Unit 1 - Paper B

Money has to be hard-wearing because:

• banks need to move it around a lot.

• it changes hands many times.

• it must be acceptable by shops.

• shops keep it in tills.

Which of the following is not a security feature used on bank notes?

• Coloured ink.

• Metallic thread.

• Special paper.

• Watermark.

In the UK, what is the maximum amount, if any, in £2 coins that a shop is legally obliged to accept in payment from a customer?

• £10.

• £50.

• £100.

• Any amount.

Jobseeker's Allowance cannot be claimed by someone who is:

• over state pension age.

• over the age of 18.

• under state pension age.

• under the age of 21.

Which of the following most commonly describes somebody who works for themselves?

• An apprentice.

• An employee.

• Self-employed.

• Self-funded.

The amount of income tax that a person pays depends on their:

• credit rating.

• dependents.

• earnings.

• mortgage.

During the 2016/17 tax year, John's earnings are £4,670. How much income tax, if any, will John pay?

• £0.

• £467.

• £934.

• £1,100.

Someone who has several financial transactions each month would find it best to have which type of account?

• Card.

• Current.

• Deposit

• Savings.

What is the main difference between a notice account and an instant access account?

With a notice account the:

• customer must give the provider warning before drawing the money out.

• provider must give the customer warning before issuing a bank statement.

• interest rate will always be higher.

• interest rate will always be lower.

Before they are completed, pre-printed paying-in slips show two numbers.

These are the:

• account number and date.

• personal identification number (PIN) and branch identifier.

• sort code and account number.

• sort code and customer reference.