Multiple Choice Flashcards
Where are Northern Irish banknotes legal tender?
They are not legal tender anywhere, including Northern Ireland but they are widely accepted.
What is legal tender?
Coins or banknotes that must be accepted if offered in payment of a debt.
British banknotes have a promise on them to ‘pay the bearer on demand the sum of’ followed by the amount of money the banknote represents. This promise is signed by the:
Chief Cashier of the Bank of England
Which of the following is most likely to be affected by major external influences during the middle-age to late-middle-age stage of the personal life cycle?
- early retirement
- going to university
- learning how to drive
- starting a family
Early retirement.
When someone is in the middle-age to late-middle-age stage of the life cycle, they may want to retire early. This can be affected by external factors such as stock market performance and inflation.
Which of the following is usually a feature of a savings bond?
- it is for a set period of time
- it pays a lower rate of interest than an instant access account
- the rate of interest is variable
- withdrawals of funds are not restricted
It is for a set period of time of between one and five years.
What form of borrowing requires the amount borrowed to be repaid in full every month?
Charge cards
What is the amount borrowed on a personal loan known as?
The principal
The Financial Conduct Authority reports directly to:
`HM Treasury
Which regulator is responsible for ensuring that all financial services providers conduct their business in a way that benefits consumers and the market as a whole?
The Financial Conduct Authority
Someone with a poor credit history can:
- not find a provider to lend them money
- often find a provider to lend them money at a higher interest rate
- often find a provider to lend them money at a lower interest rate
- struggle to find a provider to lend them money
Often find a provider to lend them money at a higher interest rate.
An administration order in England, Wales or Northern Ireland applies to people who have less than what amount in unsecured debt?
£5000
What is unsecured debt?
Debt that is not backed by collateral
A debt relief order enables a person to write off their debts if they are unable to repay them after what maximum length of time?
12 months
Since 1 April 2020, the national minimum wage in the UK for employees aged 21-24 is an hourly rate of
£8.20
According to the Working Time Regulations, an employee cannot be required to work longer than:
48 hours per week, averaged over 17 weeks
