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LIBF- Unit 3, Top Exam Question and answers, 100% Accurate, rated A+
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LIBF- Unit 3, Top Exam Question and answers, 100% Accurate, rated A+ Bank rate - The interest rate that the Bank of England uses when it lends money to other banks. Financial services providers take account of the Bank rate when they decide how to set interest rates on their own products. C...

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  • February 21, 2023
  • 11
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • libf unit 3
  • top exam question and answers
  • 100 accurate
  • rated a bank rate the interest rate that the bank of england uses when it lends money to other banks financial services providers take

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LIBF- Unit 3, Top Exam Question and
answers, 100% Accurate, rated A+

Bank rate - ✔✔The interest rate that the Bank of England uses when it lends money to other banks.
Financial services providers take account of the Bank rate when they decide how to set interest rates on
their own products.



Cash flow forecast - ✔✔A plan of expected incomings and outgoings over several time periods, such as
the next three months or a year.



Cash flow modelling - ✔✔A software program that can predict the medium- and long-term impact of
different decisions and events on an individual's income, expenditure and savings plans.



Credit union - ✔✔A mutual organisation (that is, owned by its members) that provides a range of
financial products to members, eg savings accounts and personal loans.



Flexible financial planning - ✔✔Making financial plans to cover wants, needs and aspirations over the
medium to long term, which make allowance for unexpected expenses and changes in circumstance (eg
by including saving and insurance).



Income protection insurance - ✔✔A policy that allows people to manage the risk of loss of earnings over
a long term. It pays out a monthly income to insured people who have suffered an accidental injury or
long-term illness and who are therefore unable to work.



Individual savings account - ✔✔An account that pays interest tax-free on savings up to a certain level. In
2014 the rules were changed, with a higher limit on the amount that can be saved tax-free. Savers can
choose to save the entire amount in cash, or in stocks and shares, or in a mixture of the two.



Insolvency - ✔✔A situation in which a person cannot repay what they owe because their debts are
greater than their assets.

, Money purchase Pension scheme - ✔✔A pension scheme in which the value of the fund available at
retirement is based on the contributions made by an employee (and their employer, in workplace
schemes), which are invested. Also known as defined-contribution schemes.



Mortgage payment protection insurance - ✔✔An insurance policy intended to cover mortgage
payments in the event of illness or unemployment.



Personal debt - ✔✔The debt owed by individual consumers (as opposed to the debts of companies or
governments).



Recession - ✔✔A period of at least six months in which the amount of goods and services the country is
producing is shrinking.



Savings bond - ✔✔A savings product held for a fixed period, eg two years. The holder can only make a
limited number of withdrawals, or none at all, during that period without incurring a penalty.



Shares - ✔✔Also known as 'equities', investments that represent part-ownership in a company.



Sustainable personal finance - ✔✔Achieving and maintaining a balance between personal income and
expenditure to satisfy needs, wants and aspirations within a budget.



Attendance allowance - ✔✔Payable to those aged 65+ who have a long-term illness or disability that
means they cannot perform basic daily living activities or have limited mobility.



Carer's allowance - ✔✔Paid to anyone over 16 who spends 35 hours per week or more looking after
someone who has substantial care needs.



Child tax credit - ✔✔A benefit paid to people who are in low-paid work, to help with the costs of
bringing up a child.

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