LIBF UNIT 3 TOPIC 3

What is the method by which state benefits are paid directly into a bank account?

• Automation

• Automatic credit transfer

• Cash in hand

• Basic bank account

What does automation refer to in the context of banking?

• Manual processing of tasks

• Human intervention in tasks

• A computer taking over a task previously carried out by a person

• Cash transactions

What is the Bank rate?

• The interest rate set by individual banks for their customers

• The interest rate the Bank of England uses when lending to other banks

• The rate at which banks exchange foreign currency

• The rate banks charge for overdrafts

What is the purpose of the Consumer Protection from Unfair Trading Regulations 2008?

• To encourage aggressive sales techniques

• To prevent businesses from misleading consumers

• To promote international trade

• To regulate banking transactions

What is the lump sum required by a mortgage lender as a down payment called?

• Equity loan

• Deposit

• Exchange rate

• Exports

What is a legislative act of the European Union that requires member states to achieve a particular result without dictating the means called?

• EU regulation

• EU Directive

• Financial Conduct Authority

• Financial Ombudsman Service

What is the organization that regulates financial firms providing services to consumers in the UK?

• Financial Ombudsman Service

• Financial Conduct Authority

• Financial Policy Committee

• European Union

What is green technology?

• Technology that increases pollution

• Processes and products that are renewable, sustainable, or non-polluting

• Technology used in agriculture

• Technology that is expensive to produce

What is the role of the Prudential Regulation Authority (PRA)?

• To regulate food safety

• To manage public transportation

• To regulate financial services in the UK

• To oversee educational institutions

What is the function of Trading Standards?

• To promote international trade

• To investigate bad practices on behalf of consumers

• To regulate stock markets

• To manage trade tariffs