Unit 3 Personal Finance

There are four main functions of money. Which one means that it allows people to trade (buy and sell goods)?

• Unit of account

• Means of exchange

• Store of value

• Legal tender

Different people have different attitudes to money. Which of the following relates to tradition, religion and ethical beliefs affecting attitudes?

• External influences

• Life stages

• Culture

• Life events

When interest rates are low you are more willing to ...

• Borrow money

• Save money

Childhood, Adolescence, Young adult, Middle age and Old age are all ...

• Life events

• Life stages

• Personal attitudes

What is the term for 'the ability to meet day to day expenditure and repay debts'?

• Good credit rating

• Bankrupt

• Solvent

Which of these methods of payment is 'a written order to a bank to make a payment for a specific amount from one account to another'?

• Direct Debit

• Standing order

• BACS

• Cheque

Which of these methods of payment is 'issued by financial institutions allowing customers to delay payments for goods and services'?

• Debit card

• Credit card

• Pre paid card

• Store card

Which of these is an example of a pre paid card?

• Oyster travelcard

• Debenhams store card

• Boots advantage card

What does BACS stand for?

• Bank Automated Cashing Service

• Banker's Automatic Clearing Service

• Banker's Automated Clearing Service

• Bank Automated Cashing System

Standard, Packaged Premium, Basic and Student are all examples of ...

• Methods of payment

• Current Accounts

• Types of borrowing

• Savings accounts