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IFS Mock Exam A
IFS Mock Exam A
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IFS Unit 1 topic 1
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
Which of the following is exempt from value added tax?
Postage stamps.
Adults' clothing
Furniture
Biscuits
2
The UK's currency is:
euros.
pound sterling
dollars.
yen.
3
Interest that is calculated only on the principal amount is known as:
compound interest.
simple interest.
net interest.
gross interest.
4
The decimalisation of British currency occurred in the:
1980s
1960s
1950s
1970s
5
Poor financial choices can lead to:
low levels of personal debt.
people saving more money.
overspending.
falling prices.
6
The UK government's inflation target is:
2%.
3%.
4%.
1%
7
Which of the following groups of people is likely to have the most irregular income pattern?
Children.
The employed.
The self-employed
The retired.
8
A term used by the regulator to describe good financial management is financial:
know-how
competence.
capability
capacity
9
The system under which employees pay tax is known as Pay As You:
Go.
Save.
Work.
Earn.
10
The most popular country for British people wanting to emigrate to is:
Australia
Phillipines
Germany
Netherlands
11
Which of the following statements relating to the third sector is correct?
Social enterprises are not permitted to make a profit
It exists to make a profit
It has no economic impact.
It includes charities and social enterprises.
12
The term for people moving from one town or city in the UK to another is:
immigration.
internal migration.
emigration.
urbanisation.
13
The main source of a full-time teacher's income is most likely to be:
savings income
state benefits
salary.
pension income.
14
Over time, the value of money
depreciates.
appreciates.
stabilises.
accumulates.
15
Weak currencies can mean:
higher rates of unemployment
more tourists.
higher interest rates
lower export levels.
16
A decrease in income tax is likely to have which of the following effects?
Work is likely to become less attractive.
People are likely to save more.
People are likely to borrow more.
People are likely to make spending cuts.
17
The amount of interest paid by a savings account before taking inflation into account is
simple interest.
gross interest
nominal interest.
net interest.
18
Which insurance products protects against damage to a family's personalbelongings?
Buildings.
Health.
Contents.
Car.
19
Low inflation results in:
greater unemployment.
greater levels of savings.
lower interest rates
more expensive houses.
