LIBF: Unit 1 Revision

1: what is the minimum wage for under 18s?

• a   £3.90
• b   £6.15
• c   £4.35
• d   £4.50

2 Which one of there would not be advisable if you are in extreme debt?

• a take out a payday loan
• b file for bankruptcy
• c get an administration order 
• d Get an individual voluntary agreement

Barter is an inefficient way of trading because it requires:

• A) a double coincidence of wants
• B)one of the traders to have a surplus
• C) a market place big enough for lots of goods to be traded

In relation to a cheque, which of the following will appear on a current account statement:

• A) the date the cheque was written
• B) the person to whom the cheque was payable 
• C) the cheque number

How many hours are you allowed to work per week?

• 32 hours
• 40 hours
• 48 hours
• 56 hours

Is it mandatory for employers to pay lunch break?

• Yes
• No
• Only for over 25s
• Only for under 25s

What's the definition of a cash flow forecast 

• 1.Total income minus total expenditure: a person's net financial situation.
• 2.A plan of expected incomings and outgoings over several time periods, such as the next three months.
• 3.A record of money borrowed and repaid by an individual. These records are held by credit reference agencies and providers will check the individual's credit history when a prospective customer applies for a borrowing product

What is a budget surplus ?

• 1.A sum of money available once all the essential expenditure in a given period, eg a month, has been made.
• 2. When there's more money because you got a raise 
• 3. An increase in the global economy

When was it announced that Northern Rock would be nationalised?

• a) 2007
• b) 2008 
• c) 2009
• d) 2010

How long do you have to work before you are entitled a 30 minute break?

• a) 4 1/2  hours
• b) 6 hours
• c) 7 1/2 hours
• d) 9 hours