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GCSE IFS Finance - Unit 2 Topic 1 Flashcards | StudBud
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GCSE IFS Finance - Unit 2 Topic 1
GCSE IFS Finance - Unit 2 Topic 1
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Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Explain what is meant by ‘financial planning’?
Making plans on paper.
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
2
Which of the following is the
most accurate
definition of budgeting?
Checking your bank statement regularly
Borrowing money from the bank
Using online banking to track transactions
Estimating money coming in and going out
3
Non-profit-making financial co-operatives run for the benefit of their members are known as:
Credit Unions
Banks
Building Societies
4
A
sensible
minimum amount for an emergency fund for
most families
would be three to six months'
discretionary expenditure
gross income
disposable income
essential expenditure
5
With a current account ,what do you
not
receive?
Interest on savings
Debit card
Cheque book
Instant access to your account
6
The advantages of using cheques are:
Payments can be stopped if necessary
More expensive than carrying cash around
They are illegal
7
What does IFA stand for
Independent financial advisor
Is financial accessible
Independent financial administrator
8
When writing a cheque, what do you
not
do?
Add sortcode and accountnumber to verify where money is from
Fill out the figure you want to give
Date it
Sign it
9
What is a bank?
A loan of items you can take out for free
financial institution licensed to get deposits & make loans
A renewable system to enable needs
10
What are the two types of objectives?
Personal
SMART
Financial
Achievable
11
What is insurance protect us against?
Risks that might happen
Risks that will happen
12
Which of the following items would you
not
use a personal loan for?
House repairs
House
Car
Holiday
13
Explain what is meant by the term ‘money management’?
Knowing where to spend your money
Investing in a school
Having someone manage your money
A process of budgeting, saving and investing
14
Where would be the
best
place to keep money for an emergency fund?
In a long-term fixed deposit account
In a safe place at home.
In an instant-access savings account
With an adviser.
15
What is a credit card?
A form of credit given by a bank or financial institution
A card you can you everywhere
A card you can only use when you have funds in the account
