Personal and Business Finance

Which function of money does this statement refer to? Money allows goods and services to be traded without the need for a barter system. Barter systems rely on there being a double coincidence of wants between the two people involved in an exchange.

• Unit of account

• Means of Exchange

• Store of value

• Legal tender

Which function of money does this statement refer to? This can refer to any asset whose “value” can be used now or used in the future i.e. its value can be retrieved at a later date. This means that people can save now to fund spending at a later date.

• Unit of account

• Means of exchange

• Legal tender

• Store of value

The cost of borrowing money is known as what?

• A life event

• Culture

• Inflation

• Interest Rates

Personal finances can be impacted by external influences such as the economy. The person may have no c (a)   over this.

What life stage does the following information indicate? •University / Early career

•More independent

•Buying cars, renting, buying homes

•Starting a family / getting married

• Young adult

• Childhood

• Middle Age

• Old Age

What life stage does the following information indicate?

•Fewer dependants

•Fewer financial needs

•May downsize

• Childhood

• Adolescence

• Young Adult

• Old Age

A personal budget includes an individuals income and e (a)  

Knowing what money is coming in and going out of your bank is important, if you are to avoid getting into d (a)  

By planning your c (a)   , you can make adjustments to your finances to make them more manageable.

If you do not plan your f (a)   , you could become unable to pay bills.