How well can you score on our personal finance quiz?

How much do you know about personal finance?

We are all looking for something to do during lockdown, so we thought we’d help you kill some time and test your personal finance knowledge at the same time. Let us know how you did in the comments!

1. Which of the following will help your credit?
   a) Setting up new accounts often
   b) Registering to Vote
   c) Checking your credit score
   d) None of the above
2. What is the minimum amount of income you need to be allowed to pay tax?
   a) £10,500
   b) £15,00
   c) £12,500
   d) £13,00
3. Which type of bank account is a good option for people who might not be eligible for other kinds of accounts because of bad credit or other issues, allows you to pay bills and receive wages but doesn’t have access to overdraft?
   a) Jamjar accounts
   b) Fee-free accounts
   c) Package accounts
   d) Standard current accounts
4. How much can you save in an ISA this year?
   a) £20,000
   b) £15,000
   c) £50,500
   d) £35,500
5. What is credit?
   a) money received
   b) income from selling goods or services
   c) an entry on the right−hand side in a double−entry bookkeeping system
   d) All of the above
6. What is the income (per month) threshold to have to pay back a plan 1 student loan?
   a) £2,214
   b) £1,948
   c) £1,615
   d) £3,547
7. How many months of expenses do experts think you should have in your emergency fund?
   a) 3-6 months
   b) 2-4 months
   c) 8-10 months
   d) 9-12 months
8. What are the categories and percentages in the 50-30-20 budgeting rule?
   a) 50% wants, 30% savings, 20% needs
   b) 50% savings, 30% needs, 20% wants
   c) 50% needs, 30% wants, 20% savings
   d) None of the above
9. If you put £1,000 in an investment portfolio that produces 5% interest, after 4 years, how much money would you have?
   a) £1130.87
   b) £1200.00
   c) £1507.86
   d) £1215.51
10. True or False: You shouldn’t worry about investing your money until you are older.
    a) True
    b) False

Answers:

1. b (Registering to Vote), 2. c (£12,500), 3. b (fee-free accounts), 4. a (£20,000), 5. d (all of the above) 6. c (£1,615), 7. a (3-6 months), 8. c (50% needs, 30% wants, 20% savings), 9. d (£1215.51), 10. b (False)

If you want to learn more about personal finance, here is a list of our favourite personal finance books of 2020.