LIBF Unit 1 E-test Revision Test 1/LIBF Unit 1 E-test Revision Test-2/LIBF-Unit 4/LIBF multiple choice unit 4/LiBF Unit 2/LIBF Unit 1 topics 1-6/LIBF Unit 1 Topic 12/LIBF QUESTIONS AND ANSWERS/LIBF revision unit 1

Give an example of a function of money... - Answer- Exchange For money to function as intended, it needs to be: - Answer- Acceptable A key feature of money is that all coins and banknotes of a certain denomination need to be homogeneous . True or false? - Answer- True British banknotes have...

competition and markets authority - Answer- The body responsible for strengthening business competition and preventing and reducing anti-competitive activities. counterparties - Answer- People and organisations (eg companies) who lend money to and borrow from financial intermediaries (ie financia...

A bank - Answer- Which of the following is an example of a large public limited company? HM Treasury - Answer- The government department that has overall responsibility for financial stability in the UK is: provide services to individuals and to small and medium-sized businesses - Answer- Reta...

1.1 Outline the need for financial planning. - Answer- Make better financial decisions Avoid unnecessary debt Help make decisions on savings, spending and progress in reaching goals Helps show what you have to do to get to where you want to be 1.2 Explain the personal factors which influence...

Acceptable - Answer- One of the key features of money - to be widely accepted. Barter - Answer- To exchange goods and services for other goods and services without using money. Current account - Answer- Bank or building society accounts where people can store their money in the form of electro...

What is the National Living Wage for those aged 25 and over? - Answer- £8.72 What is the minimum wage for those aged 21-24? - Answer- £8.20 What is the minimum wage for those aged 18-20? - Answer- £6.45 What is the minimum wage for those under 18? - Answer- £4.55 What is the minimum ...

A budget is a personal financial plan that usually covers a period of: Select one: A. four weeks. B. one month. C. three months. D. six months. - Answer- b The main purpose of a budget, as part of a financial plan, is to: Select one: A. avoid getting into financial difficulties. B. disco...

What is a direct debit? - Answer- Payments can be for different amounts of money each time. What are instructions that pay the same amount of money to another account on a regular basis? - Answer- Standing order Pete is 21 years old, what stage is he in his life cycle? - Answer- Young adult ...