1. Planning for now and for the future
Unit 2 Topic 3
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2. Planning for now and for the future
Question A B C
Ans 1
In financial planning a period of between one and twelve months is known as:
Short term
Medium term
Long term 2
A basic-rate taxpayer receiving savings interest of £1750 would pay total tax of:
Nil
£50
£150 3
Which of these is a 16-year-old is not permitted to open?
Cash ISA
Stocks and Shares ISA
Junior ISA 4
If the objective is over the shorter term, it is particularly important to have instant access to the money.
True
False 5
Which of these is not a financial regulator?
PRA
FCA
ONS 6
What is the personal savings allowance limit?
£100
£1000
£10,000 7
What is Prudential Regulation Authority? [2] 8
Describe the similarities/differences between the ‘Cash ISA’ and the ‘Stocks and shares ISAs’ [2] 9
Explain the main points of the Islamic Sharia law [3] 10
What is a notice account? [1]

3. Answers No. Question A B C 1
In financial planning a period of between one and twelve months is known as:
Short term
Medium term
Long term 2
A basic-rate taxpayer receiving savings interest of £1750 would pay total tax of:
Nil
£50
£150 3
Which of these is a 16-year-old is not permitted to open?
Cash ISA
Stocks and Shares ISA
Junior ISA 4
If the objective is over the shorter term, it is particularly important to have instant access to the money.
True
False 5
Which of these is not a financial regulator?
PRA
FCA
ONS 6
What is the personal savings allowance limit?
£100
£1000
£10,000 7
What is Prudential Regulation Authority? [2]
Marks awarded for points stated below or valid alternatives
the UK regulator responsible for making sure that financial firms are authorised to operate in the UK [1]
and are financially sound.[1] 8
Describe the similarities/differences between the ‘Cash ISA’ and the ‘Stocks and shares ISAs’ [2]
One point from each list below:
‘Stocks and Shares ISA’ =
The investment can be in a range of stocks and shares and investment funds.
All income and profits are tax-free.
‘Cash ISA’ =
It is a deposit account that is offered by the same organisations that provide the savings account.
All interest is paid tax-free and it does not have to be declared as income. 9
Explain the main points of the Islamic Sharia law [3]
Money is seen purely as a medium of exchange [1]
Cannot pay/receive interest on money [1]
It does allow a person to make a profit but in a ethical way [1] 10
What is a notice account? [1]
Marks awarded for definition stated below or valid alternative
a savings account that requires the account holder to give notice if they wish to take money out [1]
Answers

7. Key Terms for Topic 3 CLICK FOR TIMER
Aspiration Bond Credit Union Deposit Financial Services Compensation Scheme Insolvency Lifetime ISA Starting Rate
On your whiteboards or books, write down a definitions for these key terms. EXT: Can you give examples of each? 5 minutes
CLICK FOR TIMER

8. Answers
Lifetime ISA – a form of ISA available to people aged between 18 and 40 that
lets them save up to £4,000 a year and receive a 25% government bonus.
Deposit – cash in a savings account
Aspiration – something a person would like or would aspire to, rather than
something that they absolutely need.
Bond – a savings account that offers a fixed rate of interest for a fixed term.
Financial Services Compensation Scheme (FSCS) – a scheme that provides
compensation to customers if an authorised UK financial firm becomes insolvent.
Starting rate – applies to savings interest. Up to £5,000 of savings interest
is tax free for those with relatively low income.
Credit union – a financial co-operative run by, and for the benefit of, its
members.
Insolvency – when a company cannot afford to pay its debts; similar to
‘bankruptcy’ for an individual.

9. GCSE IFS Finance – Unit 2 Topic 3
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GCSE IFS Finance – Unit 2 Topic 3