LIBF Level 1 Quiz

What is the term for a unique, eight-digit number associated with a bank account?

• Account holder

• Account number

• Account security

• Available balance

What does APR stand for in financial terms?

• Annual Payment Rate

• Annual Percentage Rate

• Annual Profit Rate

• Annual Purchase Rate

What is the purpose of account security?

• To increase interest rates

• To make it hard for fraudsters to access a bank account

• To provide loans to account holders

• To calculate available balance

What is an app in the context of electronic devices?

• A physical device

• A type of insurance

• An application for a smartphone or tablet

• A bank account feature

What is an auction?

• A type of bank account

• A place to withdraw money

• A process where people bid for items

• A method of calculating interest

What is a bank?

• A place to store and manage money electronically

• An organisation that looks after people's money and lends to borrowers

• A list of all the debits and credits in a bank account

• A form of physical money

What is a bank account?

• A list of all the debits and credits in a bank account

• A form of physical money

• An account to store and manage money electronically

• A weekly amount of money for retired people

What is a bank statement?

• A form of physical money

• A list of all the debits and credits in a bank account

• A weekly amount of money for retired people

• An organisation that looks after people's money

What is the purpose of budgeting?

• To swap items before the invention of money

• To plan ahead to avoid running out of money

• To offer money for an item in an auction

• To access the services of a bank

What is a building society?

• A form of house insurance

• An organisation that takes deposits and lends money like a bank

• A physical location to access bank services

• A machine used to process payments