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Oak CitizenshipTest · Citizenship

What are the implications of borrowing money?

The starter and exit quiz of the lesson “What are the implications of borrowing money?”, from the unit “How can we manage money well?” (Year 9 Citizenship) by Oak National Academy.

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Oak National Academy

12 questions

  1. Match the words to their correct definitions.
  2. Various bank accounts serve different purposes, like ___ accounts for spending and savings accounts for storing money.
  3. The main types of payments we can use includes ___, debit cards, credit cards and digital payments.
  4. What tasks does financial responsibility involve?
  5. What is the focus of ethical banking?
  6. Why is it important to avoid unnecessary debt?
  7. What can happen if you borrow money through credit cards?
  8. Match the words to the correct definition.
  9. Borrowing money can be part of budgeting sensibly and learning to be ___ by always paying loans back on time.
  10. What are loan sharks?
  11. Overdrafts can lead to ___ fees if not repaid quickly.
  12. What is a potential result of taking out long-term loans?

License: OGL