1
Q
Write a definition of “unit of account”.
A
- Shows Value.
2
Q
Write a definition of “means of exchange.”
A
- Trade.
3
Q
Write a definition of “store of value.”
A
- Keep Value.
4
Q
Write a definition of “legal tendency.”
A
- Legal Payment.
5
Q
How Does Culture Affect the Role of Money?
A
- Different cultures have different perspectives on money.
6
Q
How Do Life Events Affect the Role of Money?
A
- Different stages in life, like marriage and having children, can affect finances.
7
Q
How Do External Influences Affect the Role of Money?
A
- Things outside human control, like an economic crash, can affect finances.
8
Q
How Do Interest Rates Affect the Role of Money?
A
- The lower the interest rate, the more borrowing and spending.
- The higher the interest rate, the less borrowing and less spending.
9
Q
What are the financial needs of children?
A
- Dependent on parents.
10
Q
What are the financial needs of adolescents?
A
- May get a job.
11
Q
What are the financial needs of a young adult?
A
- Socialise away from home.
12
Q
What are the financial needs of middle age?
A
- Starting a family.
13
Q
What are the financial needs of old age?
A
- Pensions will cover finances.
14
Q
How Do Personal Attitudes Affect the Role of Money?
A
- Personal attitudes can affect finances, as some people take a risk while others do not.
15
Q
Why is planning expenditure important for a business thinking about debt?
A
- To avoid getting into debt, to control costs, and to have a good credit rating.
16
Q
What’s a pro of cash?
A
- Widely Accepteded.
17
Q
What’s a Con of Cash?
A
- Cannot Be Used Online.
18
Q
What’s a pro of a debit card?
A
- Widely accepted.
19
Q
What’s a Con of Debit Card?
A
- May overspend.
20
Q
What’s a pro of a credit card?
A
- Accepted online.
21
Q
What’s a Con of Credit Cards?
A
- Interest is charged.
22
Q
What’s a pro of checks?
A
- Good for Large Transactions.
23
Q
What’s a Con Of Cheques?
A
- Cheques May Bounce.
24
Q
What’s a pro of contactless?
A
- Secure.
25
What's a con of contactless?
- Not Accepted.
26
What's a pro of mobile banking?
- Secure
27
What's a con of mobile banking?
- Limited Features.
28
What's a pro of direct debit?
- easy to make payments.
29
What's a con of direct debit?
- May make mistakes.
30
What's a pro of a standing order?
- Same amount if paid each time.
31
What's a con of a standing order?
- May cause delays.
32
What's a pro of an electronic transfer?
- No costs.
33
What's a con of electronic transfer?
- Risk is stolen.
34
What's a Pro of Prepaid Cards?
- People cannot access the card.
35
What's a Con of Prepaid Cards?
- No protection if stolen.
36
What's a pro of charge cards?
- Short period of interest.
37
What's a con of charge cards?
- Fixed annual fee.
38
What's a Pro of Store Cards?
- Loyalty Schemes.
39
What's a con of store cards?
- Issued by some stores.
40
What's a pro of BACS?
- Instant transfer.
41
What's a con of BACS?
- A limit is set.
42
What's a pro of CHAPS?
- No limit.
43
What's a con of CHAPS?
- Fixed annual charge.
44
What's a pro of a standard account?
- No Charges on Credit.
45
What's a con of a standard account?
- High Charges on Overdraft.
46
What's a pro of a basic account?
- Available to people with a Poor credit rating.
47
What's a con of a basic account?
- Limited Features.
48
What's a pro of premium packaging?
- Lots of perks.
49
What's a con of premium packaged?
- Additional Monthly Charge.
50
What's a Pro of being a Student?
- Easy for Course Fees.
51
What's a Con of a Student?
- May overspend.
52
What's a Pro of an Overdraft?
- Provides short-term cash solutions.
53
What is a con of an overdraft?
- High interest rates.
54
What is a pro of a personal loan?
- Purcahse an iteam like a House.
55
What is a con of a personal loan?
- Not good for short-term.
56
What is a pro of hire purchase?
- Spread the cost.
57
What is a con of hire purchase?
- Interest rates are higher than the actual product.
58
What is a pro of a mortgage?
- Spreads the costs of the item.
59
What is a con of a mortgage?
- Penatitles may occur.
60
What is a pro of a credit card?
– Accept online.
61
What is a con of a credit card?
- Interest is charged.
62
What is a pro of payday loans?
- Easy to secure.
63
What is a con of payday loans?
- Interest is High.
64
What is a pro of an ISA?
- Tax is not charged.
65
What is a con of an ISA?
- There is a Limit.
66
What is a pro of a deposit and savings account?
- Low risk
67
What is a con of deposit and savings accounts?
- Interest is taxed.
68
What is a pro of a premium bond?
- Easy Withdrawal.
69
What is a con of a premium bond?
- No guarantee.
70
What is a pro of bonds and gilts?
- Regular fixed payments.
71
What is a con of bonds and gilts?
- No Guaranteed Returns.
72
What is a pro of shares?
- Dividends.
73
What is a con of shares?
- No return/reward.
74
What is a pro of pensions?
- Payments are deducted
75
What is a con of pensions?
- Laws can change.
76
What is a Pro of Saving?
- Financial security.
77
What is a con of saving?
- Inflation can impact spending power.
78
What is a pro of investing?
- Higher Returns.
79
What is a con of investing?
- No return.
80
What is a pro of car insurance?
- Meets legal requirements.
81
What is a con of car insurance?
- Can Be Expensive
82
What is a Pro of Pet Insurance?
- Avoids expensive fees for pets.
83
What is a con of pet insurance?
- Monthly costs.
84
What is a Pro of Life Insurance?
- Provides a peace of mind when you die.
85
What is a con of life insurance?
- can be expensive if the person does not pay it.
86
What is a pro of health insurance?
- Better facilities.
87
What is a con of health insurance?
- Can be expensive.
88
What is a Pro of Travel Insurance?
- Protects Medical costs.
89
What is a con of travel insurance?
- Additional costs to travel.
90
What is a pro of home insurance?
- Better facilities.
91
What is a con of home insurance?
- can be expensive.
Jane Unit 3
flashcards
Decks in class (8)
# Cards
