How to use this quiz
A 15-question assessment quiz designed for the end of the KS4 Financial Decisions unit. Total time: 45-55 minutes. Each question has a marking note for teacher use. Use after completing all 6 lessons in the KS4 Financial Decisions unit.
Total marks available: 38. Progression note: A pupil scoring 28+ /38 is ready to begin the KS5 Adult Money unit.
Quiz questions + teacher answer key
Click "Teacher answer + marking note" on each question to reveal the model answer. Print this page (with details expanded) for a paper-based mark scheme, or use on-screen for live marking.
Question 1 (1 mark)
What is the annual ISA limit for 2026/27?
Teacher answer + marking note
Model answer: £20,000
Question 2 (2 marks)
What is the LISA contribution limit per year? What is the government bonus rate?
Teacher answer + marking note
Model answer: £4,000 contribution. 25% government bonus (up to £1,000/year).
Question 3 (3 marks)
A 26-year-old withdraws £5,000 from their LISA for a holiday (not first home, not retirement). What is the penalty?
Teacher answer + marking note
Model answer: 25% withdrawal charge = £1,250. They receive £3,750. Net loss vs putting money in a Cash ISA: ~6.25% of original contribution.
Question 4 (2 marks)
Define APR (Annual Percentage Rate) for credit cards.
Teacher answer + marking note
Model answer: The annual cost of borrowing on the card, expressed as a percentage including interest and standard fees.
Question 5 (2 marks)
A £1,000 credit card balance at 24.9% APR with only the £25 minimum monthly payment — roughly how long to pay off?
Teacher answer + marking note
Model answer: About 5 years (60+ months). Total interest paid: ~£600-£700.
Question 6 (2 marks)
What does "LTV" stand for in mortgages?
Teacher answer + marking note
Model answer: Loan-to-Value. The ratio of the mortgage loan to the property value. A £150,000 mortgage on a £200,000 property is 75% LTV.
Question 7 (1 mark)
A first-time buyer wants a £250,000 home with a 10% deposit. How much deposit?
Teacher answer + marking note
Model answer: £25,000
Question 8 (3 marks)
Name 3 types of ISA available in the UK.
Teacher answer + marking note
Model answer: Cash ISA, Stocks & Shares ISA, Lifetime ISA (LISA), Innovative Finance ISA, Junior ISA. Any 3.
Question 9 (3 marks)
A scammer asks a 16-year-old to "transfer money through your bank account for £100 — easy work." What scam is this?
Teacher answer + marking note
Model answer: Money mule recruitment. The teen would be helping launder criminal money. Up to 14 years in prison if caught.
Question 10 (3 marks)
Name 3 red flags of an online money scam.
Teacher answer + marking note
Model answer: Urgency, "too good to be true", asks for personal info, threats, fake authority, fake prizes, etc. Any 3.
Question 11 (3 marks)
A 17-year-old earns £150/month from a Saturday job. Apply 50/30/20 to allocate this.
Teacher answer + marking note
Model answer: £75 needs (50%), £45 wants (30%), £30 savings (20%). 3 marks for accurate split.
Question 12 (4 marks)
Compare apprenticeship vs university financially (one advantage each).
Teacher answer + marking note
Model answer: Apprenticeship: earning while training; no student debt; faster path to specific careers. University: higher long-term earnings in many fields; broader credential; networking. Award 2 marks for one accurate advantage on each side.
Question 13 (3 marks)
A graduate earning £35,000 has a Plan 5 student loan. Calculate their annual repayment.
Teacher answer + marking note
Model answer: Repayment = 9% × (£35,000 − £25,000) = 9% × £10,000 = £900/year.
Question 14 (3 marks)
Define "credit score" and name one thing that builds it and one thing that destroys it.
Teacher answer + marking note
Model answer: Credit score: a number summarising creditworthiness. Builds: paying on time, low utilisation, electoral roll. Destroys: missed payments, defaults, hard searches, high utilisation. 1+1+1 = 3 marks.
Question 15 (3 marks)
A 16-year-old has £200 saved as an emergency fund. They earn £80/month. Is £200 a good emergency fund? Why?
Teacher answer + marking note
Model answer: For a 16-year-old with no major commitments, £200 (about 2.5 months' income) is a reasonable start. Build toward 3-6 months of expenses.
Follow-up homework
After the quiz, set 2 reflection tasks: (1) Pupils write 200 words explaining the question they got most wrong and why. (2) Pupils select one topic from the unit they want to learn more about and find one external source (gov.uk, BBC Bitesize, Money Saving Expert) to extend their knowledge.