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Business Learning Aim A - Managing Personal Finance
- Module
- Learning Aim A (BTEC)
- Institution
- PEARSON (PEARSON)
A question and answers document regarding managing personal finance.
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Learning Aim AUnderstanding the importance of managing personal finance.
● What is Money?
Something exchanged for goods/service.
● What are the functions of money?
UNIT OF ACCOUNT - A way of us knowing how much something is worth as we are
not trading goods.
MEANS OF EXCHANGE - A way of us to trade for goods/services
STORE VALUE - You can save money as it won't lose its value. (though what you
can buy with the money isn't the same)
LEGAL TENDER - legally recognised form of payment
ACRONYM - MOLES =
● What are the attitudes to money?
Personal attitudes - Save/Spend/Borrow
Life Stages - Young/Middle Age/Old
Culture - Religion/Tradition/Ethics
Life- University/Jobs etc
● Common principles in planning finance.
○ Setting financial targets - putting money aside
○ Manage money to finance purchases
○ Generate income
○ Saving money
○ Avoiding debt
● Why may a cashless society be bad for the public?
Increased hacking risks
Loss of security
Sacrifice privacy
● How could a cashless society benefit the government?
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