LiBF Unit 1 Question with accurate answers, 100% Accurate, rated A+

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LiBF Unit 1 Question with accurate answers, 100% Accurate, rated A+ Citizen - ✔✔-Someone who is legally considered to be a member of a country and has certain rights and responsibilities with... in that country Who decides who becomes a citizen - ✔✔-The government home office Society norms - ✔✔-rules and expectations of the behaviour of people 1.2 Outline the role and duties of a citizen in society in the UK. - ✔✔-Political rights and responsibilities Legal rights and responsibilities Economic rights and responsibilities Employment Spending Saving 1.3 Describe how government policies influence personal finance. - ✔✔-Public spending Bank of England economic policy National debt Recession / austerity Growth / boom How UK is governed UK political system Recession - ✔✔-Period of reduced economic activity Austerity - ✔✔-Extreme financial restraint, eliminating all excess spending Bank of England - ✔✔-The central bank in the UK economy which is in charge of monetary policy 1.4 Describe the impact of different types of values held by UK citizens on personal finance choices. - ✔✔-Budgeting and financial planning Saving, spending, borrowing Employment and contribution to society Debt What is money - ✔✔-Medium of exchange that sets a common standard of value e.g. gold, coins, notes Origins of the term money - ✔✔-For bartering purposes and to transfer value from one person to another Bartering - ✔✔-Trading one good or service for another good or service Budgeting - ✔✔-The process of forecasting future expenses and income UK political system - ✔✔-Constitutional Monarchy - while The Queen is Head of State, the ability to make and pass legislation belongs with an elected Parliament Who makes money - ✔✔-Royal Mint; Bank of England; De la Rue; Sources of money - ✔✔-employment; state benefits; investments; gifts; inheritance Features of money - ✔✔-easily recognised by everyone; easy to carry around; available in different amounts; always worth the same amount; hard-wearing (lasting) Counterfeiting - ✔✔-unauthorized copying and production of a product or money Pounds - ✔✔-British currency Euro - ✔✔-European currency Dollar - ✔✔-The currency unit of the United States, Canada, Australia, and more than twenty other countries. Yen - ✔✔-Japanese currency Bitcoin - ✔✔-the most popular and fastest-growing digital currency Rand - ✔✔-Currency of South Africa What is income - ✔✔-flow of cash earned from employment and benefits you receive Source of income - ✔✔-wages, pocket money, gifts Payslip - ✔✔-A document that shows how much an employee has worked and earned in a period Gross Pay - ✔✔-the total amount of an employee's earnings before deductions are taken out Net Pay - ✔✔-Amount of income left after taxes and deductions have been taken out. Working hours - ✔✔-"official hours" typically from 9am-5pm with lunch from noon to 1pm Minimum Wage - ✔✔-lowest legal wage that can be paid to most workers Tax - ✔✔-Compulsory contribution paid to the state the features and purposes of tax. - ✔✔-Funds state expenditure and national systems Compulsory Fluctuates Levied on all areas of life: eg employment; housing; food; fuel VAT - ✔✔-Value Added Tax, tax you pay on g [Show More]

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