LIBF revision unit 1, Exam Questions
and answers, 100% Accurate, rated A
What is a direct debit? - ✔✔-Payments can be for different amounts of money each time.
What are instructions that pay the same amount of money to another account on a regular basis? - ✔✔-
Standing order
Pete is 21 years old, what stage is he in his life cycle? - ✔✔-Young adult
What is the age range for someone who is middle aged? - ✔✔-41-54 years old
Ross is in the teenage life stage, how old could he be? - ✔✔-13-19 years old
What type of bank account do young people often use? - ✔✔-Savings account
What are the main requirements for everyday banking for young people? - ✔✔-Store money and
withdraw cash
What do people look for in a bank account? - ✔✔-It matches their everyday needs
What is the term for the interest rate and the fees that providers charge borrowers? - ✔✔-Cost of
borrowing
True/False, can a provider refuse an application to open an account if they think that they will not be a
profitable customer? - ✔✔-True
and answers, 100% Accurate, rated A
What is a direct debit? - ✔✔-Payments can be for different amounts of money each time.
What are instructions that pay the same amount of money to another account on a regular basis? - ✔✔-
Standing order
Pete is 21 years old, what stage is he in his life cycle? - ✔✔-Young adult
What is the age range for someone who is middle aged? - ✔✔-41-54 years old
Ross is in the teenage life stage, how old could he be? - ✔✔-13-19 years old
What type of bank account do young people often use? - ✔✔-Savings account
What are the main requirements for everyday banking for young people? - ✔✔-Store money and
withdraw cash
What do people look for in a bank account? - ✔✔-It matches their everyday needs
What is the term for the interest rate and the fees that providers charge borrowers? - ✔✔-Cost of
borrowing
True/False, can a provider refuse an application to open an account if they think that they will not be a
profitable customer? - ✔✔-True
