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WorksheetsUnit 3 Finance LO A-C
Total questions: 18
Worksheet time: 9mins
Which of the following is NOT an electronic method of payment?
BACS
Direct debit
Cheque
CHAPS
Which of the following is an independent organisation that regulates the actions of providers of financial services, funded by membership fees charged to financial service providers?
FCA
FSCS
OFT
Citizens Advice
The MAIN risk associated with saving money in a bank or building society is:
Inflation can reduce the spending power of savings in the future
Interest on savings is always taxed
There is no guarantee of dividends if the FTSE falls
You always have to give notice order to withdraw funds from savings accounts
A DISADVANTAGE of using payday loans as compared to bank loans is:
Payday loans have to be paid back
A payday loan will not be given if you have a poor credit rating
The interest on a payday loan is higher than on a bank loan
A payday loan is only available for 3 months
What kind of current account would an individual with a poor credit rating be MOST likely to be offered?
Standard
Simple
Basic
Ordinary
Which organisation is appointed by the government to represent the interests of the consumer in disputes with financial service providers?
OFT
FCA
FOS
FSCS
What do personal attitudes, life stages, culture and external influences affect?
The role of finance
The role of money
The role of a financial advisor
The role of a credit union
Which of the following sources of finance would be MOST suitable for a one-off or infrequent purchase, e.g. a TV or laptop?
Bank loan
Leasing
Hire purchase
Mortgage
Which of the following is NOT a method of saving or investment?
Premium bonds
Shares
Current account
Gilts
Which of the following is NOT a function of money?
Interest rates
Means of exchange
Legal tender
Unit of account
Revenue income is loans, shares, owners capital, mortgages and debentures?
True
False
In a small business - paying wages, ordering new stock, paying bills, balancing inflows with outflows is the responsibility of whom?
A competitor's accountant
Your mum
An investor
The manager responsible for the business
Which one of the options below is NOT an example of a financial transaction.
Taking some clients out for a meal and claiming the expenses
Taking cash or contactless payments for goods or services offered
Writing a letter of complaint
Purchasing a company vehicle
Which financial institution is owned by its members?
financial service company
savings and loan association
commercial bank
credit union
An IVA & Bankruptcy are not the same.
True
False
A charity run organisation that provides advice on a range of financial and non financial matters...
Independent Financial Advisor
Debt Counsellor
Citizens Advice
Bankruptcy
Which of these is a drawback of banking in branch?
Takes longer and you may need transport
24/7 Access and convenient
The Bank of England sets interest rates for the country
True
False
