LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024, Exams of Nursing

Download LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024 and more Exams Nursing in PDF only on Docsity! LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024 Affordability - Correct Answer An important concept in helping people to choose financial products, based on budgeting and forecasting to help individuals decide what they can afford to spend Aspirations - Correct Answer Things or experience that people would like to have on the future, for example having a luxury holiday Attitudes - Correct Answer People's thoughts and feelings at a given time and place, whether it be about another person, an event or an issue Beliefs - Correct Answer Specific and detailed personal convictions about how things are. They can be religious. LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024 Capital - Correct Answer The money or other assets owned by an individual or a business. It refers to he funds provided by the shareholders, not deposits from customers Consumer Credit - Correct Answer A term used for borrowing.'Taking credit' or 'buying on credit' refers to borrowing. However, a credit into a bank account means paying money in. Credit Card - Correct Answer A card that allows the holder to make face to face purchases as well as online or over the phone and to withdraw cash from an ATM. The card repays the amount owed to the provider either in one payment or in instalments. The provider charges interest on cash withdrawals from the time the withdrawal is made and on purchases after a certain period. LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024 Life cycle - Correct Answer The stages through which people pass between birth and death, including childhood, teenage years, young adult, mature adult and old age. Not everyone passes through all stages and not everyone passes through the stages at the same age Marketing - Correct Answer Advertising, selling and delivering products to customers. Everything a company does to acquire customers and maintain a relationship with them, including promotion and public relations (PR) Mortgage - Correct Answer A loan taken out to pay for a property, usually over a long term such as 25 years Needs - Correct Answer Things that people need to survive, such as food, basic clothing and a place to live LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024 Peers - Correct Answer Our equals - people in the same position as us, for instance of the same age Pension - Correct Answer An income that people receive after retiring from work. In the UK people receive a pension from the state; some people also receive pension payments from schemes run by their former employers or arrangements that they have made for themselves Personal Loans - Correct Answer A product that allows someone to borrow a fixed amount over a fixed amount of interest Product Placement - Correct Answer An aspect of public relations involving a product appearing on a TV show or in a film LIBF UNIT 2 - TOPIC 1 Assessment Test with Certified Solutions 2024 Promotion - Correct Answer Paid-for marketing activities, including advertising. It includes all activities that aim to: communicate with people; inform them of goods and services; and persuade them to buy Public Relations (PR) - Correct Answer A specific part of promotion known as 'below the line' expenditure. It is advertising that is not paid for directly but which keeps a business's product in the public eye. It is the part of promotion in which the entire message is implicit. Repossession - Correct Answer A legal process whereby a financial institution takes ownership of an asset, often a house, because loan repayments relating to that asset have not been met. Repossession is the last resort in the process of recovering money owed. Risk tolerant - Correct Answer Willing to take risks.