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LIBF Unit 1 Questions and answers, 100% Accurate, Graded A+

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LIBF Unit 1 Questions and answers, 100% Accurate, Graded A+ Define the term citizen. - -Someone who has the legal right to live in a country; Who decides who becomes a citizen? - -The government decide who becomes a citizen. What are societal norms? - -These are certain ways citizens exp...

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  • February 21, 2023
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  • 2022/2023
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  • graded a define the term citizen someone who has the legal right to live in a country who decides who becomes a citizen the government de

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LIBF Unit 1 Questions and answers,
100% Accurate, Graded A+

Define the term citizen. - ✔✔-Someone who has the legal right to live in a country;



Who decides who becomes a citizen? - ✔✔-The government decide who becomes a citizen.



What are societal norms? - ✔✔-These are certain ways citizens expect people in the society in certain
ways.



Explain multi-cultural citizens and society. - ✔✔-The UK is a multicultural society, this means there are a
variety of influences.



Outline the role and duties of a citizen in society in the UK (legal, political and economic). - ✔✔-Political
- having say in how the country is run, voting;

Legal -having a responsibility to obey the law and to be defended by a lawyer;

Economic - free healthcare, education and minimum wage, pay taxes;



What type of political system does the UK have? - ✔✔-UK political system is known as a constitutional
monarchy meaning the queen has to pass off on any laws.



Describe how government policies influence personal finance. - ✔✔-People must learn to put aside
money for paying taxes.



Describe the impact of different types of values held by UK citizens on personal finance choices. - ✔✔-
Different people will prioritise money in different ways. Budgeting and financial planning are ways to
control spending

Saving, spending, borrowing are affected by peoples values for example a young adult may save for a
car.

, Where did it originate? - ✔✔-Money has originated from trading one thing for another



Define money. - ✔✔-Money is a medium of exchange- eg: gold; coins; notes;



Outline the sources and features of money. - ✔✔-The Royal Mint; Bank of England; De la Rue produce
banknotes in Scotland and Northern Ireland:

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

Cashless society is approaching, more people are using debit and credit cards;

Bitcoin is an open-source, electronic currency that is not controlled by the bank.



Define income. - ✔✔-Income flow is the flow of cash earned from employment and benefits



Outline the sources and features of income. - ✔✔-Earnings: wages; pocket money; gifts; benefits
Features: payslips; gross/net pay; working hours; minimum wage, your income varies through out your
life.



Describe the difference between money and income - ✔✔-Income is an amount of money earned in a
given time period, by a person or an organization. Wealth is the total value of all assets, minus any
debts. This is expressed in units of money, and the values are estimates of what they could be sold for.
Currency is just the system of money in a particular region or country.



Define tax. - ✔✔-Compulsory contribution paid to the state



Describe the features and purposes of tax. - ✔✔-Funds state expenditure and national systems, Tax is is
used to pay for things around the area you live, i.e roadworks

Compulsory (no choice)

Fluctuates (can vary)

Levied on all areas of life: eg employment; housing; food; fuel

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