Btec Business Personal Finance Exam With 100% Correct And Verified Answers
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Module
Btec
Institution
Btec
Btec Business Personal Finance Exam With 100% Correct And Verified Answers
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
...
Btec Business Personal Finance Exam
With 100% Correct And Verified Answers
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.
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, 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
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