The Great Personal Finance Quiz 2019
Test your personal finance knowledge by answering the questions below.
27th December 2019 11:25
by Brean Horne from interactive investor
Test your personal finance knowledge by answering the questions below.
1) Under consumer regulations, how many days do you have to cancel a service that you bought online?
a. 10 days
b. 14 days
c. 28 days
2) How much savings interest can a basic-rate taxpayer earn before paying tax?
a. Nil
b. £1,000
c. £5,000
3) What percentage of a basic-rate taxpayer’s monthly pay is deducted as their National Insurance Contribution?
a. 5%
b. 9%
c. 12%
4) You have a credit card balance of £1,000 with an APR of 18.9%. If you pay off £20 a month, how long will it take to clear your balance?
a. Over 3 years
b. Over 5 years
c. Over 7 years
5) How much interest will you pay?
a. £400
b. £800
c. £1200
6) Which of these is “is an instruction to your bank to release money from your account to pay another account automatically, where the biller (rather then you) has control over the amount”?
a. Standing Order
b. Direct Debit
7) What is the cash ISA limit for this tax year?
a. 10,000
b. 15,000
c. 20,000
8) A millennial saves £200 a month for 20 years. They receive an annual rate of interest of three per cent per annum. What is the total amount of interest they will have received on their savings?
a. Over £6,500
b. Over £13,000
c. Over £17,500
9) Section 75 of the Consumer Credit Act offers protection on services and goods worth between:
a. £100 and £10,000
b. £100 and £30,000.
c. £100 and £100,00
10) If you buy a property, over what threshold do you start paying stamp duty?
a. There is no threshold it begins immediately
b. £125,000
c. £350,000
11) What is the current standard tax-free lifetime allowance for pension contributions before?
a. £255,000
b. £1,055,000
c. £2,555,000
12) What is the basic state pension worth per annum?
a. £6,718.40
b. £11,194.20
c. £16,458.80
13) Can someone inherit the ISA savings of their partner/spouse?
• Yes
• No
14) What is the maximum amount – per person or per firm – that the Financial Services Compensation Scheme (FSCS) can protect in a standard bank account?
a. £85,000
b. £250,000
c. £1,000,000
15) To reduce the taxable value of a potential inheritance, how much can be given away each year to be certain of not being taxed?
a. £3,000
b. £7,000
c. £20,000
Answers: 1)14 days, 2) £1,000, 3)12%, 4) Over 7 years, 5)£800, 6) Direct Debit, 7) £20,000, 8) Over £17,500, 9) £100 and £30,000 10) £125,000, 11) £1,055,000, 12) £6,718.40, 13) Yes, 14) £85,000, 15) £3,000,
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
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