true or false? Select one: a) True b) False 7) An interest-free credit deal charges interest if the borrower cannot manage to pay the final instalment. Is this statement true or false? Select one: a) True b) False 8) Patricia wants to buy a new laptop costing £600, but she doesn’t have the money. What is the advantage for her if she pays on credit? Select one: a) She can buy the laptop sooner b) She will pay for it out of her future income c) The bank will make a profit from lending her the money 9) A customer borrows £500 from a bank for two years at compound interest of 10%. How much interest will the customer pay over the two years? Select one: a) £100 b) £105 c) £165.50

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