100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Business BTEC Personal Finance Review Practice Test. £11.17   Add to cart

Exam (elaborations)

Business BTEC Personal Finance Review Practice Test.

 6 views  0 purchase
  • Module
  • BTEC
  • Institution
  • BTEC

Business BTEC Personal Finance Review Practice Test. Functions and role of money - CORRECT ANSWER Money flowing in and out- it comes in your account and money comes out your account store of value - CORRECT ANSWER It allows us to use it in the future as it keeps its value Legal tender - CO...

[Show more]

Preview 2 out of 10  pages

  • October 8, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BTEC
  • BTEC
avatar-seller
Business BTEC Personal Finance
Review Practice Test.
Functions and role of money - CORRECT ANSWER Money flowing in and out- it comes in your account
and money comes out your account



store of value - CORRECT ANSWER It allows us to use it in the future as it keeps its value



Legal tender - CORRECT ANSWER It is legally recognized form of payment- old £1 getting rid of



Role of money - CORRECT ANSWER is affected by a wide number of factors. individuals may change their
attitude to money based on their situation they find themselves in



Personal attitudes - CORRECT ANSWER individuals that will vary in their attitudes to risk and reward as
well as savings and borrowing.



Life stages - CORRECT ANSWER As you grow up from childhood to adulthood, your financial needs
change, each stage of your life has different implication that will affect not just your needs but also your
attitude to money.



Culture - CORRECT ANSWER affected by tradition, religion and ethical beliefs, will have different
attitudes to money. The older generation of Chinese people, for example have a culture a saving.



Life events - CORRECT ANSWER Events throughout your life will impact on your attitude to money.
These events may be within your control, for example going to university, travelling abroad, getting
married or starting a family or any be outside your control, example illness, financial gains and losses



External influences - CORRECT ANSWER Factors outside your control, including the state of the
economy. For example the state of the economy will impact on wages, availability of jobs and the prices
of goods and services. Decisions by the government will affect the amount of the tax you pay or the
amount you receive in benefits. These all directly affect your ability to spend and save

, Interest rates - CORRECT ANSWER cost of borrowing money or the reward for saving money



If interest rates are low maybe more willing to borrowing money or spend on credit, when interest rates
are high there is more of an incentive to save



Debt - CORRECT ANSWER money that you owe



credit rating - CORRECT ANSWER a score given to individual of how likely they are from previously debt
based on your previous action



solvent - CORRECT ANSWER the ability to meet day by day expenditure



inflation - CORRECT ANSWER Inflation is a general risk in prices. This leads to the value of money falling,
that is, £10 today was worth less that £10 a year ago. Expenditure now can help counter the effect of
inflation



cash - CORRECT ANSWER money in coins and notes



credit cards - CORRECT ANSWER It's a card that has your money and you can borrow funds



Debit card - CORRECT ANSWER It's a card that has your own money on it



Cheque - CORRECT ANSWER Its a printed form used instead of cash to make payments from your bank
account



electronic payment - CORRECT ANSWER a way to pay for goods and services



direct debit - CORRECT ANSWER An arrangement set up with the bank that enable a third party to
transfer money from a person's account on agreed dates, usually used to pay bills

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £11.17. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

85443 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£11.17
  • (0)
  Add to cart