1) 1 advantage of paying with a STANDING ORDER is a) can be set for a period of time b) expensive to set up c) YOU (account holder) authorises 2) disadvantages of OVERDRAFTS a) might never win a prize b) interest can be high c) bank can ask for money back at any time ( no agreed time period) 3) advantage of PERSONAL LOANS a) good to buy property with b) interest rate is usually fixed for entire term of the loan ( cant go up) c) at the end of the period the item must go back to the company 4) advantage of HIRE PURCHASE a) imediate use of the item without having to pay in full b) have to hire the item once you own it c) pay no interest d) only the item with be reposed if you fail to pay the repayments 5) savings are a) high risk b) low risk with lower reward than investments 6) Investments are a) the best way to save money b) the only way to save money c) high risk, high reward 7) customer agrees to a contract to acquire an asset by paying an initial instalment and repaying the balance of the price of the asset plus interest over a period. is what way to borrow money a) credit card b) mortgage c) payday loan d) Hire purchase 8) disadvantages of Hire purchase a) interest will make the item more expensive than if paid for outright b) must purchase before you Hire c) you won’t own the item until its fully paid off

personal finance 2

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