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LIBF Unit 1 - topic 1, 2, 3. Questions and answers, 100% Accurate, graded A+
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LIBF Unit 1 - topic 1, 2, 3. Questions and answers, 100% Accurate, graded A+ 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. Benefits - -Money and other financial su...

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  • February 21, 2023
  • 18
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • libf unit 1 topic 1
  • resulting
  • 2
  • 3 questions and answers
  • 100 accurate
  • graded a austerity a government measure to reduce the amount of money it spends usually reduced wages and benefits

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LIBF Unit 1 - topic 1, 2, 3. Questions and
answers, 100% Accurate, graded A+

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.



Benefits - ✔✔-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.



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.



Consumer - ✔✔-Someone who uses or buys goods and services.



Debt - ✔✔-Money owed to another person or organisation such as a bank.



Deficit - ✔✔-More expenditure than income; more money paid out than coming in.



Disposable income - ✔✔-The money that is left over from your income after you have paid all of your
expenses and have put any savings aside.



Earnings - ✔✔-The money that you make from your job.



Economy - ✔✔-The state of a country relating to the amount of money that is in the system and the
production and consumption of goods and services.

,Expenses - ✔✔-The things that you have to spend your income on.



Fiscal policy - ✔✔-The decisions a government makes about taxes and what to spend public money on.



Gilts - ✔✔-A high-interest, very secure government bond (see 'Bonds').



Income tax - ✔✔-Money deducted from your income by the government to pay for public services such
as health and education.



Income - ✔✔-All the money (or items worth money) that you receive, including through work,
investments and government benefits.



Interest rate - ✔✔-The money you pay as a charge for the service of using someone else's money - for
example, if you borrow money to buy a car, you pay back the money you borrowed plus interest; or the
bank pays you interest on money saved as it has access to your money.



Investment - ✔✔-Something that you buy because it is likely to make you money in the future - for
example, property may increase in value so that you can sell it for more than you bought it and make a
profit, or you can rent it out.



Mortgage - ✔✔-A large loan to buy a house or property



Net income - ✔✔-The money that is left over from your income after government tax and charges have
been deducted (take-home pay).



Public spending - ✔✔-How the government spends the money it makes (through taxes, for example).



Quantitative easing - ✔✔-A government policy that allows the Bank of England to put more money into
the economy by creating more electronically and then buying government bonds (see 'Bonds' and
'Gilts').

, Recession - ✔✔-A period of economic downturn which means less money moving around the economy;
people spend less, wages decrease, unemployment increases, company profits decrease, and so on.



Revenue - ✔✔-The income of an organisation or government.



Subsidise - ✔✔-Pay part of a bill or pay some money towards a big expense - for example, if your
housing is subsidised, you will get money towards paying your rent.



Surplus - ✔✔-More income than expenditure; more money coming in than being paid out.



What customers will directly benefit of interest rates rise? - ✔✔-People with a variable rate cash isa



The financial services (banking reform) bill includes the concept of ring fencing. For a bank this means: -
✔✔-Separating everyday banking activities from investment banking activities



What do u have to provide to a bank for proof of address when opening a bank account? - ✔✔-A water
bill issued two months ago



The consumer credit act provides protection for goods and services paid for with a credit card, up to a
maximum value of.... - ✔✔-£30,000



How many attempts does a debit card holder have to enter their correct pin before a transaction is
declined? - ✔✔-Three



Is it true that discretionary expenses should be shown in a cash flow forecast? - ✔✔-Yes it is!



National savings & investments (NS&I) products are guaranteed by..... - ✔✔-HM treasury



What body has an objective to promote the safety and soundness of financial providers? - ✔✔-The
prudential regulation authority (PRA)

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