Advice Area - Financial Quiz

Q. Where a man dies intestate (with no will) leaving a wife and 2 children what is the maximum sum she is entitled to under the intestacy laws?

1. £500,000
2. £125,000
3. £200,000
4. His entire estate

Answer. £200,000 The rules have changed

Q. What sort of Will should you make if you have a villa in Spain?

1. An English will is fine as it covers Spanish property too
2. Make a Spanish will with an English-speaking Spanish lawyer
3. Make an English will with a solicitor who speaks Spanish
4. You do not need any kind of will in Spain

Answer. Make a Spanish will with an English-speaking Spanish lawyer

Q. Which of the following is true?

1. A husband can witness his wife's will if he is not a beneficiary
2. A husband can witness his wife's will if he is not an executor
3. A husband can never be a witness to his wife's will
4. A husband can witness his wife's will if he is not a beneficiary or an executor

Answer. A husband can never be a witness to his wife's will

Q. After A day, what size will a pension pot have to be before a 55% tax is imposed in tax year 10/11?

1. £2m
2. £900,000
3. £1.8m

Answer. £1.8m

Q. Since 6th April 2006, how many pensions will you be able to have?

1. One
2. Two
3. Three
4. As many as you like

Answer. As many as you like

Q. If you are aged 43 and male now, at what age could you expect to receive your basic state pension?

1. Age 65
2. Age 66
3. Age 67
4. Age 68

Answer. Age 66 but watch this space, it could be later.

Q. If the stock market crashed, which of the following could fall in value?

1. Mini cash ISA
2. Equity ISA
3. Bank or Building Society current account
4. Bank or Building Society savings account

Answer. Equity ISA

Q. What is the maximum amount you can save into a cash Isa for the Tax Year ending April 2011?

1. £1,200
2. £2,000
3. £3,600
4. £4,400
5. £5,100

Answer. £5,100

Q. If the inflation rate is 5% and the interest rate you get on your savings is 3%, what will your saved money be worth in one year's time?

1. Less than now
2. More than now
3. The same
4. Don’t know

Answer. Less than now

Q. How much is the basic state pension per week for a single person in 2010?

1. £64.25
2. £87.30
3. £97.65
4. £124.25

Answer. £97.65

Q. How much are you likely to need to save each month from age 30 to build a £20,000-a-year pension by the time you're 65

1. £65
2. £125
3. £300
4. £460

Answer. £460

Q. When do you have to start paying off a student loan?

1. Immediately a course finishes
2. Once you get a job whatever the salary is
3. Once you start earning at least £15,000
4. Once you start earning at least £20,000

Answer. Once you start earning at least £15,000

Q. Many credit cards allow you to make a minimum repayment of just 2% a month. If you borrowed £1,000 on a typical credit card and made the minimum repayment, how long would it take to repay the debt?

1. About 10years
2. About 20 years
3. About 30 years
4. More than 50 years

Answer. More than 50 years

Q. If you took out a £1,000 loan to buy a car, to be repaid over two years at a rate of 6.9%, what is the total amount you would have to pay back?

1. £1,071
2. £1,171
3. £1,271
4. £1,371

Answer. £1,171

 Q. The now-obsolete institution of the Exchequer was established in Norman times: why was it named so?

1. Because a chequered board was used in the totting up of finances
2. Because monies it received were handed down from ('ex') the King's warrants or 'cheques'
3. Because the rooms it was housed in were decorated in a chequered pattern

Answer. Because a chequered board was used in the totting up of finances

Q. The Exchequer wasn't always as 'prudent' as modern Chancellors like to present themselves. In 1433, war with France led to a deficit of £30,000 – the equivalent of how much today?

1. £1bn
2. £10bn
3. £100bn

Answer. £100bn

Q. Where does the name 'Budget' come from?

1. The Latin 'bodgare' - 'to distribute'
2. The old French 'bougette' - a little bag used to hold financial documents
3. 'Budget' already existed as a word in English meaning 'to save or balance' before 'the Budget' came into being

Answer. The old French 'bougette' - a little bag used to hold financial documents

Q. Why was the Chancellor of the Exchequer sent to the Tower of London in 1720?

1. The bursting of the South Sea Bubble had bankrupted thousands of investors
2. He collapsed drunk halfway through his speech
3. King George I suspected him of undermining the Treasury's finances in order to

Answer. The bursting of the South Sea Bubble had bankrupted thousands of investors

 Q. Which of these is NOT true?

1. Disraeli made his 1867 speech record-breakingly short because he had a luncheon appointment with a Czech countess
2. William Pitt the Younger threw up behind the Speaker's Chair
3. Derick Heathcoat-Amory collapsed in 1960 having failed to eat anything but a poached egg for days

Answer. Disraeli made his 1867 speech record-breakingly short because he had a luncheon appointment with a Czech countess

Q. Why did Hugh Dalton resign the day after his Budget Speech in 1947?

1. He had leaked details of his speech in the morning and they appeared in the papers while his speech was being made
2. He was caught in flagrante with his No. 11 cleaner the evening after his speech
3. He placed a surprise tax on horseracing and PM Clement Attlee, who was a very keen punter, thought it would be disastrous for the economy

Answer. He had leaked details of his speech in the morning and they appeared in the papers while his speech was being made

Q. Gladstone holds the record for the longest speech at nearly 5 hours - but with what did he keep himself refreshed?

1. A pint of creme de menthe
2. A mixture of sherry and egg
3. A decanter of claret

Answer. A mixture of sherry and egg

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