Which of the following is least likely to be a medium-term goal that someone aged 24 is budgeting for?

leave their children an inheritance.

buy a brand new car in three years’ time.

save a deposit for a rental property.

Neil has made a disciplined financial plan for the next two years as he wants to be in a better financial position after that time. There is no surplus in his plan at the end of each month. Which of the following actions could negatively impact his plan?

Not making a mandatory payment.

Not making a discretionary payment.

Forgetting an important birthday

Budgeting is often easier for employed people because:

they cannot predict their outgoings.

their outgoings are always high

If wages rise more slowly than prices, this will cause:

disposable incomes to increase.

When applying for a borrowing product a lender can see:

any credit applications the person has made

the outstanding balance on all of the person’s borrowing.

the purpose of all credit the person has taken out.

Investors buying individual company shares trade off the possibility of high returns by:

accepting a high degree of risk.

paying low transaction charges.

A savings product, when compared with an investment product, is usually:

less risky but may provide a lower return.

less risky and always provides a higher return

more risky and always provides a lower return.

more risky but may provide a higher return

In the event of a company making profit, preference shares:

provide a fixed percentage rate of dividend

guarantee dividends from the company.

provide dividends that are tax free

When someone buys a property using the Ijara method of Islamic home finance, who owns the property when it is first purchased?

The finance provider’s solicitor

Who is responsible for ensuring that an Islamic investment product is compliant with the principles of Sharia law?

An independent supervisory board

An independent financial adviser

The Financial Conduct Authority

The senior management of the provider

Financial advisers are monitored by the:

Prudential Regulation Authority

Financial Services Compensation Scheme

Which of the following statements about a typical price comparison website, is false? Consumers can:

choose from all the providers and products in the marketplace.

access a lot of information easily to help them make a choice

find useful ‘best buy’ tables

save time by finding a lot of information in one place.

LIBF Financial Capability Unit 2 MCQs 3

Authored by Mark Newton-Hill

Life Skills

10th Grade - Professional Development

Used 12+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is most likely to apply to people in the mature adult stage of the life cycle?

Their children’s needs take priority.

Their aspirations become irrelevant.

They have few needs and wants

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Boris, aged 14, hopes to buy a new camera next year and would like to be a lawyer when he leaves school. For Boris, these are respectively a:

want and an aspiration.

want and a want.

need and an aspiration.

need and a want.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Peer pressure is the pressure to buy a product because:

your friends have the same product.

the product is currently being offered at a discount.

most people approve of the product

a well-known celebrity has endorsed the product.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a form of product placement?

A product being mentioned in a TV programme.

An advertisement in a national newspaper.

Running a product trial with a group of customers.

Sponsorship of a local business award.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following helps people to distinguish between what they consider to be needs and what they consider to be wants?

Values

Attitudes

Beliefs

Perceptions

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Budgeting effectively in the short term helps people to achieve long-term financial plans by:

avoiding overspending.

controlling unplanned events.

decreasing mandatory expenditure.

reducing essential expenditure.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between someone’s total assets and their total liabilities is described as their:

net worth.

net value

gross worth

gross value

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LIBF Financial Capability Unit 2 MCQs 3

Which of the following is most likely to apply to people in the mature adult stage of the life cycle?

Boris, aged 14, hopes to buy a new camera next year and would like to be a lawyer when he leaves school. For Boris, these are respectively a:

Peer pressure is the pressure to buy a product because:

Which of the following is a form of product placement?

Which of the following helps people to distinguish between what they consider to be needs and what they consider to be wants?

Budgeting effectively in the short term helps people to achieve long-term financial plans by:

The difference between someone’s total assets and their total liabilities is described as their:

Which of the following is least likely to be a medium-term goal that someone aged 24 is budgeting for?

Which of the following events is typically the easiest to budget for?

Which of the following items in a financial plan is usually the most flexible?

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