University of Strathclyde LIBF Unit 1 || 100% no Error.
Annual Budget correct answers an outline, given by the Chancellor of the Exchequer, of planned
government expenditure for the next financial year.
Annual equivalent rate (AER) correct answers 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) correct answers 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 that lenders charge
automatically on the product, so that it gives a clear picture of the cost.
Asset correct answers anything that a person owns that has a monetary value, such as a house,
car, stereo, jewellery and so on.
Austerity correct answers a government measure to reduce the amount of money it
spends (usually reduced wages and benefits), resulting in difficult financial conditions for a
population.
Bad debt correct answers debt that can never be paid off.
Bank rate correct answers the official interest rate as set by the Bank of England.
Banking industry correct answers banks, buildings societies and other businesses that offer
financial products and services; part of the private sector.
Barter correct answers the exchange of goods and services for payment of other goods and
services without using money.
,Basket of goods correct answers the representative items that a household buys over a period of
time on which inflation calculations are based.
Benefits correct answers (1) money and other financial support (such as reduced bus
and train fares or provision of housing) that the government provides for people who are unable
to get any other income; (2) payments that the
government makes to someone who is entitled to receive them (eg Jobseeker's Allowance).
Bill correct answers a law that has been passed.
Birth rate correct answers the numbers of children born in a year, compared to the
population total.
Bonds correct answers a certificate that shows you have bought the debt from a
company or the government, in return for which the company or government pays a fixed
amount of money in interest each year.
Budget correct answers a plan for how you will use your income, including spending
and saving.
Bureau de change correct answers a business that deals in currency exchange.
Cabinet correct answers a committee of senior government ministers who are
responsible for setting government policy.
Capacity building correct answers making local communities self-sustaining.
, Capital correct answers the money with which a business starts or the original amount of debt
taken out.
Capital gains tax correct answers a tax on the increase in value of an asset, such as land or
shares.
Cash correct answers banknotes and coins.
Cash flow correct answers all of your money coming in and money going out.
Cashless society correct answers a social system in which no cash is used to pay for
goods and services.
Charity correct answers (1) an organisation set up to help a particular group or issue;
(2) the act of donating money or time to a cause.
Charity sector correct answers charities and other non-government organisations that
are run not for profit, but for the good of society.
Coalition correct answers when two or more political parties join together to form a
majority in Parliament because neither of them could do so by
themselves.
Commission correct answers an amount charged by currency exchange services as a flat fee for
the service of buying or selling foreign currencies.
Communist economy correct answers a type of market economy in which government makes all
of the decisions.
Annual Budget correct answers an outline, given by the Chancellor of the Exchequer, of planned
government expenditure for the next financial year.
Annual equivalent rate (AER) correct answers 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) correct answers 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 that lenders charge
automatically on the product, so that it gives a clear picture of the cost.
Asset correct answers anything that a person owns that has a monetary value, such as a house,
car, stereo, jewellery and so on.
Austerity correct answers a government measure to reduce the amount of money it
spends (usually reduced wages and benefits), resulting in difficult financial conditions for a
population.
Bad debt correct answers debt that can never be paid off.
Bank rate correct answers the official interest rate as set by the Bank of England.
Banking industry correct answers banks, buildings societies and other businesses that offer
financial products and services; part of the private sector.
Barter correct answers the exchange of goods and services for payment of other goods and
services without using money.
,Basket of goods correct answers the representative items that a household buys over a period of
time on which inflation calculations are based.
Benefits correct answers (1) money and other financial support (such as reduced bus
and train fares or provision of housing) that the government provides for people who are unable
to get any other income; (2) payments that the
government makes to someone who is entitled to receive them (eg Jobseeker's Allowance).
Bill correct answers a law that has been passed.
Birth rate correct answers the numbers of children born in a year, compared to the
population total.
Bonds correct answers a certificate that shows you have bought the debt from a
company or the government, in return for which the company or government pays a fixed
amount of money in interest each year.
Budget correct answers a plan for how you will use your income, including spending
and saving.
Bureau de change correct answers a business that deals in currency exchange.
Cabinet correct answers a committee of senior government ministers who are
responsible for setting government policy.
Capacity building correct answers making local communities self-sustaining.
, Capital correct answers the money with which a business starts or the original amount of debt
taken out.
Capital gains tax correct answers a tax on the increase in value of an asset, such as land or
shares.
Cash correct answers banknotes and coins.
Cash flow correct answers all of your money coming in and money going out.
Cashless society correct answers a social system in which no cash is used to pay for
goods and services.
Charity correct answers (1) an organisation set up to help a particular group or issue;
(2) the act of donating money or time to a cause.
Charity sector correct answers charities and other non-government organisations that
are run not for profit, but for the good of society.
Coalition correct answers when two or more political parties join together to form a
majority in Parliament because neither of them could do so by
themselves.
Commission correct answers an amount charged by currency exchange services as a flat fee for
the service of buying or selling foreign currencies.
Communist economy correct answers a type of market economy in which government makes all
of the decisions.
