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OCNL Financial Inclusion

A Budgeting Guide for Everyone – Start Here!

Income and Expenditure

What’s your income?

Add up your spending

Distinguishing between ‘needs’ and ‘wants’

Track Your Spending and Progress

What do you mean by Credit?

Debts vs Savings

Saving for Rainy Days

Understanding Interest: Different Types of Charges

Savings vs Investments

How to spot fraudulent investment schemes!

Guides for Managing Your Finances

Money Fitness Quiz – How fit are you?

Personal Budgeting and Managing Money – Credit Value1 – Start your OCN London Qualification Here!

Money Fitness Quiz – How fit are you?

OCNL Financial Inclusion
A Budgeting Guide for Everyone – Start Here!
Money Fitness Quiz – How fit are you?

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Question 1 of 10

1. Question

The Annual Equivalent Rate (AER) shows you

the overall interest money in a savings account will earn over a year
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the equivalent rate of the cost of living between the UK and Oversees
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The overall cost of a loan over its term
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Question 2 of 10

2. Question

When buying a car, which of these options results in you owning it from the outset?

Taking out a hire purchase agreement
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Paying for it from your savings
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Using a personal leasing arrangement
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Question 3 of 10

3. Question

Why is compound interest good for your savings?

Because it’s a higher rate than a fixed rate
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Because you don’t have to pay tax on it
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Because your money grows from interest being added onto interest
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Question 4 of 10

4. Question

Why is your credit rating important?

It helps lenders decided whether to lend you money and at what rate
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It helps you get promoted at your next review board
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It puts you further up the list for Social Housing accommodation
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Question 5 of 10

5. Question

You won’t incur any charges if you pay your bills by Direct Debit

True, no matter how much money you have in your account
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True, so long as there is money in your account
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False, you have to pay a fee for each Direct Debit made
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Question 6 of 10

6. Question

You can’t leave anything in your will to the witnesses of your will

True, you can’t leave something to the witnesses, but you can to an executor
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False, you can leave something to your witness but not the executor(s)
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False, you can, so long as they are not related to you
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Question 7 of 10

7. Question

Which is not true of loan sharks?

They charge very high-interest rates
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They have a Consumer Credit Licence and are legal lenders
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They will harass and threaten you if you get behind with payments
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Question 8 of 10

8. Question

Which plastic card doesn’t let you get into debt?

A Credit card – it lets you buy what you want now and pay for it later
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A Debit card – it lets you buy what you want and the money is taken from your bank account
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A pre-paid card – it lets you spend only the amount pre-loaded on the card
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Question 9 of 10

9. Question

You can’t cancel a power of attorney once you’ve set one up

False, you can cancel it but only within 3 months of setting it up
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False, you can cancel it at any time, so long as you are in good mental health
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True, it stays in place until you die
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Question 10 of 10

10. Question

Term life insurance pays out when you die

True, it pays out to your spouse only, whenever you die
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False, it only pays out if you die within the specified term
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True, it pays out a lump sum to your family and dependents whenever you die
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