LIBF Unit 1 E-test Revision Test-2

Give an example of a function of money... - Answer- Exchange For money to function as intended, it needs to be: - Answer- Acceptable A key feature of money is that all coins and banknotes of a certain denomination need to be homogeneous . True or false? - Answer- True British banknotes have a promise on them to 'pay the bearer on demand the sum of' followed by the amount of money the banknote represents. The promise is signed by the....? - Answer- Chief cashier of the Bank of England. At whcih of the following key stages of the personal life cycle is a person aged 18-25 years? - Answer- Young adult The middle age stage of the personal life cycle is generally described as being 26-40 years old. True or false? - Answer- False. What is most likely to be affected by major external influences during the middle-age to late-middle-age of the personal life cycle? - Answer- Early retirement What external factor during the personal life cycle will significantly affect an individual's position? - Answer- Being made redundant The interest rate quoted on a savings account is indicated by which of the following? - Answer- AER What is usually a feature of a savings bond? - Answer- That it is set for a set period of time. A key feature of an individual's savings account (ISA) is that....? - Answer- The interest is always tax free. National savings and investments (NS&I) savings products are popular because the money saved is......? - Answer- 100% guaranteed. What form of borrowing requires the amount borrowed to be repaid in full every month? - Answer- Charge card what is usually a feature of a personal loan? - Answer- It is for a fixed period of time. An unauthorised overdraft is usually a more expensive form of borrowing than an authorised overdraft. True or False? - Answer- True!