unit 3 topic 6

Question 1

Bank of England

Answer 1

responsible for maintaining a health level of financial stability across the whole UK

Question 2

banks

Answer 2

an organisation that handles financial transactions and stores money on behalf of customers

Question 3

building societies

Answer 3

organisations that handle financial transactions - store money for customers - members have right to vote on the running of the society

Question 4

credit unions

Answer 4

not for profit organisations - handle financial transaction and hold money for members

Question 5

national savings and investment

Answer 5

government backed - offers secure saving option

Question 6

insurance companies

Answer 6

protect against risk of loss

Question 7

pension companies

Answer 7

sell policies to individuals - save now for money when retired

Question 8

pawnbrokers

Answer 8

businesses or individuals who loan money against security if personal asset