BTEC UNIT 3 PERSONAL FINANCE

Which of the following is NOT a function of money?

• Unit of Account

• Means of Exchange

• To save in the bank

• Legal Tender

Which of the following is not an attitude towards money?

• Less likely to spend than save

• Aversion to risk

• Family Attitude to money

• Family history of debt

Which of the following are life stages?

• Infancy/Secondary School

• Childhood/Adult

• Adolescence/Middle Age

• Young Adult/Old Age

Which is not a main Financial need of a young adult?

• University or starting a career

• Saving for Retirement

• Looking to be more independent

• Buying a car and buying or renting a flat or buying a house

What is Debt?

• Money invested in shares

• Money in bonds

• Money Owed

• Money given as a gift

What is a Credit Rating?

• A score given to assess an individuals income

• A way of calculating re-payments on a loan

• A star rating of an individuals savings

• A score given to individuals on how likely they are to repay debts based on previous actions

What should be considered when planning personal finance? Select all that apply.

• Insurance against illness or loss

• Avoiding bankruptcy

• Setting financial targets and goals

• Generating income and savings

What is an advantage of a Debit Card?

• Secure method of payment

• Can pay for the items later

• Limits Spending

• Only accepted in certain places

What is a disadvantage of a Credit Card?

• Helps plan spending

• Cards are widely accepted

• Can encourage overspending

• Gives a period of credit

What does BACS stand for?

• Banking and Cash System

• Banker’s Automated Clearing Service

• Banking and Credit Solutions

• Bankers Allied Cashiering Staff