How to use this quiz
A 15-question assessment quiz designed for the end of the KS5 Adult Money unit. Total time: 50-60 minutes. Each question has a marking note for teacher use. Use after completing all 6 lessons in the KS5 Adult Money unit.
Total marks available: 57. Progression note: A pupil scoring 42+ /57 is well-prepared for adult financial decision-making. Recommend they revisit the curriculum map for further reading.
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 (3 marks)
What is the Plan 5 student loan threshold and rate?
Teacher answer + marking note
Model answer: £25,000 threshold; 9% on income above the threshold; 40-year write-off.
Question 2 (3 marks)
A graduate earning £45,000 has a Plan 5 loan. Calculate their annual repayment.
Teacher answer + marking note
Model answer: 9% × (£45,000 − £25,000) = 9% × £20,000 = £1,800/year.
Question 3 (4 marks)
Define "auto-enrolment" pension and name the minimum contribution rates.
Teacher answer + marking note
Model answer: UK law requiring employers to enrol employees aged 22+ earning over £10,000 in a workplace pension. Minimum: 5% employee + 3% employer = 8% of qualifying earnings.
Question 4 (5 marks)
An 18-year-old earning £20,000 opts out of their auto-enrolment pension. How much LOST contribution per year (both sides)? Project the lost value at age 65 (assume 47 years at 7% return).
Teacher answer + marking note
Model answer: Lost: 5% × £20,000 = £1,000 employee + 3% × £20,000 = £600 employer = £1,600/year. Compounded over 47 years at 7%: ~£500,000+. Award 2 marks for annual loss, 3 marks for projected age-65 value.
Question 5 (3 marks)
Name the 3 main UK credit reference agencies.
Teacher answer + marking note
Model answer: Experian, Equifax, TransUnion.
Question 6 (3 marks)
Name 3 things that BUILD a UK credit score.
Teacher answer + marking note
Model answer: Paying on time, electoral roll registration, low credit utilisation, long credit history, varied credit types, etc. Any 3.
Question 7 (3 marks)
A 20-year-old has £200/month to invest from age 20 to age 65 (45 years). At 7% annual return, roughly what is the final value?
Teacher answer + marking note
Model answer: Approximately £650,000-£700,000. Compound growth over 45 years at 7% on £200/month.
Question 8 (4 marks)
Compare ISA vs LISA for an 18-year-old saving for a first home.
Teacher answer + marking note
Model answer: ISA: £20,000/year limit, no government bonus, flexible (withdraw anytime). LISA: £4,000/year limit, 25% government bonus (up to £1,000/year), only for first home (up to £450k) or retirement (60+). For first-home savings under £450k, LISA is generally better due to the bonus.
Question 9 (2 marks)
A first-time buyer wants to buy a £200,000 home. They have a 10% deposit. What's the deposit amount? What's the LTV?
Teacher answer + marking note
Model answer: Deposit: £20,000. LTV: 90%.
Question 10 (6 marks)
Compare 5% vs 7% mortgage rate on £180,000 over 25 years. Estimate the LIFETIME difference in interest paid.
Teacher answer + marking note
Model answer: At 5%: monthly ~£1,052, total interest ~£135,600. At 7%: monthly ~£1,273, total interest ~£201,900. Lifetime difference: ~£66,000. Award 2 marks for each total + 2 marks for difference.
Question 11 (6 marks)
A graduate earning £35,000 considers a £200/month voluntary overpayment on their Plan 5 loan. Argue for or against this. (250 words max)
Teacher answer + marking note
Model answer: Open question. Award up to 6 marks for: clear position (1), Plan 5 mechanics covered (2), alternative use of £200/month explored (e.g. ISA or pension) (2), realistic conclusion (1). Most economists would advise NOT overpaying low-interest debt that will be written off.
Question 12 (3 marks)
Define "compound interest" and explain why starting young matters.
Teacher answer + marking note
Model answer: Compound interest: earning returns on previous returns. Starting young matters because compound growth is exponential — the early decades contribute disproportionately to the final total.
Question 13 (4 marks)
A 19-year-old saves £350/month into a LISA from age 19 to 24. Calculate: (a) total personal contributions, (b) total government bonus.
Teacher answer + marking note
Model answer: (a) £350 × 12 × 5 = £21,000 (limit £4,000/year × 5 years = £20,000 — adjust if over limit). (b) Bonus = 25% × actual contributions = up to £5,000 over 5 years.
Question 14 (3 marks)
Define "shared ownership" in 2 sentences.
Teacher answer + marking note
Model answer: A scheme where a buyer purchases 25-75% of a property and pays rent on the remaining share. Useful for buyers with smaller deposits or lower incomes.
Question 15 (5 marks)
Outline a 5-year credit-building plan for a 18-year-old.
Teacher answer + marking note
Model answer: Year 1: register on electoral roll, open a basic bank account, pay phone bill on time. Year 2: get a credit-builder card. Year 3: maintain low utilisation, pay in full each month. Year 4-5: monitor score via free reports, dispute errors, consider another credit product. Award up to 5 marks for a coherent plan.
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.