CeFS Unit 1 - Financial Capability for the Immediate and Short Term (FCIS) Specimen Paper A

Which of the following is a function of money? A means of:

• A ensuring stability of value.

• B exchange.

• C guaranteeing credit.

• D improving a person’s credit rating.

For money to function as intended, it needs to be:

• A acceptable.

• B fixed in value.

• C no older than five years.

• D unrecognisable.

Where are banknotes issued in Northern Ireland legal tender?

• A England and Northern Ireland.

• B England, Scotland, and Northern Ireland.

• C Northern Ireland only.

• D They are not legal tender anywhere.

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. This promise is signed by the:

• A Chancellor of the Exchequer.

• B Chief Cashier of the Bank of England.

• C Governor of the Bank of England.

• D Prime Minister.

At which of the following stages of the personal life cycle is a person aged 25 years?

• A Childhood.

• B Teenager.

• C Young adult.

• D Mature adult.

At which stage of the life cycle is someone most likely to get married and/or have children?

• A Young Adult.

• B Mature Adult.

• C Middle Age.

• D Late middle age.

Which of the following would be included when working out demographic change?

• A Debt.

• B Marriage.

• C Migration.

• D Work.

Which of the following is an external factor during the personal life cycle that will significantly affect an individual's position?

• A Attitude to risk.

• B Deciding to start a family.

• C Increase in the Bank rate.

• D Starting a new business.

The interest rate quoted on a savings account is indicated by which of the following?

• A AER.

• B APR.

• C EAR.

• D RPI.

Which of the following is usually a feature of a savings bond?

• A It is for a set period of time.

• B It pays a lower rate of interest than an instant access account.

• C The rate of interest is variable.

• D Withdrawals of funds are not restricted.