Moneys Flashcards
Name 4 key milestones in the personal life cycle.
Leaving School
Gaining Employment
Promotion
Unemployment
Name 5 stages of the personal life cycle.
Childhood Adolescence Young Adult Middle Adult Late Adult
What is opportunity cost?
Something given up when we make a choice
4 methods of saving.
High street banks
Internet only banks
National savings account
Post office
Name 4 different savings accounts.
Saving account
ISA
National saving
Unit trust
What is AER?
AER is given so different interest rates on savings accounts can be compared.
Name 4 methods of borrowing.
Credit Card Loan Store Card Mortgage Overdraft Hire purchase
What is APR?
APR is given so that interest rates on loans can be compared.
Why do people work?
Pay
Job Satisfaction
Social Aspect
Why may people not work?
Education
Child Care
Retired
What is specialisation?
Where each worker concentrates on only one small aspect of the entire population.
Benefits of specialisation?
Workers become more skilled
Output can be increased
Businesses can produce output at lower costs
Workers concentrate on the task they’re skilled at.
Drawbacks of specialisation?
Workers become interdependent Jobs may become boring Morale in workplace may fall If a worker is absent may be hard to arrange cover RSI
How people are paid?
Salary Wage Commission Overtime payment Shift work payment BACS Fringe benefits
Name 3 deductions on a pay slip.
Income tax National insurance Pension contributions Trade union subscriptions Student loan repayments
