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LIBF Unit 2 Topic 1 Flashcards | StudBud

Explore/LIBF Unit 2 Topic 1

LIBF Unit 2 Topic 1

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Questions 10

Answers

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