Unit 3 Learning Aims A-F Knowledge

Which of the following is NOT a function of money?

• Unit of account

• Means of exchange

• Store of value

• Means of production

Which factor can influence the role of money?

• Personal attitudes towards risk

• Geographical location

• Weather conditions

• Dietary habits

What is one of the key features of the life stages in relation to money?

• Financial needs and implications at each stage

• Dietary requirements at each stage

• Physical growth at each stage

• Educational achievements at each stage

Which of the following is a principle to be considered in planning personal finances?

• To avoid getting into debt

• To increase social media presence

• To travel frequently

• To invest in luxury items

Which of the following is a type of card used for payment?

• Pre-paid cards

• Library cards

• Identification cards

• Membership cards

Which of the following is NOT a type of current account?

• Standard

• Packaged, premium

• Overdraft

• Student

Which financial product is specifically designed to provide short-term credit with high interest rates?

• Credit cards

• Payday loans

• Mortgages

• Personal loans

Which of the following is a type of savings account that offers tax-free interest?

• Individual savings accounts (ISAs)

• Credit cards

• Payday loans

• Hire purchase

Which type of insurance covers the cost of medical expenses?

• Car insurance

• Home and contents insurance

• Health insurance

• Travel insurance

Which financial institution is responsible for setting monetary policy in the UK?

• Banks

• Building societies

• Bank of England

• Credit unions