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LIBF Unit 1, Top Exam Question with accurate answers, 100% Accurate, rated A+
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LIBF Unit 1, Top Exam Question with accurate answers, 100% Accurate, rated A+ Annual Budget - -an outline, given by the Chancellor of the Exchequer, of planned government expenditure for the next financial year. Annual equivalent rate (AER) - -the interest rate that would be paid on a savin...

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  • February 21, 2023
  • 19
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • libf unit 1
  • top exam question with accurate answers
  • 100 accurate
  • rated a annual budget an outline
  • given by the chancellor of the exchequer
  • of planned government expenditure for the next fi

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LIBF Unit 1, Top Exam Question with
accurate answers, 100% Accurate, rated
A+

Annual Budget - ✔✔-an outline, given by the Chancellor of the Exchequer, of planned government
expenditure for the next financial year.



Annual equivalent rate (AER) - ✔✔-the interest rate that would be paid on a savings account if you were
to leave the money in the account for a full year.



Annual percentage rate (APR) - ✔✔-the interest that would be charged on a sum borrowed over one full
year; used to measure the interest rate on

loans, mortgages and credit cards; the calculation includes the fees that lenders charge automatically on
the product, so that it gives a clear picture of the cost.



Asset - ✔✔-anything that a person owns that has a monetary value, such as a house, car, stereo,
jewellery and so on.



Austerity - ✔✔-a government measure to reduce the amount of money it

spends (usually reduced wages and benefits), resulting in difficult financial conditions for a population.



Bad debt - ✔✔-debt that can never be paid off.



Bank rate - ✔✔-the official interest rate as set by the Bank of England.



Banking industry - ✔✔-banks, buildings societies and other businesses that offer financial products and
services; part of the private sector.

,Barter - ✔✔-the exchange of goods and services for payment of other goods and services without using
money.



Basket of goods - ✔✔-the representative items that a household buys over a period of time on which
inflation calculations are based.



Benefits - ✔✔-(1) money and other financial support (such as reduced bus

and train fares or provision of housing) that the government provides for people who are unable to get
any other income; (2) payments that the

government makes to someone who is entitled to receive them (eg Jobseeker's Allowance).



Bill - ✔✔-a law that has been passed.



Birth rate - ✔✔-the numbers of children born in a year, compared to the

population total.



Bonds - ✔✔-a certificate that shows you have bought the debt from a

company or the government, in return for which the company or government pays a fixed amount of
money in interest each year.



Budget - ✔✔-a plan for how you will use your income, including spending

and saving.



Bureau de change - ✔✔-a business that deals in currency exchange.



Cabinet - ✔✔-a committee of senior government ministers who are

responsible for setting government policy.



Capacity building - ✔✔-making local communities self-sustaining.

, Capital - ✔✔-the money with which a business starts or the original amount of debt taken out.



Capital gains tax - ✔✔-a tax on the increase in value of an asset, such as land or shares.



Cash - ✔✔-banknotes and coins.



Cash flow - ✔✔-all of your money coming in and money going out.



Cashless society - ✔✔-a social system in which no cash is used to pay for

goods and services.



Charity - ✔✔-(1) an organisation set up to help a particular group or issue;

(2) the act of donating money or time to a cause.



Charity sector - ✔✔-charities and other non-government organisations that

are run not for profit, but for the good of society.



Coalition - ✔✔-when two or more political parties join together to form a

majority in Parliament because neither of them could do so by

themselves.



Commission - ✔✔-an amount charged by currency exchange services as a flat fee for the service of
buying or selling foreign currencies.



Communist economy - ✔✔-a type of market economy in which government makes all of the decisions.



Commuter belt - ✔✔-an area just outside a city, in which people live and from which they travel into the
city to work each day.

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