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Libf Unit 3 Topic 6&7 Flashcards | StudBud
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Libf Unit 3 Topic 6&7
What is protectionism?
Define offshoring?
Libf Unit 3 Topic 6&7
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1
Define offshoring?
When a company moves its operational functions overseas
When a company re brands itself
Process of one provider paying another to carry out certain functions
Process of a provider paying another to create more products
2
What is protectionism?
Policies designed to protect a country's own economy and students
Policies designed to protect a country during times of war
Policies designed to protect the countries workforce
Policies designed to protect a country’s own economy and labour force
3
Can auditors be sued?
True
False
4
What was financial services act 2012?
amended the law relating to national debt and public revenue
replaced the FSA with two regulatory bodies: FCA & PRA.
Made financial Stability one of the ISAs regulatory objectives
Made FSCS protect depositors money.
5
What is a CON of withdrawing from the European union (Brexit)?
increases control over immigration to help govern the UK economy
UK citizens living abroad may have to move back or get a working visa
Uk doesn't have to contribute towards EU budget
The Uk gain more control over affairs
6
What is the MPC responsible for?
They are responsible for promoting financial education in UK schools
They are responsible for setting up the bank rate in the Uk
They are responsible for monitoring the inflation rate in the UK
They are responsible for regulating providers across the UK
7
What is a PRO of withdrawing from the European Union (Brexit)?
The UK is still bound by NATO and the World Trade Organisation
Uncertainty of trading terms with other countries
The UK will not be required to contribute to the EU budget
The UK is still bound by NATO and the World Trade Organisation
8
Define globalisation?
The trend towards a single global economy
When large multi national companies merge together
The trend towards a single marketplace
The trend towards independent economies
9
What was the finance act 2016?
replaced the FSA with two regulatory bodies: FCA & PRA
made amendments to Stamp duty land tax, inheritance tax, tax structure.
Made financial Stability one of the ISAs regulatory objectives
introduced ring fencing and introduced a cap on payday loans
10
Define outsourcing?
When a company sells products in multiple countries
Process of a provider paying another to create more products
When a company moves its operational functions overseas
The process of one provider paying another to carry out certain functions
11
What % of Great Britain has internet access ?
97%
95%
96%
98%
12
What was the Banking Act 2009?
introduced ring fencing and introduced a cap on payday loans
allows the Bank of England to close down a bank before it becomes insolvent
introduced the FOS and established FSA as regulator of the industry
Enhanced OFT authority for scrutinizing consumer credit license applicants
13
What was the financial services act 2010?
amended the law relating to national debt and public revenue
Increased HM treasury's power in regulation within the financial sector
introduced ring fencing and introduced a cap on payday loans
replaced the FSA with two regulatory bodies: FCA & PRA
14
What does the IMF do?
Promotes international cooperation on the trading of goods and services
Promotes global cooperation on exchange rates & other financial matters
Promotes international cooperation on interest rates
Encourages trade between countries
15
What was the Credit act 2006?
Enhanced OFT authority for scrutinizing consumer credit license applicants
introduced the FOS and established FSA as regulator of the industry.
allows the Bank of England to close down a bank before it becomes insolvent
introduced ring fencing & introduced a cap on payday loans
16
What is the IFRS?
An accounting firm
It is a single set of investing regulations
It is a single set of banking and finance standards
It is a single set of accounting and auditing standards
17
What was the financial services act (banking reform) 2013?
introduced the FOS and established FSA as regulator of the industry
allows the Bank of England to close down a bank before it becomes insolvent
Enhanced OFT authority for scrutinizing consumer credit license applicants
introduced ring fencing and introduced a cap on payday loans and FSCS
18
What was the financial services and market act 2000?
Enhanced OFT authority for scrutinizing consumer credit license applicants
introduced ring fencing and introduced a cap on payday loans
introduced the FOS and established FSA as regulator of the industry
allows the Bank of England to close down a bank before it becomes insolvent
19
Can extreme weather(natural disasters) have an effect on the stock market?
True
False
20
What does WTO do?
Promotes cooperation and trade between those members
Ensures merchants are protected when trading overseas
Promotes global cooperation on exchange rates & other financial matters
Regulates trading across the globe
