LIBF Unit 1 E-test Revision Test 1

What customers will directly benefit of interest rates rise? - Answer- People with a variable rate cash isa The financial services (banking reform) bill includes the concept of ring fencing. For a bank this means: - Answer- Separating everyday banking activities from investment banking activities What do u have to provide to a bank for proof of address when opening a bank account? - Answer- A water bill issued two months ago The consumer credit act provides protection for goods and services paid for with a credit card, up to a maximum value of.... - Answer- £30,000 How many attempts does a debit card holder have to enter their correct pin before a transaction is declined? - Answer- Three Is it true that discretionary expenses should be shown in a cash flow forecast? - Answer- Yes it is! National savings & investments (NS&I) products are guaranteed by..... - Answer- HM treasury What body has an objective to promote the safety and soundness of financial providers? - Answer- The prudential regulation authority (PRA) Who does the financial conduct authority report directly to? - Answer- HM treasury If a bank wishes to close someone's bank account, how much notice must the bank give the account holder? - Answer- Two months Is it true or false that a cash flow forecast is used to calculate the monthly net cash position? - Answer- True Who is responsible for deducting income tax and national insurance from employees pay? - Answer- Their employer Is it true that someone with a good credit history has never borrowed money? - Answer- No it's false! What defines the amount a person can earn before they have to pay income tax? - Answer- Personal allowance