Libf un - Study guides, Class notes & Summaries

LIBF Unit 1 Questions and answers, 100% Accurate, Graded A+ Define the term citizen. - -Someone who has the legal right to live in a country; Who decides who becomes a citizen? - -The government decide who becomes a citizen. What are societal norms? - -These are certain ways citizens expect people in the society in certain ways. Explain multi-cultural citizens and society. - -The UK is a multicultural society, this means there are a variety of influences. Outline the role and du...

Annual Budget an outline, given by the Chancellor of the Exchequer, of planned government expenditure for the next financial year. Annual equivalent rate (AER) the interest rate that would be paid on a savings account if you were to leave the money in the account for a full year. Annual percentage rate (APR) the interest that would be charged on a sum borrowed over one full year; used to measure the interest rate on loans, mortgages and credit cards; the calculation includes the fees th...

Budgeting Managing day-to-day money to pay bills,buy food, save and pay for other essential spending. Credit Card Form of borrowing offered by banks, building societies and some specialist firms It allows card holders to borrow money by using the card. It is normally the most expensive way to borrow, unless paid in full every month. Emergency Fund A pot of money that can be used to cover emergencies, such as unexpected spending, loss of income and other unexpected financial problems. ...

Bank rate The interest rate that the Bank of England uses when it lends money to other banks. Financial services providers take account of the Bank rate when they decide how to set interest rates on their own products. Cash flow forecast A plan of expected incomings and outgoings over several time periods, such as the next three months or a year. Cash flow modelling A software program that can predict the medium- and long-term impact of different decisions and events on an individual'...

LIBF Unit 1 Exam – 195 Answered Questions – A+ Scores

LIBF unit 1 key words

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LIBF Unit 1 questions and answers latest 2023/2024 complete solution