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WorksheetsSpecimen Paper C Questions UNIT 2 LIBF
Total questions: 22
Worksheet time: 11mins
An account typically used for day-to-day finances is known as a:
current account
savings account
deposit account
share account
Savings accounts are mostly offered by:
building societies.
insurance companies.
investment companies.
mortgage brokers.
A short-term financial plan is normally considered to be anything up to:
24 months
5 years
12 months
between 1 and 5 years.
A long-term financial plan is normally considered to be anything:
longer than 5 years.
between 1 year and 5 years.
up to 1 year.
between 24 months and 36 months.
A medium-term financial plan is normally considered to be anything:
up to 1 year.
up to 24 months.
between 1 year and 5 years
longer than 5 years.
A consequence of failing to budget can be:
financial pressure points identified.
important bills remaining unpaid.
increased levels of savings.
making the most of your money.
A rise in interest rates would benefit a person with a:
fixed-rate mortgage.
fixed-rate savings account.
variable-rate mortgage.
variable-rate savings account
If the pound sterling strengthens against the yen then:
exports to Japan become more expensive.
imports from Japan become more expensive
interest rates in the UK will fall.
more tourists will visit the UK from Japan.
Increased consumer spending generally leads to:
high government borrowing
higher levels of employment.
lower government tax receipts.
lower personal income.
Which of the following is an electronic payment system specifically used for very high-value payments?
Bacs.
CHAPS.
Faster Payments.
PAYPAL
Value for money is about:
being able to sway a customer's opinion through advertising.
getting the best goods for the money available.
low prices being good value for the customer.
presenting heavily discounted goods to the customer
On the majority of goods value added tax (VAT) is charged at:
0%.
50%.
30%.
20%.
Which of the following transactions is likely to incur a service charge?
A face-to-face train ticket purchase
An online air-ticket purchase.
Children's clothes bought on the high street.
Food purchased from a supermarket.
Which of the following has the greatest negative impact on a solid foundation for economic growth?
Excessive borrowing.
Increased employment.
Manufacturing output.
Real earnings.
Which of the following would best be classified as a 'good' debt? Borrowing to:
buy a car.
buy a property.
buy a smartphone.
pay for a holiday.
Which of the following is the best short-term borrowing solution for a person needing to get their car repaired?
Mortgage.
Overdraft.
Personal loan.
Store card.
Which of the following is an agreement between a person and their creditors, whereby the creditors agree for the person to pay a proportion of their debt over a fixed period?
Bankruptcy.
County court judgement.
Debt relief order.
Individual voluntary arrangement.
Which of the following, which appears on a payslip, does the government use to identify a person?
Account number.
Period number.
National Insurance number.
Payroll number.
Which of the following would be the ideal solution for paying off a new boiler?
emergency fund.
credit card.
store card.
overdraft.
If s credit card company resorts to applying for a county court judgement, who decides how much the repayments will be?
The lender only.
The court only.
The lender and the court jointly.
The court and the borrower jointly.
Which of the following payment methods would take the longest to reach someone's account?
Bacs payment.
CHAPS.
PayPal.
Cheque.
At what stage of the life cycle is someone who is 57?
Young adult.
Mature adult.
Late middle age.
Old age
