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Quiz of the week 11 – 17 July

Test your recollection of the events of the last seven days with MoneyWeek's quiz of the week.

1. Which online retailer saw its sales jump as shoppers bought “lockdown” products, such as loungewear and skin care?

a. Boohoo b. Asos c. I Saw It First d. Missguided

2. Apple and Ireland won a landmark court battle with the European Commission this week over €14.3bn. Why were they in court to begin with?

a. Accused of tax avoidance b. Accused of breaching data c. Accused of selling items to Irish Apple shops at special rates d. Accused of selling iPhones with longer battery life to Ireland

3. Which Champions League team had a two-year ban for a serious breach of Uefa’s “financial fair play” rules overturned this week, and saw their fine reduced from €30m to €10m?

a. Juventus b. Manchester United c. Manchester City d. Paris Saint-Germain FC

4. Which metal has outpaced gold to rank as the best-performing major commodity this year?

a. Silver b. Iron Ore c. Steel d. Uranium

5. Which UK supermarket joined forces with Loop, a “zero waste shopping platform”, to trial a scheme where online shoppers will get products in reusable packaging?

a. Sainsbury’s b. Morrisons c. Waitrose d. Tesco

6. Which Asian country fell into recession last quarter as its extended lockdown hit businesses?

a. Singapore b. Indonesia c. Taiwan d. Philippines

7. Which world leader has come under fire for giving a government contract to a charity that paid his family?

a. Donald Trump b. Justin Trudeau c. Emmanuel Macron d. Pedro Sánchez

8. The US budget deficit rose to how much in the 12 months to the end of June?

a. $2.5trn b. $3.5trn c. $3trn d. $4trn

9. Which fashion retailer cut 500 jobs this week after a heavy slump in sales?

a. Gucci b. Burberry c. Prada d. Louis Vuitton

10. What was behind the surprise increase in UK inflation in June, sending the consumer price index to 0.6% from 0.5% in May?

a. A surge in computer games prices b. A surge in fitness equipment prices c. A surge in kitchen appliance prices d. A surge in at home beauty tool prices

Answers

1. b. Asos. Asos saw a star rebound in sales thanks to an increase in demand for its products. Revenues topped £1bn in the four months to the end of June, up 10% from the same period last year.

2. a. Accused of tax avoidance. The European Commission alleged that Ireland had given Apple a preferential tax arrangement not available to any other company that allowed them to pay less than 1% in corporation taxes.

3. c. Manchester City. The Court of Arbitration for Sport ruled that Manchester City’s Abu Dhabi ownership had not disguised its own funding as independent sponsorship and thus did not need to serve a two-year ban or pay the original €30m fee.

4. b. Iron Ore.

5. d. Tesco. The trial cover 150 items in reusable containers that customers will pay a deposit for.

6. a. Singapore. Economic growth shrank by 41.2% compared to the last quarter, Singapore’s biggest contraction on record. The government forecasts it will be the country’s worst recession since its independence from Malaysia.

7. b. Justin Trudeau. Trudeau has now admitted he “made a mistake” in offering We Charity a C$900m youth volunteer programme after it emerged that We had previously paid Trudeau’s relatives over C$280,000 to speak at events.

8. c. $3trn. The country’s budget deficit reached $3trn as stimulus spending soared and tax revenue plunged, putting the Fed on pace to register the largest annual deficit since World War II.

9. b. Burberry.

10. a. A surge in computer games prices. Forecasters expected the index to fall to 0.4%. It was the first increase in inflation since January, but economists have called it a blip before prices fall in the coming months.

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