Exam (elaborations)
BTEC Business Unit 3 Test Questions & Answers 2024/2025
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BTEC Business Unit 3 Test Questions & Answers 2024/2025
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BTEC Business Unit 3 Test Questions &Answers 2024/2025
Life Stages - ANSWERSAs you grow up from childhood to adulthood, your financial needs change, each
stage of your life has different implication that will affect not just your needs but also your attitude to
money.
Culture - ANSWERSDifferent cultures affected by tradition, religion and ethical beliefs, will have
different attitudes to money. The older generation of Chinese people, for example,
have a culture of saving.
Life Events - ANSWERSEvents throughout your life will impact on your attitude to money. These events
may be within your control, for example going to university, travelling abroad,
getting married or starting a family, or may be outside your control.
external influences - ANSWERSFactors outside your control, including the state of the economy. For
example the state of the economy will impact on wages, availability of jobs and the prices of goods and
services. Decisions by the government will affect the amount of the tax you pay or the amount you
receive in benefits. These all directly affect your ability to spend and save.
interest rates - ANSWERSWhen interest rates are low you may be more willing to borrow money or
spend on
credit. When interest rates are high there is more of an incentive to save.
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