Unit 1 CEFS Topics 1-8

Which of these are main providers of financial services? p108

• Post Office

• Bank

• Credit Unions

• HMRC

Which of these are functions of a retail bank?

• Offering stock options

• Offering savings products

• Offering borrowing products

• Offering tax refunds

Which of these were key recommendations of the Independent Commission on Banking in 2011

• Separate retail and investment banking

• Offer more online products

• Increase the % interest on savings

• Reduce the amount of risk banks take

What does the Financial Ombudsman Service do? p133

• Compensate customers

• Handle complaints

• Consumer information service

• Provide customer refunds

When choosing to borrow money, we should consider which of the following:

• Online banking

• How safe our password is

• How much mortgage we already have

• How long we are going to borrow for

Which part of an overdraft has the highest rate of interest?

• Planned overdraft

• Unauthorised overdraft

• Authorised overdraft

• Unpermission overdraft

When paying a credit card holder, which of these are of the four parties involved? p92

• Merchant

• Financial advisor

• Cardholder

• Parent

Which type of savings account requires you to tell the bank in advance that you wish to withdraw the money?

• Fixed Interest

• Notice account

• NS&I

• Cash ISA

Which of these defines inflation

• The change in price of your income

• The change in the price of exports

• The change in the cost of living vs the value of your income

To have a stocks and shares ISA you must have a minimum age of

• 16

• 17

• 18

• 19