Business Btec Personal Finance Exam
Questions And 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.
,Business Btec Personal Finance Exam
Questions And Answers
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.
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
, Business Btec Personal Finance Exam
Questions And Answers
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
Questions And 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.
,Business Btec Personal Finance Exam
Questions And Answers
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.
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
, Business Btec Personal Finance Exam
Questions And Answers
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
