Saving + Borrowing

Question 1

Why do people save

Answer 1

1. To ease money worries
2. To have money for retirement
3. To have money for planned future

Question 2

What is DIRT

Answer 2

A government tax on interest earned on savings

Question 3

Give an example of a short term, medium term, and long term loan

Answer 3

Short term: credit card
Medium term: leasing/ renting
Long term: mortgage

Question 4

What does APR stand for

Answer 4

Annual Percentage Rate