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LIBF Level 2 Unit 1: Personal Financial Encounters Test A

Authored by Mark Newton-Hill

Mathematics

8th Grade

Used 4+ times

LIBF Level 2 Unit 1: Personal Financial Encounters Test A
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

accepted by people and shops.
always worth the same amount.
available in different amounts.
easily recognisable by everyone.

Answer explanation

The fact that money is available in different amounts enables this.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a reason that Bank of England banknotes have security features on them?

To make them accepted by others.
To make them difficult to copy.
To make them look like other currencies.
To make them recognisable.

Answer explanation

This is not a valid reason to include security features.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

One
Two
Three
Four

Answer explanation

£5, £10, £20 and £50.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tom is a beneficiary of money left in his elderly aunt's will. This money is known as:

a capital gain.
a codicil.
a gift.
an inheritance.

Answer explanation

This money is known as an inheritance.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

Answer explanation

Ahmed is a casual worker.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

Answer explanation

He should send it to HM Revenue & Customs.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Bank interest.
Capital gains tax.
Income tax.
Value added tax.

Answer explanation

PAYE (Pay As You Earn) relates to the automatic payment of income tax by an employee.

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