5306552
Descrição
FlashCards por Jevgenija Zukova, atualizado more than 1 year ago
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Criado por Jevgenija Zukova
mais de 8 anos atrás
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| Questão | Responda |
| Does everything that people plan get achieved? | No, because lots of people plan short term and leave the rest to take care of itself. |
| Give me an example of unforeseen event that can damage financial situation | > Divorce > Redundancy > illness |
| What means to be flexible? | Being able to change priorities |
| Give me an example of positive unforeseen event | > promotion > inheritance > lottery win |
| Give me an example of non-flexible financial product | > fixed-rate mortgage > hire purchase |
| What do businesses need to know in order to provide accurate financial plan their future? | Their assets and liabilities (especially for sole traders and partnerships. Their financial situation. |
| What is 'what if' calculation? | This is a calculation of opportunity cost.(both of them) |
| What we need to consider taking out a mortgage in terms of interest rate? | Raises and falls of interest rate as you can be confident that you'll repay mortgage on the certain interest rate, but maybe not on the other. |
| How does inflation influence 'what if' calculations? | Inflation is a rise in prices. Peoples income remains the same = standard of living falls. IF prices will rise more than expected, it's wise to rise expenditure by a higher percentage than income. |
| How does inflation influence old people? | Old people have a fixed rate income = annuities. These are affected by having less income than earlier. |
| How does exchange rate influence 'what if' calculations? | IF someone's financial plan includes an annual holiday, it is wise to increase the cost by a small percentage each year to reflect adverse exchange rate movements. |
| What might mean a change in government? | A change in social security (benefits). Changes will give uncertainty for people claiming these benefits and so it will harder to face these changes in their financial plans. |
| To what unemployed person can be entitled to? | To universal Credit that replaces: >income-based Jobseeker's Allowance >income-based Employment and Support Allowance >Income Support >Working Tax Credit >Child Tax Credit > Housing Benefit |
| What benefit is available for disabled and ill-health people? | Disability Living Allowance (DLA) and Personal Independence Payments (PIP) |
| What kind of debt is mortgage? | Unsecured |
| What is equity withdrawal? | This is additional borrowing based on the difference between the value of a house and outstanding mortgage. |
| What preceded financial crisis? | People borrowed too much money that they couldn't repay. |
| What are consequences of poor management? | >Leads to personal problems >Difficulty in having a place to live in > Difficult to get credit > Excluded from many financial products |
| What organizations help over-indebted people? | > Money Advice Service > Citizens Advise > StepChange Debt Charity |
| What is advice from providers to over-indebted people? | > You should find out exactly how much you owe (in total and individually) and check the dead-line > Draw up a budget plan. > Put debts in order of priority. > Work out realistic debt management plan. > Pay off most expensive loans first. > Consider a debt consolidation loan to put all debts in one place. (=cheaper) |
| How can you rebuild your credit history? | Credit record remains six years. Over this period you can pay off your debt and get back into the balance. |
| What should people do when they improved their credit history? | > Control their wants and aspirations so it fits their expenditure. > Limit their borrowing so they can repay. |
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