Financial Studies CeFS Unit 1 Questions with Complete Solutions What is the main limitation of a barter system? - Correct Answers ✅Relies on double coincidence of wants What is a practical drawback of using cattle as a means of payment? - Correct Answers ✅They die Define LETS - Correct Answers ✅A local network enabling people to exchange goods and services with each other without using money What are the eight features of money? - Correct Answers ✅Acceptance, recognisable, stable (hold value), divisible, durable, portable, scarce but sufficient, homogeneous Name the features of money - Correct Answers ✅Measure value, make payments, save, borrow Between what ages does the middle age life cycle occur? - Correct Answers ✅41 - 54 Between what ages does the mature adult life cycle occur? - Correct Answers ✅26 - 40 Between what ages does the late middle age life cycle occur?
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Financial Studies CeFS Unit 1 Questions with Complete Solutions Name types of life events - Correct Answers ✅Location, income, health, status Name different types of risks - Correct Answers ✅Physical, emotional, reputuational Explain the main use of cash - Correct Answers ✅For everyday, low-value transactions Define Faster Payments - Correct Answers ✅Electronic payment service offered by all UK banks/building societies, arriving in destination within two hours Define CHAPS - Correct Answers ✅Clearing House Automated Payment System - same-day automated payment system used for very high value payments What is the maximum limit for Faster Payments? - Correct Answers ✅£250,000 but most banks/building societies still use until £100,000 The Payments Council was disbanded in 2015, who took over regulatory tasks? - Correct Answers ✅Payments System Regulator
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