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LiBF Unit 1 Question with accurate answers, 100% Accurate, rated A+
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LiBF Unit 1 Question with accurate answers, 100% Accurate, rated A+ Citizen - -Someone who is legally considered to be a member of a country and has certain rights and responsibilities within that country Who decides who becomes a citizen - -The government home office Society norms - -ru...

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  • February 21, 2023
  • 7
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • libf unit 1 question with accurate answers
  • 100 accurate
  • rated a citizen someone who is legally considered to be a member of a country and has certain rights and responsibilities within that c

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LiBF Unit 1 Question with accurate
answers, 100% Accurate, rated A+

Citizen - ✔✔-Someone who is legally considered to be a member of a country and has certain rights and
responsibilities within that country



Who decides who becomes a citizen - ✔✔-The government home office



Society norms - ✔✔-rules and expectations of the behaviour of people



1.2 Outline the role and duties of a citizen in society in the UK. - ✔✔-Political rights and responsibilities

Legal rights and responsibilities

Economic rights and responsibilities

Employment

Spending

Saving



1.3 Describe how government policies influence personal finance. - ✔✔-Public spending

Bank of England economic policy

National debt

Recession / austerity

Growth / boom

How UK is governed

UK political system



Recession - ✔✔-Period of reduced economic activity

, Austerity - ✔✔-Extreme financial restraint, eliminating all excess spending



Bank of England - ✔✔-The central bank in the UK economy which is in charge of monetary policy



1.4 Describe the impact of different types of values held by UK citizens on personal finance choices. -
✔✔-Budgeting and financial planning

Saving, spending, borrowing

Employment and contribution to society

Debt



What is money - ✔✔-Medium of exchange that sets a common standard of value e.g. gold, coins, notes



Origins of the term money - ✔✔-For bartering purposes and to transfer value from one person to
another



Bartering - ✔✔-Trading one good or service for another good or service



Budgeting - ✔✔-The process of forecasting future expenses and income



UK political system - ✔✔-Constitutional Monarchy - while The Queen is Head of State, the ability to
make and pass legislation belongs with an elected Parliament



Who makes money - ✔✔-Royal Mint; Bank of England; De la Rue;



Sources of money - ✔✔-employment; state benefits; investments; gifts; inheritance



Features of money - ✔✔-easily recognised by everyone; easy to carry around; available in different
amounts; always worth the same amount; hard-wearing (lasting)

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