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12 Cards in this Set

  • Front
  • Back
What are the four main elements of financial intermediation as practised by banks and building societies?
Geographic location,aggregation, maturity transformation, risk transformation
how does a mutual organisation differ from a proprietary organisation ?
mutual organisations have no shareholders but are owned by their members
Who issues uk banknotes ?
The Bank of England
What is the effect on uk law of european union directives ?
The objectives of the directive must be implemented at each state including the uk within a specified timescale(2 years).Exactly how it is implemented is left to authorities of state in question.
Karen was born in usa. Her mother laura born and bred in uk. Her father american but he and laura never married.Laura working in usa on 2 year project. Laura then returns to uk with karen. What is karen's domicile ?
Her domicile of origin is the domicile of her mother at date of her birth not father as they were never married. Likely uk domicile but more information on parents would be required for definate answer.
Which of following is not subject to income tax ?
-income from a trust
-waiters tips
-educational scholarships
Educational scholarships
What classes of national insurance are paid by self employed persons ?
Subject to specified minimum profit levels- class 2 and 4
What rat of inheritance tax is payable on chargeable lifetime transfers ?
how much stamp duty land taxis payable by a woman who sells her house for £395,000 ?
None, as stamp duty land tax like all forms of stamp duty is paid by the purchasser.
A nations level of economic activity can be influenced ny manipulating the amountof tax revenue and spending by the government,local authorities and public bodies. What is this kind of economic policy called ?
fiscal policy
What is the maimum term for which maternity allowance can be paid ?
26 weeks
What is the minimum period per week that must be spent as a carer before carers allowance can be claimed ?
35 hours