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business learning aim A

how is the role of money influenced

life stages

culture

life events

intrest rates

defenition of legal tender

a legally recognised form of payment.

defentition of unit of account

something that can be used to value goods and services (price)

name the four functions of money

unit of account

means of exchange

store of value

legal tender

defenition of means of exchange

something that allows goods and services to be traded without the need of a barter system

defenition of store of value

any assests whose 'value' can be used now or used at a later date

life stages are...

childhood, adolescence, young adult, middle age, and old age

childhood financial needs & implications

FN- limited needs, reliant on parents, purchase sweets & toys.
I- pocket money from parents, spent on non-essentials, encouraged to save.

adolenscence financial needs & implications

FN- want independence, less reliant on family, start socialising away from home.
I- main money from parents, may look for a job, cash as gifts + save for larger purchases.

young adults financial needs & implications

FN- university/early career, more independent, renting/buying cars or homes, starting a family/getting married.
I- student loans, job & mortgage, eligible for credit cards.

middle age financials needs & implications

FN- support family, improve lifestyle, save for the fututre.
I- paying mortgage, paying pension, high income & expenses.

old age financial needs & implications

FN- fewer dependence, fewer financial needs, may downsize.
I- no mortgage payments, income from a pension no salary.

defenition of debt

money owned to someone else

defenition for bankrupt

when an individual or organisation legally states its inability to repay debts.

defenition of solevnt

the ability to meet day to day expenditures and repay debts.

why plan expenditures

maintain good credit rating

avoid falling into debt

avoid legal action

avoid bankruptsy

what does BACS stand for

banks automated clearing service

what does CHAPS stand for

clearing house automated payment system

True or False: CHAPS payments are guaranteed to arrive on the day they were made if made between certain hours

TRUE

Usually how long does BACS payments take to clear?

3 days

whats a current account?

A type of bank account that keeps your money secure and helps you manage your finances.

types of current accounts

standard

basic

premium

student

basic account features

-used by people with poor credit ratings
-no overdraft available

premium account features

-monthly fees
-additional benefits e.g.

breakdown cover, cashback on purchases, insurence

standard account features

-recieve a debit card
-standard features

student account features

-benefits students
-intrest free overdrafts

-railcards or discounts

definition of hire purchase + pros and cons

where the borrower agrees to purchase an asset in regular instalments.

pros: you can spread the cost over a fixed term, intrest rate doesnt change.


cons: monthly payments are based on credit score, costs more overall.

overdraft defenition + pros and cons

borrowing money that you dont have through your current account.

pros: immediate access to extra funds if needed


cons: intrest is charged

personal loans defenition + pros and cons

borrowing a set amount of money for amspecific reason

pros: cost is clear up front, anle to borrow bigger amounts than a credit card


cons: possible fees/penalties that can drive up the cost of borrowing.

mortgage defenition + pros and cons

a long term loan to fund the purchase of an asset, usually paid back over a long period of time.

pros: your remain the legal owner of your property, usually easily approved.


cons: if you cant keep up with payments you endup losing your asset.

credit card defenition + pros and cons

a type of loan where the money you spend is actually borrowed from the card provider.

pros: helps you build a credit history, protection against fraud.


cons: intrest is charged, easy to overspend, there are late fees.

payday loans defenition + pros and cons

a short term source of finance with very high intrest fees, usually only used in emergancies.

pros: quick access to funds, an eassy application and approval process


cons: steep intrest rates, short repayment periods, doesnt help build your credit.

ISA individual savings account (savings)

-offers tax free intrest
-tends to be a limit

-you can only have one active ISA

deposit account (savings)

-somewhere you can put your money so it can grow in value
-has an intrest rate

premium bonds (investment)

PB are investment product issued by national savings and investment.
-monthly price draw where you can earn between £25-£1million

-tax free

-the money you put in is secure

shares (investment)

gives your part ownership of a business which allows you to benefit from their success in form of payment (diveidents)

-value of share can go up or down + you can sell these shares

pension

-you pay into a scheme where youll earn back money later on once you retire.
-you earn intrest on it

savings pros and cons

pros: low risk, secure, allows peace of mind, intrest payments

cons: inflation can impact intrest rates + the likelihood of you spending or saving

investment pros and cons

pros: potential of earning back more than you invest, much higher rate of return compared to savings, opportunities

cons: some/all investment can be lost, no garantee of return

name the types of insurence

car

life

home

travel

pet

health

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