Question 1

Mortgage

Accepted Answer

A long-term loan taken out to cover a large part of the price of a house

Question 2

Pension

Accepted Answer

A fund that pays someone when they retire that they have paid into during their working life

Question 3

ISA

Accepted Answer

A savings account that allows you to save money tax-free

Question 4

Will

Accepted Answer

A document where you specify who or what will inherit your possessions, money and property

Question 5

APR - Annual Percentage Rate

Accepted Answer

This is the rate charged by the lender when borrowing money

Question 6

Debit card

Accepted Answer

A card issued by a bank that can be used to purchase goods or get cash - the money is taken straight from your bank account

Question 7

Credit card

Accepted Answer

A card that allows you to spend money and pay the bank partly or in full later. If the bill is not paid in full you will have to pay interest which can quickly mount up.

Question 8

Current account

Accepted Answer

A bank account for everyday use

Question 9

Income tax

Accepted Answer

An amount the Government takes from your wages to pay for things such as health, education, defence etc

Question 10

VAT

Accepted Answer

The tax on goods or services charged whn you buy something

Question 11

Council tax

Accepted Answer

An amount collected by local government to pay for services such as schools, police, rubbish collection etc

Question 12

Small print

Accepted Answer

Often part of a contract, the terms and conditions

Question 13

Minimum wage

Accepted Answer

The lowest amount a person of a particular age can be paid for any job

Question 14

Salary

Accepted Answer

The amount an employer pays you to work over a year

Question 15

National Insurance

Accepted Answer

The sum on money paid which contributes to your sick pay and state pension

Question 16

Rent

Accepted Answer

This is money paid to the landlord for housing

Question 17

Overdraft

Accepted Answer

An agreement with the bank that allows you to spend more than you have in your account up to an agreed amount

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