Function And Role Of Money

Question 1

4 functions of money

Answer 1

Unit of account
Means of exchange
Store of value
Legal tender

Question 2

Attitude towards money as a child

Answer 2

Limited needs
Reliant on parents
Pocket money

Question 3

Attitude towards money as a adolescence

Answer 3

Want independence
Less reliant
Still reliant on parents

Question 4

Attitude towards money as a young adult

Answer 4

University
More independent
Uni loan/ Job

Question 5

Attitude towards money as a middle aged person

Answer 5

Support family
Improve lifestyle
Mortgage/ Pension

Question 6

Attitude towards money as a old aged person

Answer 6

Fewer financial needs
May downsize
No mortgage payments

Question 7

4 reasons to plan expenditure

Answer 7

Avoid getting into deny
Control costs
Remain solvent
Avoid bankruptcy