LiBF Unit 1 Question with accurate answers, 100% Accurate, rated A+
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LiBF
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LiBF
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 within that country
Who decides who becomes a citizen - -The government home office
Society norms - -ru...
rated a citizen someone who is legally considered to be a member of a country and has certain rights and responsibilities within that c
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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 within 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)
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