CeFS Unit 1 Mock Exam B Questions with Complete Solutions (Latest 2025) A local exchange trading scheme (LETS) is a way of accessing goods and services - Correct Answers ✅without the need for money Which of the following are known as 'cash'? - Correct Answers ✅Notes and coins only All coins and banknotes of a certain denomination need to be homogeneous. Which of the following is the best definition of homogeneous? - Correct Answers ✅They need to look and feel the same.Which of the following is considered to be money in the UK? - Correct Answers ✅An electronic balance Kevin is aged 57. At which stage of the typical life cycle is he?
- Correct Answers ✅Late middle age
In which stage of the personal life cycle is someone less likely to want to borrow? - Correct Answers ✅Old age Which of the following represents an emotional risk? - Correct Answers ✅Trusting your partner. 1 / 2
CeFS Unit 1 Mock Exam B Questions with Complete Solutions (Latest 2025) On average, people in the UK are living longer than
previously. This is an example of: - Correct Answers ✅A
demographic change Samira is receiving a lower rate of interest on her savings account than Jodie. This is most likely to be because Samira - Correct Answers ✅has a lower account balance than Jodie When choosing a savings product, which of the following is not a relevant factor? - Correct Answers ✅Regular monthly fees Adele is aged 17. Which of the following ISA accounts is she eligible for, if any? - Correct Answers ✅Cash ISA only In the tax year 2018/19, Marius has received £200 gross interest on his non-ISA savings account. How much will be credited to his account - Correct Answers ✅£160( Interest on a non-ISA savings account is taxed at 20% at source -
£200 - 20% (£40) = £160)
Paul is aged 20 and wishes to borrow using an overdraft.Which type of bank account must hehave? - Correct Answers ✅Current
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