Personal finance test questions

Rhys wants to open a bank account when he goes to college. He has £10,000 of savings and should be getting £2,500 each month. He has narrowed it down to these three options. At which bank will he get the best deal if he stays with the bank for the whole year?

Here are Ieuan's recent bank transactions:

What is the value of the balance that is missing from his statement?

Gareth is saving to go travelling in his gap year. He needs a total of £1,540.

Gareth earns £200 per month in Burger Express.

15% of his salary goes directly into his savings account.

There is already £940 in his account.

How many months will it take Gareth to save the amount of money he needs?

Sian transferred £5,000 on this deal and managed to pay 24 monthly payments of £50. How much money would she have remaining on her card at this point?

Luc wants to buy a new bike for £500. He has to decide whether to use cash or buy the bike on hire purchase. The offer for hire purchase is a deposit of £65 and then 12 monthly instalments of £60. How much extra would he be paying through the hire purchase scheme?

How much will an apprentice get paid if they are contracted to work a 36-hour week but work an extra five hours on Saturday and three hours on Sunday?

Josh wants a career as a policeman. His starting salary is £23,000.

The salary increments are set out here:

For the first two years £1,000 increment at the end of the year.

For the next three years £1,500 increment at the end of the year.

For the following two years £2,000 increment at the end of the year.

How much will he be earning after seven years?

Questions 8 - 10 are for Intermediate and Higher tier

Lexi is saving for a set of driving lessons which will cost £300. She has decided to invest her money in a savings account that pays a rate of 8% AER. She decides to invest £250 in a savings account for 2 years and take the money out when she turns 17. How much will Lexi have saved?

Amara is hoping to buy a car and needs to take out a £8,050 loan over a three year period. The rate of interest is 5% AER. How much will the interest be?

William is in his first year of an apprenticeship and needs a car to get back and forth to work. He takes out a £6,000 loan over two years. The rate of interest is 4.5% AER. How much will he owe at the end of the two years?