LIBF Unit 1 Revision - Xmas Special

Which of the following characteristics of money enables people to buy items of varying value and enables them to get change?

• accepted by people and shops.

• always worth the same amount.

• available in different amounts.

• easily recognisable by everyon

Which of the following is a security feature used on bank notes?

• Durability.

• Hologram.

• Recognisability.

• Shape.

In England and Wales, how many different denominations of bank notes are legal tender?

• One

• Two

• Three

• Four

Tom's elderly aunt has just died and left him some money.

This is known as:

• a capital gain.

• a debt.

• a gift.

• an inheritance.

Ahmed is a market researcher. He has no guarantee of any work and is called on by the agency whenever they need surveys to be undertaken. He does this only if it fits in with his studying.

This is known as:

• casual work.

• full-time work.

• part-time work.

• shift work.

Dino is completing his annual tax return. Who should he send it to when it is completed?

• Bank of England.

• HM Revenue & Customs.

• National Savings and Investments.

• The Post Office.

Which of the following does Pay As You Earn (PAYE) relate to?

• Bank interest.

• Capital gains tax

• Income tax.

• Value added tax.

Money has to be hard-wearing because:

• banks need to move it around a lot

• it changes hands many times

• it must be acceptable by shops.

• shops keep it in tills.

Which of the following most commonly describes somebody who works for themselves?

• An apprentice.

• An employee.

• Self-employed.

• Self-funded.

During the 2016/17 tax year, John's earnings are £4,670. How much income tax, if any, will John pay?

• £0.

• £467.

• £934.

• £1,100.