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Unit 1 AiFE Flashcards | StudBud
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Unit 1 AiFE
Unit 1 AiFE
50 terms
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StudBud Administration
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#AiFE #Finance #Year11
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
Which of these industries have been privatised?
Apple
Royal Mail
BBC
EDF Energy
2
What system of economy does the UK have?
Communist
Free market
None of these
Mixed
3
What is the national budget?
Government decides to save money
Government decides where money is spent
How much debt the government is in
Total amount the government spends each year
4
What is money?
store of value
unit of account
Currency
Cash
5
The decimalisation of the British currency occurred in the...
1980s
1960s
1970s
1950s
6
What is your right as a citizen?
A fair trial
Pay taxes
Report crimes
Equal opportunities
7
What is inflation?
Extreme price rises
The average prices rising
Jammy dodgers
Currency loses its value
8
What year did the UK join the European Union?
1982
1962
1992
1972
9
What is the cumulative effect?
The consequences of bad money management
The consequence of overproduction
The consequences of lots of people making the same decision
High supply, low demand
10
What is the multiplier effect?
Increasing the purchasing power of the economy
The impact of banks using peoples savings
The total money in the economy
Lending and borrowing money
11
What is the lowest rate of VAT on goods introduced after 1972?
15%
10%
5%
0%
12
Which is NOT a compulsory deduction?
Student loans
Pension
Income tax
National insurance
13
Which of these is a universal benefit?
Child benefit
Council tax
Disability support allowance
Private pension
14
Which is NOT a responsibility under CSR?
Supporting charity
Having an equal and diverse workforce
Reducing pollution
Working with the community
15
What does CSR stand for?
Corporate Society Reponse
Citizen Social Responsibility
Complete Societal Resonsibility
Corporate Social Responsibility
16
What is money management?
How you spend and save your money
How you invest in stocks and shares
How you borrow money from a bank
How you buy everything you want
17
National insurance is what type of tax?
Indirect
Direct
18
A British Gas engineer works in which sector?
Public
Private
Charity
Pie
19
Job seekers allowance is what type of income?
Universal benefit
investment
Targeted benefit
Salary
20
What is income?
State benefits
Council tax
Salary
Taxes
21
The House of Lords is more powerful than the House of Commons
True
False
22
What is your responsibility as a citizen?
Be employed
Tell the truth in court
Protection from crime
Be treated with respect
23
How does the government use tax to influence people?
Pay for the NHS
Pay excise duties
Pay for the military
Pay for roads
24
The main source of a full-time teachers income is likely to be...
pension income
salary
Not enough!!
state benefits
25
VAT is an example of which type of tax?
Indirect
Direct
26
When was the Equality Act passed?
1990
2000
1980
2010
27
Once her stall is up and running, Chloe's main income will be from....
the state
employment
self-employment
savings
28
What percentage would you earn on your savings?
5% EAR
5 % AER
5% APR
5% ISA
29
The UK has a constitutional monarch?
No
Yes
30
The most the popular country for British people wanting to emigrate to is...
Germany
The Netherlands
Australia
The USA
31
Weak currencies can mean...
More tourists
Higher unemployment rates
Lower export levels
Higher interest rates
32
Income tax is what type of tax?
Flat rate
Variable
33
When was the National minimum wage Act?
1988
2008
2018
1998
34
Which goods are subject to excise duties?
Fizzy drinks
Food
Cigarettes
Baby clothes
35
Chloe runs a stall in her library selling bookmarks. What is the most likely payment methods?
Contactless debit card
Cheque
Cash
Credit Card
36
What was the Equality Act?
Equal pay for equal work
Women should be paid as much
Everyone over 18 should be paid the same
Children should be paid the same as adults
37
In making her own goods and selling them, Chloe is contributing to the economy by being....
producer and consumer
producer and distributor
distributor and wholesaler
wholesaler and consumer
38
At what age can a child start working?
15
16
14
13
39
Which of these is NOT a financial choice?
The job we have
borrowing / lending
Paying taxes
Giving to charity
40
When was the current voting age established?
1959
1969
1979
1949
41
Karen and Wayne are going to France. What happens if the pound strengthens against the euro?
It will cost them less to have a day out in France
It will cost more to buy snacks in France
They will receive fewer euros at the bureau de change
It will increase the cost of their tickets
42
On a bank loan what type of interest are your likely to pay?
Variable Rate
Fixed rate
Compound
Simple
43
What are the four areas of government public spending?
MPs salaries, healthcare, education, pensions
Welfare, military, education, charitable aid
Education, welfare, healthcare, pensions
Education, benefits, healthcare, military
44
How old do you have to be to drive a car in the UK?
17
16
18
19
45
What is cash flow?
Income - outgoings + time
Time - income + outgoings
Outgoings - income + time
Income + outgoings - time
46
When a British citizen decides to move to a different country, they are....
migrating
immigrating
emigrating
47
Which of these is a nationalised industry?
McDondolds
Royal Mail
National Rail
NHS
48
What is your pay after deductions?
Disposable income
Gross
Net
Nothing!
49
TV licence is which type of tax?
Fixed rate
Variable
50
What is the Financial Services Authority now called?
Finance Managing Department
Financial Conduct Authority
Financial Checking Authority
Cash Checking Authors
