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IFS Unit 2 Topic 1 Flashcards | StudBud

Explore/IFS Unit 2 Topic 1

IFS Unit 2 Topic 1

10 terms·StudBud Administration·267 plays

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Questions 10

Answers

1
What is insurance for
Risks that will happen
Risks that might happen
2
Which of the following would you not use a personal loan form
House repairs
Holiday
Car
House
3
What does IFA stand for
Independent financial advisor
Independent financial administrator
Is financial accessible
4
Explain what is meant by the term ‘money management’?
A process of budgeting, saving and investing
Investing in a school
Having someone manage your money
Knowing where to spend your money
5
Explain what is meant by ‘financial planning’?
Planning where you will spend your money.
Not knowing what to do with your money.
A system that helps you make sensible decisions about money
Making plans on paper.
6
What is a bank?
A renewable system to enable needs
financial institution licensed to get deposits & make loans
A loan of items you can take out for free
7
What is a credit card?
A form of credit given by a bank or financial institution
A card you can only use when you have funds in the account
A card you can you everywhere
8
With a current account what do you not receive
Cheque book
Interest on savings
Debit card
Instant access to your account
9
When wring a cheque what do you not do?
Date it
Sign it
Fill out the figure you want to give
Put your email address on it
10
THE ADVANTAGES TO USING CHEQUES ARE
Payments can be stopped if necessary
More expensive than carrying cash around
They are illegal