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Oxford University Press - Online Resource Centres

Slorach et al: Legal Systems and Skills 3e

Chapter 13: Self-test questions

Instructions

Answer the following questions and then press 'Submit' to get your score.

Question 1

Which one of the following items does not make up part of an individual's income?

Question 2

Which one of the following is not an expense for an individual?

Question 3

For tax purposes, which one of the following statements is correct?

Question 4

Anthony earns £50,000 a year. Inflation during that year is 2%. Which one of the following statements is correct?

Question 5

If an individual uses his savings to buy a house, which one of the following best describes the effect that the purchase of the house has on that individual's wealth?

Question 6

Which one of the following is a secured loan?

Question 7

Angela buys a house for £250,000 with the help of a mortgage from the bank for £150,000. As a result of financial difficulties, she is unable to make the repayments on the loan, and the bank repossesses the house, which is sold at auction for £200,000. How much will Angela get back following the sale of the house?

Question 8

What is APR?

Question 9

Which one of the following will not help you to improve your credit rating?

Question 10

Amrita invests her savings to start up a graduate recruitment business. Her parents lend her £50,000 for the business, which she agrees to repay in 10 years' time. Which one of the following statements is correct?