Unit 2 Key Terms - Topic 1 Needs, Wants and Aspirations

Question 1

A type of secured consumer credit to finance item such as cars etc, involves the borrower repaying over a no of years.

Accepted Answer

Hire Purchase

Question 2

A loan secured against an asset eg; house. If the borrower does not keep up repayments on loan, the asset can be seized.

Accepted Answer

Secured Loan

Question 3

The money or other assets owned by an individual or a business.

Accepted Answer

Captial

Question 4

Stages through which people pass between birth and death including childhood, teenage years etc. Not everyone passes it.

Accepted Answer

Life Cycle

Question 5

A sum of money placed by a customer with a financial services provider.

Accepted Answer

Deposit

Question 6

General feelings about desirable behaviour and goals eg; good and bad concepts or how things ought to be.

Accepted Answer

Values

Question 7

The medium through which info is transferred to its intended recipient eg; email. Refers to how customers contact

Accepted Answer

Distribution Channel

Question 8

People&#x27;s thoughts and feelings, at a given time and place, about another person, an event or an issue.

Accepted Answer

Attitudes

Question 9

Things that people would like to have but can survive without such as; entertainment

Accepted Answer

Wants

Question 10

Specific and detailed personal convictions about how things are. Can be religious but can be &#x27;absolute.&#x27;

Accepted Answer

Beliefs

Question 11

A product that allows someone to borrow a fixed amount over a fixed period at a fixed rate of interest.

Accepted Answer

Pesonal Loan

Question 12

A loan taken out to pay for a property, usually over a long term such as 25 years.

Accepted Answer

Mortgage

Question 13

Chooses to save in a way that means the money will be used for what that individual considers to be good purposes.

Accepted Answer

Ethical Investing

Question 14

An income that people receive after retiring from work. In the UK people receive a pension from the state.

Accepted Answer

Pension

Question 15

A society&#x27;s set of norms about behaviour and attitude across social groups. Indicates what is acceptable/unacceptable.

Accepted Answer

Culture

Question 16

Advertising, selling+delivering products to customers. Company needs to maintain a relationship with them eg promotion

Accepted Answer

Marketing

Question 17

Term used for &#x27;borrowing.&#x27; &#x27;Taking credit&#x27; or &#x27;buying on credit&#x27; refers to borrowing.

Accepted Answer

Consumer Credit

Question 18

A type of insurance policy that pays out a sum of money if the insured person dies.

Accepted Answer

Life Assurance

Question 19

Involving a business paying for a sporting or entertainment event or venue. Advertise the event in promotional material.

Accepted Answer

Sponsorship

Question 20

Money paid into financial products; the aim is that the value of the product will grow over time an receive more back.

Accepted Answer

Investments

Question 21

A concept in helping people to choose financial products, based on budgeting to help decide what to afford

Accepted Answer

Affordability

Question 22

Things that people need to survive, such as food, basic clothing and a place to live.

Accepted Answer

Needs

Question 23

Paid for marketing activities, including advertising. Aim to communicate with people; persuade them what to buy.

Accepted Answer

Promotion

Question 24

Our equals - people in the same position as us, for instance eg; same age.

Accepted Answer

Peers

Question 25

A card that allows the holder to make purchases face to face, on the phone etc. Provider charges interest.

Accepted Answer

Credit Card

Question 26

Things or experiences that people would like to have in the future eg; luxury holiday/sports cars.

Accepted Answer

Aspirations

Question 27

Willing to take risks.

Accepted Answer

Risk Tolerant

Question 28

Legal process whereby a financial institution takes ownership of an asset eg house, because repayments have not been met

Accepted Answer

Possession

Question 29

The notion that thoughts and feelings have direct influence on behaviour. Expectations can be self-fulfilling.

Accepted Answer

Feedback Effect

Question 30

An aspect of public relations (PR) involving a product appearing on a TV show or in a film.

Accepted Answer

Product Placement

Unit 2 Key Terms - Topic 1 Needs, Wants and Aspirations

Questions 30

Unit 2 Key Terms - Topic 1 Needs, Wants and Aspirations

Questions 30