Risks of online financial lending

This lesson explores the risk of online financial lending.

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Quiz:

Intro quiz - Recap from previous lesson

Before we start this lesson, let’s see what you can remember from this topic. Here’s a quick quiz!

Q1.You are surfing the web when you see an advert. It says that you can earn £10,000 a month and can choose your own hours. The only thing is you have to pay £500 to start. Is this a scam?

Most probably.Possibly.Unlikely.No.

1/5

Q2.To work out a budget, you need to add up all your income and then remove what?

Your savings.Your tax.Your bills.Your expenses

2/5

Q3.Which of the following is not a source of income?

Wages.Interest on loan.Benefits.Interest on savings.

3/5

Q4.Which of these is a benefit of saving some of your income regularly?

You will have money to cover the cost of any emergencies.It helps to prepare for your retirement.It helps you to get a mortgage.All of the above

4/5

Q5.Janine has £300 income per week. Her rent is £150, her bills £50, her food costs £70 and her weekly night out costs £50. Which of these needs to be cut back?

Her night out.Her food.Her rent.Her bills.

5/5

This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >

Quiz:

Intro quiz - Recap from previous lesson

Before we start this lesson, let’s see what you can remember from this topic. Here’s a quick quiz!

Q1.You are surfing the web when you see an advert. It says that you can earn £10,000 a month and can choose your own hours. The only thing is you have to pay £500 to start. Is this a scam?

Most probably.Possibly.Unlikely.No.

1/5

Q2.To work out a budget, you need to add up all your income and then remove what?

Your savings.Your tax.Your bills.Your expenses

2/5

Q3.Which of the following is not a source of income?

Wages.Interest on loan.Benefits.Interest on savings.

3/5

Q4.Which of these is a benefit of saving some of your income regularly?

You will have money to cover the cost of any emergencies.It helps to prepare for your retirement.It helps you to get a mortgage.All of the above

4/5

Q5.Janine has £300 income per week. Her rent is £150, her bills £50, her food costs £70 and her weekly night out costs £50. Which of these needs to be cut back?

Her night out.Her food.Her rent.Her bills.

5/5

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This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >

Quiz:

Risks of online financial lending

Don’t worry if you get a question wrong! Forgetting is an important step in learning. We will recap next lesson.

Q1.If we need a loan then we have to pay back more than we borrow. A loan of £10,000 over five years would typically cost us how much extra money?

About £500.About £1,000.About £2,000.About £5,000.

1/5

Q2.Debt is bad and saving is good. If you owe money which of these is the best option?

Take out a loan so that you can pay off your debt.Pay off the debt first then start saving.Start saving so that you can pay off the debt.All of the above.

2/5

Q3.If your essential monthly expenditure is £800, what will your disposable income be if your monthly hours, paid at £10.50 an hour, drop from 120 to 80?

£40.£120.£240.£460.

3/5

Q4.Where would be the best place to keep your savings?

In a safe.In a bank.Under a floorboard.Under the mattress.

4/5

Q5.Why must you be careful when you take out a personal loan?

The money may belong to a loan shark.The money must be repaid and interest rates may be high.You might use the money to fund a car purchase.

5/5

This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >

Quiz:

Risks of online financial lending

Don’t worry if you get a question wrong! Forgetting is an important step in learning. We will recap next lesson.

Q1.If we need a loan then we have to pay back more than we borrow. A loan of £10,000 over five years would typically cost us how much extra money?

About £500.About £1,000.About £2,000.About £5,000.

1/5

Q2.Debt is bad and saving is good. If you owe money which of these is the best option?

Take out a loan so that you can pay off your debt.Pay off the debt first then start saving.Start saving so that you can pay off the debt.All of the above.

2/5

Q3.If your essential monthly expenditure is £800, what will your disposable income be if your monthly hours, paid at £10.50 an hour, drop from 120 to 80?

£40.£120.£240.£460.

3/5

Q4.Where would be the best place to keep your savings?

In a safe.In a bank.Under a floorboard.Under the mattress.

4/5

Q5.Why must you be careful when you take out a personal loan?

The money may belong to a loan shark.The money must be repaid and interest rates may be high.You might use the money to fund a car purchase.

5/5

Lesson summary: Risks of online financial lending

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This was the final lesson in the unit Internet safety and harms: Gambling, debt and targeted advertising.

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