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1st year summer exam revision (2)

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  • Credit is money in/money out
    Money out
  • Explain the disposable income
    Amount someone has for spending after wants are paid for
  • Explain one drawback to a consumer of shopping online
    -
  • Outline two ways someone could reduce the cost of their home insurance
    Burglar alarm, Smoke alarm etc
  • Name the law which protects consumers from false or misleading information
    Consumer protection Act 2007
  • True or false: A salary is a fixed amount of money received by an employee
    True
  • What is a benefit of contactless payment?
    Safer, quicker
  • What are two responsibilities an employee has to their employer
    Carry out duties, show respect, obey laws, work on time, fair days work
  • Explain the term mortgage
    Long term loan for a house or property
  • Debit is on which side
    Left
  • What is paypath and give one advantage of it.
    Getting paid into the account - safer, convenient, fast, environmentally friendly
  • What is a step a consumer could take to be more ethical in their purchasing decisions
    Fairtrade, recyclable products, environmentally friendly alternatives
  • Give 2 examples of a credit
    Light and heat, insurance
  • True or False: The more hours a employee works, the more wages they receive
    True
  • Give one responsibility of a borrower
    Truthful, to pay
  • Debit is money in or money out
    Money in
  • What types of insurance might an individual have ?
    -
  • Give 2 examples of a debit
    Wages, Child benefit
  • What does APR stand for?
    Annual Percentage rate
  • Give one right of a borrower
    To know the apr, to cancel after 14 days, to know the cost of the loan etc
  • What is the difference between a fixed interest rate and a variable interest rate
    Fixed - same payment each month Variable - Changes
  • Credit is on which side
    Right
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