finance ( test style)

• Which of the following are not mutual financial organisations?

  A. Banks

  B. Building societies

  C. Credit unions

  D. Friendly societies

  A. Banks
• Which of the following has not become part of the Santander group?

  A. Abbey

  B. Alliance & Leicester

  C. Bradford and Bingley

  D. Natiowide

  D. Nationwide
• Which of the following has taken over the goodpart of Northern Rock?

  A. Handelsbanken

  B. M&S Bank

  C. Metro bank

  D. Virgin money

  D. Virgin money
• Which of the following is a peer to peer (P2P) lender?

  A. Experian

  B. Metro

  C. Wonga

  D. You2me

  D. You2me
• To stand out from other banks, a bank might offer a current account with additional benefits. Which of the following would not be one of those additional benefits?

  A. A free debit card

  B. Mobile phone insurance

  C. Money back on household bills

  D. Worldwide travel insurance

  A. A free debit card
• Which of the following was a pressure group that aimed to support savers?

  A. justice for savers

  B. power to savers

  C. save and sound

  D. save our savers

  D. save our savers
• Which of the following has the primary objective of promoting competition and making sure markets work well for consumers?

  A. the competition and markets authority

  B. the competition authority

  C. the fair trading and markets authority

  D. the financial markets authority

  A. the competition and markets authority
• Which service was established by the payments council to make it easier for people to move to a current account from one financial services provider to another?

  A. the current account movement service

  B. the current account redirection service

  C. the current account switch service

  D. the current account transfer service

  C. the current account switch service
• What are the three main elements of financial sustainability?

  A. demographic, environmental and social

  B. economic, environmental and social

  C. economic, political and social

  D. environmental, social and technological

  B. economic, environmental and social
• Which of the following is responsible for fighting financial crime?

  A. FCA

  B.. FPC

  C. MAS

  D. PRA

  A. FCA
• What is meant by a consumer culture? A culture of:

  A. caution

  B. earning

  C. information

  D. spending

  D. spending
• Which of the following is aimed at banking industry practitioners?

  A. the daily mail

  B. the financial times

  C. the guardian

  D. the telegraph

  B. the financial times
• What was the name of the interest rate fixing scandal that was widely reported in the mass media?

  A. the cyber scandal

  B. the libor scandal

  C. the PPI scandal

  D. the teaser scandal

  B. the Libor scandal
• Which of the following is an advantage of following a social media platform?

  A. it is easy to verify the expertise of an individual

  B. it takes into account a balanced view

  C. people can enter into a discussion about a subject

  D. the target markets are clearly defined

  C. people can enter into a discussion about a subject
• Which term is used when a media report is fair?

  A. balanced

  B. biased

  C. misreported

  D. subjective

  A. balanced
• Which of the following arbitrates on disputes where consumers and financial services providers are unable to come to an agreement?

  A. HM treasury

  B. the british bankers association

  C. the FOS

  D. the FSCS

  C. the FOS
• Chronic unemployment refers to those people in an economy who have been unemployed for more than:

  A. 1 month

  B. 3 months

  C. 6 months

  D. 12 months

  D. 12 months
• As a result of government initiatives in support of social inclusion, which of the following are banks now obliged to offer?

  A. basic bank accounts

  B. overdraft facility

  C. packaged accounts

  D. travellers cheques

  A. basic bank accounts
• The encouragement given to people to participate financially in a computer based society is known as:

  A. cultural inclusion

  B. digital inclusion

  C. technological inclusion

  B. 24 hour inclusion

  B. digital inclusion
• What was achieved by the Financial Services (Banking Reform) Act 2013:

  A. the abolition of the FSA

  B. the creation of PRA

  C. the requirement of a bank to have a recovery and resolution plan

  D. the ring fencing of retail banking activities

  D. the ring fencing of retail banking activities
• The value of a person's income in relation to changes in the prices of goods and services in an economy is known as:

  A. actual value

  B. nominal value

  C. real value

  D. target value

  C. real value
• Which two banks in the UK were taken into temporary public ownership in 2008?

  A. Lloyds Banking Group and HSBC

  B. Lloyds banking group and royal bank of scotland

  C. royal bank of scotland and santander

  D. santander and HSBC

  B. Lloyds banking group and royal bank of scotland
• What is the impact on consumers of an increased risk of flooding in england?

  A. an increase in property values in affected areas

  B. increase in costs of premiums

  C. it's easier to get an insurance policy

  D. reduced cost of contents insurance

  B. increase in costs of premiums
• Which type of financial institution was the archbishop of Canterbury particularly keen to support?

  A. building societies

  B. credit unions

  C. merchant banks

  D. payday loan companies

  B. credit unions
• The responsible investor group, share action has reported that UK pension funds are investing too much in firms that are doing which of the following:

  A. associating with terrorist organisations

  B. employing child labour

  C. trading extensively with russia

  D. using carbon intensive fuels

  D. using carbon intensive fuels
• Advertising by financial services providers reflects the fact that the industry is an example of:

  A. monopolistic competition

  B. monopoly

  C. oligopoly

  D. perfect competition

  C. oligopoly
• The primary aim of a financial services provider is to design and sell products that suit the needs of its:

  A. customers

  B. employees

  C. regulators

  D. shareholders

  A. customers
• Strong branding for financial instituitions is mainly seen as:

  A. a tangible asset

  B. a way of reducing costs

  C. an intangible asset

  D. good public relations

  C. an intangible asset
• Which of the following is an example of public relations:

  A. liaising with journalists to influence the presentation of stories

  B. paying for a series of newspaper advertisements

  C. paying for an advertisement on the radio

  D. researching customer opinions using questionnaires

  A. liaising with journalists to influence the presentation of stories
• With reference to the marketing mix, which of the following P's is exclusive to businesses operating in the service sector?

  A. price

  B. process

  C. product

  D. profit

  B. process
• A packaged current account usually:

  A. doesn't charge a monthly fee

  B. guarantees an interest free overdraft

  C. includes add ons, aimed at higher income customers

  D. offers a rate of interest of at least 5% of credit balances

  C. includes add ons, aimed at higher income customers
• What usually occurs with an interest free credit card balance transfer?

  A. interest will never be charged on the amount transferred

  B. the customer pays a fee when the initial transfer is made

  C. there is no credit limit attached to the credit card

  D. there is no limit on the length of the interest free period

  B. the customer pays a fee when the initial transfer is made
• When a provider offers different accounts to suit the needs of its customers, this is known as:

  A. market segmentation

  B. market subdivision

  C. market supportability

  D. market sustainbality

  A. market segmentation
• Many providers offer rewards programmes with credit cards. The main benefit of this is:

  A. decreased customer spending

  B. improved customer credit scores

  C. improved customer retention

  D. increased provider transparency

  C. improved customer retention
• Cashback is aimed at people in market segments who:

  A. prefer to settle their debts in cash

  B. save a great deal of their income

  C. spend money only occasionally

  D. spend money regularly on personal consumption

  D. spend money regularly on personal consumption
• The santander group in 2008 acquired which of the following organisations?

  A. Alliance and leicester

  B. barclays

  C. standard chartered

  D. TSB

  A. Alliance and leicester
• How many credit unions are there in the UK?

  A. less than 75

  B. approximately 150

  C. approximately 275

  D. more than 300

  D. more than 300
• The lloyds insurance market is based in the city of london and is made up of syndicates known as:

  A. directors

  B. managers

  C. members

  D. underwriters

  C. members
• Where do investment banks raise their money?

  A. corporate customer deposits

  B. personal customer deposits

  C. the financial markets

  D. the foreign exchange system

  C. the financial markets
• Which of the following is an independent think tank which is conerned about the levels of personal debt in the UK?

  A. citizens advice

  B. the centre for social justice

  C. the financial services consumer panel

  D. the monetary policy committee

  B. the centre for social justice