Are you a know-it-all type person when it comes to finances or could you do with some advice? This quick quiz posted on the BBC site will show you how financial savvy you are.

Here are a couple of examples on what to expect to answer:

If your credit card is charging 18% APR and you have used it to buy a computer for 500 GBP, how long will it take to pay off, if you make just the minimum monthly payment (if your minimum payment is 2% of the outstanding balance with a minimum of 5 GBP)?

And it goes on to ask:

What is the current rate of Value Added Tax (VAT)?

The quiz has got 10 multiple choice questions covering ISAs, savings accounts and credit cards, give it a go and let us know how it went.

If you need to spruce up your knowledge, our financial glossary is a good starting point with simple definitions, from APRs, loan interests to variable rate interest.

This entry was posted on Wednesday, February 18th, 2009 at 11:30 am and is filed under General, Uncategorized.