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Business Learning Aim A - Managing Personal Finance £3.69
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Business Learning Aim A - Managing Personal Finance

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A question and answers document regarding managing personal finance.

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  • September 13, 2023
  • 2
  • 2020/2021
  • Other
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raeesamahnoorahmed
Learning Aim A
Understanding 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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