Introduction to Personal Finance SEPT 2015 REVISION PACK.docx

7/23/2019 Introduction to Personal Finance SEPT 2015 REVISION PACK.docx

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Introduction to Personal

Finance

Code: ACF132 (Level 4)

CRN:82563

September 2015 exam

R!"ISI#N PAC$

Student Name:

%%%%%%%%%%%%%%%%%%%


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You have all completed your Introduction to PersonalFinance courseor! and have received your mar!s" In

order to pass this module you must achieve an overall

pass in the courseor! and e#amination"

$he e#amination is se%re%ated into $&' main areas"

&uestions Percenta'e o(

PaperSectio

n A

)ultiple C*oice &uestions 20+

2 multiple choice *uestions each orth +

mar!,percent" $his section o- the e#amination is a -act

.ased assessment ith no ne%ative mar!in%" Please

attempt /LL multiple choice *uestions in this

e#amination"Sectio

n ,

!ssa- &uestions .0+

4 essay topics ill .e assessed" ach topic ill include

short *uestions (+"a0 +".0 +"c etc)" You 1$ anser

/LL *uestions" $his section has the hi%hest ei%ht -or

the e#amination"


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&u1

hich one o- the -olloin% statements re%ardin% interest

rates is true

a" &eadline rates are the .est .asis -or comparison.eteen providers"

." Fi#ed rate mort%a%es provide certainty a.out monthlycosts"

c" $he hi%her the interest rate0 the loer the credit ris!"d" aria.le rates only apply to .orroers"

&u2

$o hat e#tent do ordinary shares provide %uarantees o-

income and capital

a" 7ividends ill denitely provide continuin% income0 .ut

the capital value may -all"." ome income and some capital %roth are%uaranteed"

c" Income may vary .ut the share price has a minimumvalue"

d" $here is no %uarantee o- capital %roth or income

&u3

9ane is !een to invest a portion o- her availa.le -unds in a

hi%h:ris! investment" hich o- the -olloin% vehicles is

most li/el- to meet her re*uirements

a" enture capital trusts"." ;ational savin%s"

c"


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&u

hich o- the -olloin% > providers is seen as o?erin% the

loest level o- provider ris!

a" @an!"." Li-e companyc" Aovernment"d" @uildin% society"

&u5@eta @uildin% ociety is *uotin% an interest rate o- 5pc0 /P'6"5 per cent" hy is there a di?erence .eteen the torates

a" 5 per cent is the rate char%ed i- the loan is repaidearly"

." $he /P' includes any lendin% -ees0 and reBects theay that interest is char%ed"

c" $he /P' is an annual rate0 hereas 5 per cent ischar%ed hal-:yearly"

d" 6"5 per cent is the %ross rate0 and 5 per cent is the netrate"

&u

hich one o- the -olloin% plastic cards does not representa means o- .orroin% money

a" tore cards"." =har%e cards"c" 7e.it cards"d" =redit cards"


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&u

teve has a .alanced attitude to investment ris!" hat isthe .est ay o- spreadin% the ris!s o- his medium:to:lar%e

port-olio

a" $o diversi-y across di?erent sectors"." $o concentrate on #ed interest securities"c" @y puttin% all the -unds on deposit"

d" @y choosin% three or -our .lue chip shares"

&u.

hich o- the -olloin% too! over the role o- the F/ inre%ulatin% nancial services in the nited >in%dom $heC

a" Financial =onduct /uthority

." Financial Dm.udsman"c" Financial Policy =ommitteed" Prudential 'e%ulation /uthority"

&u4

hat is a !ey .enet o- investin% in unit trusts0 open:endedinvestment companies and investment trusts

a" Income is ta#:-ree"." $hese types o- investments are ris!:-ree"c" $hey ena.le investors to pool -unds and diminish ris!

.y diversication"d" $hese types o- investments are more heavily

re%ulated"


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&u10

hy is it said that .orroers .enet -rom inBation

a" Lenders reduce the value o- the loan to ta!e account o-the -allin% value o- money"

." Interest rates usually -all0 so monthly payments to thelender also reduce"

c" $he e?ect o- inBation ill reduce the real capital value

o- their loan"d" $heir income ill increase in line ith inBation0 so

payments -orm a smaller part o- out%oin%s"

&u11

For the last -e months0 Peter has invested in a depositaccount ith an interest rate o- 4E0 hilst inBation has

remained steady at +E" hat is the real rate o- interestthat Peter has earned

a"3E"." :+E"c" 4E"d"E"

&u12

/t hich sta%e o- the li-e cycle are people most li!ely to

invest capital to produce an income

a" @irth o- children"." 'etirement"c" arly career"

d"1iddle a%e"


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&u13

hat does /P' stand -or

a" /vera%e percenta%e rate." /nnual percenta%e ratec" /lternative percenta%e rated" /.solutely pathetic rate

&u1

hich o- the -olloin% is an indirect ta#

a" Income $a#." =orporation $a#c" Inheritance $a#

d" alue /dded $a#

&u15&o much does a house have to cost .e-ore you pay stampduty

a" You pay stamp duty on all property purchases." Dnly a-ter G+250c" Dnly a-ter G+50d" Dnly a-ter G250

&u1$he rate o- inBation in the > is currently appro#imatelyC

a" 5E." (2E)c" E


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d" (5E)

&u1hich o- the -olloin% .est e#plains hy 'ichard0 a

.alanced investor0 mi%ht pre-er to !eep the maHority o- his

investments in #ed interest securities

a" &e is retired and needs a re%ular income"." &e ants to achieve capital %roth"c" &e re*uires instant0 no penalty access"

d" &e ishes to miti%ate his ta# lia.ility"

&u1.'yan is in le%al diculties" hich one o- the -olloin% is themost suita.le or%anisation that may .e a.le to assist him

a" =itiJens /dvice @ureau#"." Financial ervices /uthority"

c" Dce o- Fair $radin%"d" Financial Dm.udsman service"

&u14$he > ta# year -or individuals runs -romC

a" + 9anuary to the -olloin% 3+ 7ecem.er

." + /pril to the -olloin% 3+ 1archc" 6 /pril to the -olloin% 5 /prild" 6 9anuary to the -olloin% 5 9anuary

&u20hat is the ma#imum amount that can .e invested into a

cash I/ in the current ta# year

a" G30"


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." G506c" G024d" G+5024

,orroin' mone- to purc*ase a propert-

"ariable Rate )ort'a'es

$he ,an/ o( !n'landset a .ase rate o- interest (the

cost o- .orroin% char%ed on .an!s)"

$his type o- mort%a%e has an interest rate c*an'es

every time the .an! o- n%land chan%es the .ase rate

In most cases0 the overall e?ect o- any interest rate

chan%es is calculated once a year and payments are

altered accordin%ly"

hatever !ind o- mort%a%e you start ith0 it is li!ely to

chan%e to varia.le rates at some point"

/ trac!er mort%a%e is a type o- varia.le rate mort%a%e0

alon% ith discounted mort%a%e"

Fixed Rate )ort'a'es

$he interest rate char%ed is 6xed-or the period a%reed :

o-ten .eteen to and 67e -ears" It is possi.le to %et a + year #ed rate mort%a%e"

$his in turn #es the amount that you pay -or that

period"

$he appeal o- this is that it allos you to mana%e and

control individual nances .etter"

$he .orroer does not .enet i- rates -all0 and ill -ace

penalties i- you try to *uit"


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ery lo rates may tempt people0 .ut they can .e used

to trap individuals into payin% over the odds at a -uture

date"

Individuals should chec! ho lon% they ill have to stay

ith the lender .e-ore they can sitch ithout penalty"

#8 set )ort'a'e

1ost mort%a%e .orroers also have sa7in's0 eveni- they are small0 and usin% this money to cancel outmort%a%e de.t ma!es sense"

Sa7ers a7oid pa-in' tax on interestthat theirdeposits ould otherise have earned"

D?set mort%a%e lenders calculate interest daily0 e7er-

pound on deposit or/s *ard to reduce t*e cost o(

borroin'"

Individual savin%s ill decrease the interest o- the

mort%a%e" 'ather than earnin% interest on savin%s0 that

money is set a%ainst the mort%a%e so the individualpays less interest on that de.t"

For example0 say an individual has a G+0

mort%a%e and G20 in savin%s0 the individual ould

only .e char%ed interest on G80 o- the mort%a%e"

&oever0 the monthly mort%a%e repayments ill have

.een calculated as i- the de.t as G+0: the capital

o- the property" $his means the individual ill end uppayin% more on their mort%a%e each month" /s a result

they ill clear their mort%a%e o? more *uic!ly and save

thousands o- pounds in interest"

/s ell as ta!in% years o? a mort%a%e and savin%

thousands o- pounds in interest0 o?set mort%a%es also

o?er a si%nicant ta# .enet"

$he rates on o?set mort%a%es tend to .e hi%her thanthose on standard mort%a%e products" I- an individual


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has a small amount o- savin%s0 they mi%ht .e .etter o?

Hust ta!in% a normal mort%a%e and ndin% the most

competitive savin%s rate"

9rac/er

/ trac!er mort%a%e is a type o- varia.le rate mort%a%e"

It is a type o- mort%a%e loan that -ollos the ,an/ o(

!n'land base interest rate

/ trac!er mort%a%e0 or .ase rate trac!er mort%a%e0 is avaria.le rate loan that c*an'es rates dependin' on

t*e le7el o( interest rates set

$he .enets o- trac!er mort%a%es are that hen interest

rates start to -all0 so do the monthly repayments on the

loan"

/ny chan%e in interest rate is usually passed on to

.orroers on trac!er mort%a%es ithin 3 days" $he interest rate on a trac!er mort%a%e is lin!ed to the

@an! o- n%land .ase rate" o i- the .ase rate chan%es0

the mort%a%e rate ill chan%e"


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Additional Costin' *en Purc*asin' a Propert-

Stamp ut-

$his is ta# hich is paya.le hen the costo- the house is a.ove G+250" It is paid atC:

Residential properties

nothin% on the rst G+250 o- the property price

2E on the ne#t G+250

5E on the ne#t G650

+E on the ne#t G550

+2E on the rest (a.ove G+"5 million)

@uyin% a property in the > over a certain price0 means a

tamp 7uty Land $a# (7L$) must .e paid" $his is char%ed

on all purchases o- houses0 Bats and other land and

.uildin%s"For example:

I- a property price as G30 the tamp 7uty Land $a#

ould .eC

G+250 K E G

G+250 K 2E G205G50 K 5E G205

$otal cost o- stamp duty G50

hen purchasin% a house many people thin! the price o-

the house and the interest rates is all that is needed"

&oever0 .uyin% a house i- -ar costin% than these -actors

alone" e need to !no ho lon% our mort%a%e is" &o


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lon% e ill .e tired into a mort%a%e hat additional costs

e need to pay such as stamp duty and solicitor -ees" e

need to understand ho much it ould cost on repairs and

maintains o- a house not only the initial payments .ut the

payments su.se*uent to movin% in"

)ort'a'e Arran'ement Fee

Fees char%ed .y the lender -or puttin%

the mort%a%e in place" $hey can .e e#pensive0ran%in% -rom Hust a -e hundred to ell over the

G+0 mar!" It can .e char%ed as a Bat -ee or as a

percenta%e o- the amount o- the mort%a%e (anythin%

-rom "5E to 3"5E)" It is important to !no hat the

-ee is hen selectin% a mort%a%e"

)ort'a'e Indemnit- Insurance

$his is an insurance premium char%ed .y some lenders

here your loan amount is more than 5E o- the price

o- the property" $his is char%ed in case .orroer

de-aults on their mort%a%e repayments and the

mort%a%e lender cannot recover its money" ;ote that

this protects the lender0 not .orroer

Sur7e- (ees

urvey -ees are paid to analyse the structure o- the

property" / .asic valuation is usually the minimum that

is re*uired .y the mort%a%e lender .e-ore they illproceed ith the mort%a%e or remort%a%e" $his type o-

survey %ives very little in-ormation a.out the state o-


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the property and so is not normally recommended -or

older properties" / &ome.uyerMs 'eport provides more

detail a.out the overall condition o- the property0 and

ill hi%hli%ht any pro.lems that re*uire attention" $he

report -ollos an industry:ide -ormat and coversareas such asC the heatin%0 irin%0 evidence o- damp0

su.sidence0 condition o- the alls and roo- structure0

etc" / -ull structural survey is the most comprehensive

type o- inspection0 coverin% every aspect o- the

property -rom the -oundations upards"

Solicitors; (ees

Le%al -ees hich are paid to your solicitor or

conveyancer" $hese are #ed amounts that the

solicitor pays to others on your .ehal-0 -or e#ample

-ees to the land re%istry0 local authority search -ees0

etc"


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Pension C*an'ed

Pensions have radically chan%ed -rom ho they used to .e"$he re-orms0 e?ective since April 20150 li-t many o- thecaps and restrictions hich previously limited ourretirement options" /s there are more c*oices a7ailable0independent nancial advice ill .e more important thanever in decidin% hat to do" $here is much more potential

-or livin% the retirement that you ant : .ut also a much%reater ris! o- %ettin% it ron%"

)ore (reedom (or -our retirement sa7in's

veryone ith a dened contri.ution (money purchase)pension pot no has (ull access to it (rom t*e a'e o(55" p to 25 per cent o( t*e pot can be it*dran tax

(ree0 ith the remainder taxed at the individualMsmar%inal rate"=ou can eit*er ta/e a tax>(ree lump sumo( 25 per cent? it* t*e remainder bein' taxed? or-ou can it*dra t*e mone- o7er time? it* a@uarter o( e7er- it*draal bein' tax (ree

hat you do ith your pension sa7in's is no up to-ou: there is N#


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Pension Bise > t*e 'o7ernment;s (ree 'uidance

ser7ice

/nyone in a dened contri.ution (7=) scheme is entitledto -ree %uidanceon their options as they approach

retirement" $his service is called Pension ise"

$he %uidance is delivered .y independent or'anisationsselected .y &1 $reasury0 so as to .e impartial o- productproviders" $hey include the Pensions /dvisory ervice($P/) and Citiens Ad7ice" Auidance is availa.le via anum.er o- channels0 includin% -ace:to:-ace consultationsand on the phone"

Somet*in' to t*in/ about

B*- are t*ere t*ese c*an'esD

/llos more -reedom to pensioners" Pensioners can ta!e

their entire pension or ta!e .its hen they ant" $his is an

advanta%e .ecause it %ives control .ac! to the pensionersith their on money" hy else are there these chan%es

25E is ta# -ree0 anythin% a.ove that must .e ta#ed:

advanta%e -or the %overnment

B*at are t*e problems to t*ese c*an'esD

Individuals can ta!e their entire pension and spend it"

$here-ore0 not plannin% -or their hole -uture" $his could

lead to claimin% .enets -rom the Aovernment" hat other

pro.lems are they
https://www.unbiased.co.uk/the-guidance-guaranteehttps://www.unbiased.co.uk/the-guidance-guarantee


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9*ere are t1o di8erent t-pes o( occupationalpension sc*eme

N 7e8ned =ontri.ution PensionN Final 3alary Pension

e6ned Contribution Pension Sc*emes

1oney purchase schemes are sometimes re-erred to as

de6ned contribution sc*emes" mployers and

employees contributeto the scheme0 here the money is

invested0 and .uild up0 -or each scheme mem.er0 a Epot o(

mone-E" $he amount o- pension paya.le -rom this scheme

is dependent uponC

+" the amount o- money paid into the scheme (.y themem.er and the employer)O

2" ho ell the investment -unds per-ormO and3" $he Mannuity rateM at the date o- retirement" /n annuity

rate is the -actor used to convert the Mpot o- moneyMinto a pension"

$he .enets an individual youre their dependents ill %et-rom a money purchase scheme ill come entirely -rom the

QpotR o- money"

Final Salar- Pension Sc*eme

Final salary schemes are sometimes !non as 7ened@enet Pension cheme" 1em.ers contri.ute to thescheme ith the promise o- a certain level o- pension" $he


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amount o- pension paya.le -rom such a scheme isdependent uponC

+" the len%th o- time served in the scheme (!non aspensiona.le service)O

2" earnin%s prior to retirement (!non as nalpensiona.le salary)O and

3" $he schemeMs Maccrual rateM" $he accrual rate is theproportion o- salary that is received -or each year o-service" o0 i- the scheme has an accrual rate o- 60the mem.er ill receive +,6ths o- his nal

pensiona.le salary -or each year o- service completed"$he Saccrual rate is the rateat hich an individual.uilds up pension .enets hilst they ere an activemem.er o- the pension scheme" It is most commonlye#pressed as a -raction0 such as +,3th0 +,6th0 +,8th0+,+2thetc" $he loer the .ottom num.er0 the .etterthe pension .enet is"

/ 7ened @enet Pension cheme ill use a formulatocalculate the pension .enets usin% these elements" $he-ormula (and the denitions -or each part o- it) ill .e setout in the cheme 'ules"

In a nal salary scheme your pension is .ased uponyour 6nal pensionable salar-;hich -or preserved

mem.ers is normally or!ed out over the yearsimmediately .e-ore you ceased to .e an active mem.er o-the pension scheme" 7i?erent schemes use di?erentdenitions0 so it is the denition o- your Snal pensiona.lesalary (or Snal pensiona.le earnin%s) that is important inthis type o- scheme"@ecause the pensiona.le salary is used as one part o- the

-ormula in order to calculate the pension0 a nal salaryscheme is commonly re-erred to as Ssalary related scheme"


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For example: pensiona.le service # pensiona.lesalary 6

/ nal salary scheme lin!s the pension .enets to thepensiona.le earnin%s" / nal salary scheme also providesmem.ers ith protection -rom Sinvestment ris! andSmortality ris! as it is the sponsorin% employer (orta#payer in respect o- some Pu.lic ector schemes) hoshoulders this ris!"

It is not true that nal salary schemes providea guaranteedretirement pension" $he pension .enet paidill depend upon many -actors0 ith the most important.ein% the schemes a.ility to pay .enets to mem.ers asthey -all due" I- the employers .usiness -ails0 it is li!ely that.enets ill .e reduced -or some0 i- not all mem.ers(althou%h Pu.lic ector schemes are di?erent in thisrespect)"

B*at is )one- Purc*ase Sc*emes and *o are

annuities si'ni6cant it* t*is t-pe o( sc*emeD

: @ased on a pot o- money hich is availa.le hen an

individually has retired": $he pot o- money is used to .uy annuity: $he hi%her the annuity rates the hi%her the output o-

pensions: $he loer the annuity rates the loer the output o-

pensions: /nnuity rates are very important to this money

purchase scheme .ecause ho much an individual

%ets a-ter retirement depends on the annuity


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B*at is e6ned ,ene6t sc*emes and *o are

annuities si'ni6cant it* t*is t-pe o( sc*emeD

: $his is here the employee and employer ill .oth put

into the scheme

: $he output depends on 3 -actorsC pensiona.le salary0pensiona.le len%th and accrual rates" /ccrual rate is

the proportion on hich the pension is calculated: /n individually ill denitely .e %ranted a pension

output": $his type o- pension has no si%nicance to annuity

rates as it does not a?ect this type o- scheme


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Alternati7e a-s o( sa7in's mone-> ad7anta'e and

disad7anta'es> as ell as t*e ris/G return attac*ed

to t*em HResearc*

+" Investments in stoc! mar!et: very ris!y0 hoever could

hold hi%her returns"2" Investments in property mar!et: unpredicta.le

property mar!et0 hoever i- .orroer %ets into positive

e*uity it ill .e easy to ma!e a *uic! prot"3" I/ accounts: less ris!0 ma#imum limit to an I/

account and interest is aarded" I/ accounts not

much return0 hoever lo ris!"4" Fi#ed I/ accounts: una.le to use the -unds entered"

Lo ris! .ut ithout access to money -or a set period"5" 1onthly asy avers: simple savin%s account to set

aay money every month" ill hold an interest rate0

hich ould .e added to the savin% account"6" Aenerally the more ris! attached the more return

aarded" &oever0 the more ris! means that the.orroer can also lose their money, investment"

"T hat can you thin! o-

Nominal and Real Interest rates

ometimes compounded interest is calculated more o-tenthan once per year0 For e#ampleC *uarterly

$his means that the amount paid over the course o- theyear ould actually .e more than the amount o- interestitsel-"

For example:


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ometimes called Qcash advances"R

mall loans hich individuals can o.tain hen they are

out o- 1onday temporarily"

1ost o-ten payday lenders are short term loans andthere-ore are not used -or lon%er periods"

sually a payday lender ill pay the amount re*uired

into a .an! account ithin 24 hours hen theapplication is approved"

$he payday loan repayment and interest is ta!en directly

-rom the individuals .an! account on a specic date"

Payday loans ill loo! at previous credit andemployment records"

Payday lenders are not a solution to de.t .ecause it is a

hi%h ris! solutionO it is a short term type o- loan andusually has a si%nicant amount o- interest attached

N Youn% people under the a%e o- 25 are more li!ely to

turn to payday loan companies such as on%a to ma!e

ends meet than approach their .an!0 .uildin% societies

or a credit card provider0 accordin% to =itiJens /dvice"

N It analysed 30 o- the most serious de.t pro.lems it

sees in its .ureau# and -ound that hile +E o- these

ere su?ered .y +:24 year olds0 payday loans

accounted -or 62E o- the credit used .y this a%e %roup"

Dnly 8E o- the 30 youn%sters ere in de.t .ecause

o- mainstream credit such as overdra-ts0 .an! loans or

credit cards"

N ;ov +4 re%ulationsC $he >s 4 payday lenders could

.e hit .y a ne cap on lendin% due to come into -orce in9anuary0 a-ter an investi%ation into the controversial

payday loan mar!et .y the nancial re%ulator"


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N $he Financial =onduct /uthority (F=/) said rms ill

have to cap lendin% costs at "8 per cent per day0 ith

a total interest cap o- + per cent0 so the total

amount repaid .y a customer is never more than

dou.le the initial amount .orroed" 7e-ault -ees illalso .e capped at G+5"

N $he F=/ added that it ill limit repayments on a 3

day loan paid .ac! on time to no more than G24 in -ees

and char%es per G+ .orroed"

N 1ore crutiny ;ov +4C Payday lenders are -acin% a

maHor sha!e:up a-ter the competition atchdo% laidout plans to cur. the costs o- loans -or consumers"

N $he =ompetition and 1ar!ets /uthority (=1/) said

lenders should ma!e their products availa.le on price

comparison sites to increase competition amon% rms

amid a num.er o- proposals -or re-ormin% the payday

loan mar!et"

!xamples o( Pa-da-


25/27

=rod-undin% is an approach to raisin% the capital

re*uired -or a ne proHect or enterprise .y appealin%

to lar%e num.ers o- ordinary people -or small

donations

$he ntrepreneur pitches an idea" $his is screened on the

e.site to ensure that it is authentic" Dnce it has .een

veried it ill %o onto the Plat-orm, e.site" Dn the prole

pa%e it ill include the proHect idea0 the -undin% %oal

needed0 the deadline o- the -und and the reards,returns i-

the proHect idea does ell"

$he -undin% indo then opens and the pu.lic can put

money into that proHect idea"

hen the deadline o- the -undin% passes and the proHect

%ets the re*uired money0 the proHect ill .e developed" $hereturn and reards ill .e %iven to the aitin% en%a%ed

audience, investors" I- the proHect does not reach their

tar%et then the proHect ends and the -undin% is returned to

the pu.lic mem.ers"


26/27

9*ere are di8erent models to Crod(undin'

Donation based:Allows charities, or those who raise money

for social or charitable projects, to gather a community online

and to enable them to donate to a specific project.

Equity based: Enables the crowd to invest for equity, orprofit/revenue sharing in businesses or projects. This form

of the model has been the slowest to grow due to regulatory

restrictions that relate to this type of activity.

Lending based: rojects or businesses see!ing debt apply

through the platform uploading their pitch, with members of

the crowd ta!ing small chun!s of the overall loan.

Reward based: Enables people to contribute to projects and

receive non"financial rewards in return, usually operating a

tiered system where the more you donate the better thereward you receive.

%


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9IPS F#R 9K! !LA)INA9I#N

Section A: )ultiple C*oice &uestions

/nser /LL *uestions under this section: ;D ne%ative

mar!in%"

=ircle your ansers clearly on the multiple choice

anser sheet"

I- you chan%e your mind on a *uestion you can put an V

throu%h it and circle your correct anser" Please rite in

pen"

Section ,: S*ort @uestions

'ead each *uestion care-ully" I- the *uestion says

descri.e .e descriptive and put in in-ormation on the

stated area" I- the *uestion says analyse or evaluate you

ill need to .e a.le to %ive advanta%es and

disadvanta%es" I- the *uestion says state or list0 only

.ullet point and list the in-ormation needed"

For the short *uestions only rite in proportion to the

amount o- mar!s aarded" "%" a + mar! *uestion ill

have more in-ormation than a 4 mar! *uestion"

I- you are runnin% out o- time you can .ullet point

ansers"

Leave a line o- space .eteen each *uestion ansers"

nsure you la.el the *uestion num.er care-ully in the

ri%ht mar%in"

Please ensure you rite in pen"

Pay attention to handritin%W /s ell as spellin% and

sentence structure" I- you cannot spell a ord0 do not

use it"

Aood luc! ith your revision and your e#amsWWW

Documents

Introduction to Personal Finance SEPT 2015 REVISION PACK.docx