Savings (Leaving Cert Home Economics): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
What does saving money involve?
What does saving money involve?
Putting aside income for future use
What does financial security mean?
What does financial security mean?
Having a buffer against unexpected costs
Which is an example of an unexpected cost requiring emergency savings?
Which is an example of an unexpected cost requiring emergency savings?
Sudden car repairs
How do savings help avoid debt?
How do savings help avoid debt?
By avoiding credit cards for emergencies
Which is a short-term or long-term financial goal mentioned?
Which is a short-term or long-term financial goal mentioned?
Saving for a home deposit
What does financial stress refer to?
What does financial stress refer to?
Anxiety from money uncertainties
Why do banks pay interest on savings accounts?
Why do banks pay interest on savings accounts?
As a reward for keeping money with them
What is compound interest?
What is compound interest?
Interest on savings and prior interest
Why should you start saving for retirement early?
Why should you start saving for retirement early?
More time for money to grow
How much does the FSCS protect per institution in the UK?
How much does the FSCS protect per institution in the UK?
£85,000
What is a fixed interest rate?
What is a fixed interest rate?
A rate that stays the same for a set period
What is the main benefit of Individual Savings Accounts (ISAs)?
What is the main benefit of Individual Savings Accounts (ISAs)?
All interest is completely tax-free
What is the trade-off with instant access savings accounts?
What is the trade-off with instant access savings accounts?
Can withdraw anytime but lower interest