Ooh, it's a tough one this year! If several days of mince pies and Christmas telly have turned your thoughts to mush, our annual personal finance quiz could be just the thing to sharpen you up again. Test your personal finance knowledge by answering the questions below.
This year, independent financial advisors Lawrence Miller & Co have teamed up with Moneywise to bring you 15 personal finance questions.
Get these right and you'll have a fantastic knowledge of tax allowances, passing on wealth, and how to calculate interest.
Let us know how you did in the comments below.
1) Under consumer regulations, how many days do you have to cancel a service that you bought online?
a. 10 days
b. 14 days
c. 28 days
2) How much savings interest can a basic-rate taxpayer earn before paying tax?
3) What percentage of a basic-rate taxpayer’s monthly pay is deducted as their National Insurance Contribution?
4) You have a credit card balance of £1,000 with an APR of 18.9%. If you pay off £20 a month, how long will it take to clear your balance?
a. Over 3 years
b. Over 5 years
c. Over 7 years
5) How much interest will you pay?
6) Which of these is “is an instruction to your bank to release money from your account to pay another account automatically, where the biller (rather then you) has control over the amount”?
a. Standing Order
b. Direct Debit
7) What is the cash ISA limit for this tax year?
8) A millennial saves £200 a month for 20 years. They receive an annual rate of interest of 3% per annum. What is the total amount of interest they will have received on their savings?
a. Over £6,500
b. Over £13,000
c. Over £17,500
9) Section 75 of the Consumer Credit Act offers protection on services and goods worth between:
a. £100 and £10,000
b. £100 and £30,000.
c. £100 and £100,000
10) If you buy a property, over what threshold do you start paying stamp duty?
a. There is no threshold it begins immediately
11) What is the current standard tax-free lifetime allowance for pension contributions before?
12) What is the basic state pension worth per annum?
13) Can someone inherit the ISA savings of their partner/spouse?
14) What is the maximum amount – per person or per firm – that the Financial Services Compensation Scheme (FSCS) can protect in a standard bank account?
15) To reduce the taxable value of a potential inheritance, how much can be given away each year to be certain of not being taxed?
Answers: 1)14 days, 2) £1,000, 3)12%, 4) Over 7 years, 5)£800, 6) Direct Debit, 7) £20,000, 8) Over £17,500, 9) £100 and £30,000 10) £125,000, 11) £1,055,000, 12) £6,718.40, 13) Yes, 14) £85,000, 15) £3,000,