Which of the following is a type of savings account that offers tax-free interest?

Individual savings accounts (ISAs)

What is the role of the Financial Conduct Authority (FCA) ?

Offering online banking services

Managing price comparison websites

Which of the following is NOT a way to obtain information guidance and advice?

Financial Services Compensation Scheme (FSCS)

Independent financial advisor (IFA)

What is one of the purposes of accounting?

Offering online banking services

Managing price comparison websites

What is the purpose of using cash flow forecasts?

For planning, monitoring, control, and target setting

To determine the selling price per unit

What does the break-even analysis help to identify?

Area of profit and area of loss

What is included in the statement of comprehensive income?

Gross profit, opening inventories, cost of goods sold

Gross profit, depreciation, prepayments

Net assets, current liabilities, capital

Trade receivable days, trade payable days, inventory turnover

Which method is used for adjustments for depreciation in the statement of comprehensive income?

Straight-line and reducing balance method

What is included in the statement of financial position?

Non-current assets, current assets, current liabilities

Gross profit, opening inventories, cost of goods sold

Trade receivable days, trade payable days, inventory turnover

Gross profit margin, mark-up, profit margin

What is the formula for calculating the gross profit margin?

(Gross profit/cost of sales) x 100

(Profit/capital employed) x 100

Which ratio is calculated as (current assets - inventory)/current liabilities?

Return on capital employed (ROCE)

What is the formula to calculate trade receivable days ratio?

Trade receivables/credit sales x 365

Trade payables/credit purchases x 365

Average inventory/cost of sales x 365

What is a debit card used for?

To make payments for goods and services being deducted directly from a current account

To delay payments for goods and services

To make a specific payment from one person’s account to another account

To transfer a fixed sum of money to a third-party account on a set date

What is the function of a standing order?

To transfer a fixed sum of money to a third-party account on a set date

To transfer money directly from one bank account to another

To allow customers to delay payments for goods and services

To upload money onto a card with transactions then withdrawn to reduce the balance

What is a mortgage used for?

To fund the purchase of assets over a long period

To withdraw money from a current account that is not actually available

To borrow a set amount of money to be repaid in regular instalments

To have use of an item immediately but pay for it in regular instalments

What does mobile banking allow you to do?

Carry out financial transactions using mobile devices

Transfer a fixed sum of money to a third-party account on a set date

Delay payments for goods and services

Withdraw money from a current account that is not actually available

What is the function of the Clearing House Automated Payment System (CHAPS)?

To transfer payments directly from one bank account to another, usually on the same day

To transfer a fixed sum of money to a third-party account on a set date

To allow customers to delay payments for goods and services

To upload money onto a card with transactions then withdrawn to reduce the balance

What is the main purpose of a credit card?

To pay for goods or services using a card with a statement issued at the end of each month

To receive a lump sum upon retirement

What is the main feature of premium bonds?

The bond is placed into a regular draw for cash prizes

Interest is paid on the balance

The shareholder becomes a part-owner of the business

What is the primary function of pension companies?

To sell policies to individuals to allow them to save for retirement

To handle financial transactions and store money on behalf of their members

To offer short-term loans to bridge the gap between now and next receiving a wage

To protect against the risk of loss in return for a premium

What is the definition of 'Branch' in the context of methods of communication with customers?

A physical place where the customer will visit to carry out transactions.

The use of the internet to carry out banking transactions.

The use of a telephone to carry out banking transactions.

The use of mobile devices to conduct financial transactions.

Which organization offers advice on a wide range of financial and non-financial issues and is run by charities?

Independent financial advisor (IFA)

What is 'Capital income'?

The money invested by the owners or other investors to set up the business or buy additional equipment.

Income is the money coming into a business.

The money that comes into the business from performing its day-to-day function.

Expenditure is the money spent by a business.

What does 'Revenue expenditure' refer to?

Spending on items on a day-to-day or regular basis.

Tangible items that will appear on the statement of financial position.

The money invested by the owners or other investors.

What is the definition of crowdfunding?

Attracting investment from a large number of speculative investors, many of whom may invest relatively small amounts.

Long-term loans, normally around 25 years, that are secured against a specific asset.

Investment from an experienced entrepreneur in return for a stake in the business.

Selling the debts of a business to a third party in order to receive a quick cash injection.

Unit 3 Learning Aims A-F Knowledge

Authored by Kira Markham

Business

12th Grade

Used 1+ times

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72 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a function of money?

Unit of account

Means of exchange

Store of value

Means of production

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor can influence the role of money?

Personal attitudes towards risk

Geographical location

Weather conditions

Dietary habits

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the key features of the life stages in relation to money?

Financial needs and implications at each stage

Dietary requirements at each stage

Physical growth at each stage

Educational achievements at each stage

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a principle to be considered in planning personal finances?

To avoid getting into debt

To increase social media presence

To travel frequently

To invest in luxury items

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a type of card used for payment?

Pre-paid cards

Library cards

Identification cards

Membership cards

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of current account?

Standard

Packaged, premium

Overdraft

Student

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial product is specifically designed to provide short-term credit with high interest rates?

Credit cards

Payday loans

Mortgages

Personal loans

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Unit 3 Learning Aims A-F Knowledge

Which of the following is NOT a function of money?

Which factor can influence the role of money?

What is one of the key features of the life stages in relation to money?

Which of the following is a principle to be considered in planning personal finances?

Which of the following is a type of card used for payment?

Which of the following is NOT a type of current account?

Which financial product is specifically designed to provide short-term credit with high interest rates?

Which of the following is a type of savings account that offers tax-free interest?

Which type of insurance covers the cost of medical expenses?

Which financial institution is responsible for setting monetary policy in the UK?

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