What are the implications of borrowing money?
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Key learning points
- In this lesson, we will consider what borrowing is and how it can be used to help us manage money well both within our personal lives and in wider society. We will explore the different kinds of borrowing available including loans, overdrafts and credit, and what each is used for. We will also learn about interest rates and the implications of short, medium and long term borrowing in relation to a range of situations.
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5 Questions
Q1.
When was the first credit card invented?
1940
1960
1970
Q2.
Which type of payment takes money directly from your bank account?
Cash
Credit
Q3.
What is affordability?
Money which is owed.
Money which is paid out for goods or services.
Q4.
What colour is the suitcase which holds the government budget?
Blue
Green
Orange
Q5.
Who is in charge of the treasury?
Pirates.
The education secretary.
The prime minister.
5 Questions
Q1.
What does this describe: "Being given something with the understanding you would giving it back"
Gifting
Theft
Q2.
What is a credit card?
An amount lent for a long period of time (over a year) at a low interest rate.
Non-profit organisation offering low interest borrowing.
Spending above what is available in a debit account.
Q3.
Is projected borrowing for the UK going to be higher or lower this year?
Lower
Q4.
Finish this advice on spending; "If it's too good to be true then..."
...it always is.
...it never is.
Q5.
Which type of lending is illegal?
Credit Card
Payday Loan
Short Term Loan